(Photo credit: Tobias Wolter.)
Sapiens International (Holon, Israel) a global provider of software solutions for the insurance industry, announced today that it has established a partnership with FinTLV, a Tel Aviv-based venture capital fund that provides industry expertise and financial investment to start-ups developing innovative financial technology. The partnership aims to enable Sapiens to bridge the gap between insurance carriers and insurtech start-ups, with a focus on simplifying access to innovative insurance technologies, according to a vendor statement.
Sapiens expects the combination of its technology expertise and product portfolio with FinTLV’s access to a large number of InsurTechs to result in a unique value proposition for Sapiens’ insurer clients. The skills and resources of both organizations will simplify the creation of innovation programs to facilitate, support and promote innovation and disruption within the insurance industry, especially within the Sapiens client family, the vendor asserts.
Among the benefits insurers can derive from the new partnership include the following, by Sapiens’ description:
- Annual innovation programs tailor-made for customers’ unique business scenarios.
- Formulation of new value propositions and new products.
- Support for the full technology innovation lifecycle, from funnel, to proof of concept (POC) and successful production.
“This partnership allows us to leverage FinTLV’s access to scores of insurtech-related technologies and companies around the globe, enabling us to incorporate new technologies and provide strong insurtech ecosystems for Sapiens’ core products,” comments Alex Zukerman, head of corporate strategy, Sapiens. “Combining FinTLV’s proven ability to execute innovation programs with Sapiens’ strong software development skills and insurance expertise offers a tremendous value proposition for our clients, as they continue to modernize and transform their operations.”
A Win for All Parties
“Sapiens’ proven ability to apply smart technologies to the insurance process has resulted in an impressive portfolio of production-level solutions for carriers,” comments Gil Arazi, co-founder and managing partner, FinTLV. “We believe we can help Sapiens and its customers by exposing them to the latest InsurTech offerings, supporting them in their innovation efforts and assisting in the adoption of new technologies. This will be a ‘win’ for everyone involved: carriers, Sapiens, FinTLV and the insurance industry as a whole.”