(Port of Jaffa, Tel Aviv, home of Menora Mivtachim Insurance. Photo credit: Miriam Sommer.)
Menora Mivtachim Insurance (Tel Aviv), one of Israel’s largest insurance and financial groups, has selected the Sapiens IDIT insurance software suite for property/casualty. The deal, valued at over $10 million, expands on an existing relationship whereby Sapiens (Holon, Israel) manages the multiline insurer’s life-and-pension and reinsurance lines of business.
“Selecting Sapiens was a natural decision for us, considering the long-standing strategic relationship between the two companies,” comments Moti Rosen, CEO of Menora Mivtachim Insurance. “Menora has full confidence in Sapiens and its ability to develop and implement its mission-critical P&C insurance system, which will serve Menora’s property and casualty business for years to come. We chose Sapiens’ advanced and innovative IDIT solution to enhance our business objectives in the local P&C insurance market and to enable us to better address our future insurance needs.”
Three-Year Implementation Timeline
Menora will use Sapiens IDIT to manage the full lifecycle of its property/casualty business. The system will be implemented through a three-phase project planned for completion within three years, according to the vendor.
“By choosing Sapiens IDIT as its core system for P&C insurance, Menora Mivtachim Insurance has demonstrated its continued trust in Sapiens’ solutions and proven delivery capabilities,” comments Tal Sharon, general manager, Sapiens Israel. “We believe that this project will prove to be as successful as our previous joint projects with Menora and will serve as a milestone for the Sapiens IDIT software suite in the Israeli market.”
“Expanding agreements with existing customers is an important part of Sapiens’ business model,” says Roni Al-Dor, president and CEO of Sapiens. “The success we have experienced with this approach highlights our ability to meet our clients’ complex needs and evolve with them over time. I am pleased that Sapiens’ efforts to grow our business continue to produce positive results.”