SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2003
SAPIENS INTERNATIONAL CORPORATION N.V.
(translation of registrant's name into English)
C/O LANDHUIS JOONCHI
KAYA RICHARD J. BEAUJON Z/N
P.O. BOX 837
WILLEMSTAD
CURACAO, NETHERLANDS ANTILLES
(599) (9) 7366277
(address of principal executive offices)
[Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F]
Form 20-F X Form 40-F
--- ---
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934]
Yes No X
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[SAPIENS LOGO OMITTED]
MENORA INSURANCE AWARDS SAPIENS $5.2 MILLION CONTRACT
BUILDING COMPERHENSIVE NEXT-GENERATION INTERNET-BASED
LIFE, PENSION, HEALTH INSURANCE AND FINANCIAL MANAGEMENT SYSTEM
Research Triangle Park, N.C.-- November 17, 2003 -- Sapiens International
Corporation N.V. (NASDAQ and TASE: SPNS) today announced that Menora Insurance,
one of Israel's largest insurance companies, signed a multimillion dollar
contract to implement a comprehensive, Internet-based Life, Pension, Health
Insurance and Financial Management system. The solution will shorten time to
market, increase cost-efficiencies and enable customer-centric management.
Sapiens will help transform Menora's legacy business systems into an
Internet-based, customized portal for agents and integrate disparate systems.
The comprehensive Life, Pension and Health Insurance system will allow Menora to
offer integrated financial products. It will include product management,
individual and collective policy administration and funds revaluation with unit
link management and full integration with automated medical underwriting and
Point of Sale management systems.
The base platform for Menora's new Life & Pension Insurance system is an
existing Sapiens eMerge-based framework that has been in operation at Allianz
Suisse. It will now be enhanced by Sapiens' insurance domain experts, together
with Menora's business and IT teams and IBM Global Services in Israel. The new
comprehensive Life & Pension Solution will become part of the INSIGHT suite of
Sapiens' Insurance solutions, to be introduced by Sapiens and IBM jointly in the
Israeli Life and Pensions marketplace.
"Sapiens' leading-edge Life & Pension insurance solution will provide
significant business advantages in an increasingly demanding market," said Ari
Kalman, CEO of Menora Insurance. "We are convinced that the highly flexible
solution presented by Sapiens was the best offering to support our ability to
gain market leadership in the converging financial services marketplace.
Sapiens' proven domain expertise, rich product functionality and long-term
commitment to leading technology innovation in the insurance industry are the
major reasons for our decision."
"The ability of Menora to become the leader in their Life & Pension business
will enable them to differentiate the company in today's competitive market and
put them in the best position to adapt quickly to market and regulatory changes
while bringing added value to their customers", said Ruvik Barkan, Managing
Director, Sapiens Israel.
Itzick Sharir, President and CEO of Sapiens International Corporation added: "We
are proud of being selected for this long-term partnership. Life & Pension
INSIGHT, based on the outstanding heritage of Allianz together with the vision
of Menora, will become one of Sapiens' major product offerings to the Insurance
Market globally. I believe it is one of the most comprehensive, modular and
flexible solution, available today to the Life & Pensions Sector."
ABOUT SAPIENS
Sapiens International Corporation (NASDAQ and TASE: SPNS), a member of the
Formula Group of companies, is a leading global provider of proven IT solutions
that modernize business processes and enable insurance organizations to adapt
quickly to change. Sapiens' innovative solutions are widely recognized for their
ability to cost-effectively align IT with the business demands for speed,
flexibility and efficiency. Sapiens operates through its subsidiaries in North
America, United Kingdom, EMEA and Asia Pacific and has partnerships with market
leaders such as IBM and EDS. Sapiens' clients include Allianz Group, AXA,
Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial,
Prudential, Abbey National, ING, Occidental Fire & Casualty among others.
For more information, please visit HTTP://WWW.SAPIENS.COM.
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FOR ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
Rebecca Green
Padilla Speer Beardsley
Tel: +1-212-752-8338
e-Mail: rgreen@psbpr.com
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Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
Company's accounting policies and other risk factors detailed in the Company's
SEC filings.
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[SAPIENS LOGO OMITTED]
SAPIENS AWARDED FURTHER CONTRACT WITH LIVERPOOL VICTORIA
MIGRATION OF NEW BLOCK OF POLICIES EXPANDS SAPIENS' CLOSED BOOKS INSIGHT
FUNCTIONALITY AND PRODUCTS PROFILE
Research Triangle Park, N.C.--November 10, 2003 - Sapiens International
Corporation N.V. (NASDAQ and TASE: SPNS) today announced a broadening of their
relationship with Liverpool Victoria, the UK's largest friendly society*, with
the award of a further contract to migrate another 400,000 of the company's
unit-linked policies onto its Closed Books INSIGHT solution.
Closed Books INSIGHT has assisted Liverpool Victoria in restructuring their
business processes and reducing their cost base. Sapiens migrated over 3.5
million of Liverpool Victoria's policies onto Closed Books INSIGHT in 2002. The
further migration, planned to be achieved within a 6-month timescale, will
enable Liverpool Victoria to build on the benefits already realised since moving
their older policies onto Closed Books INSIGHT.
Whilst Closed Books INSIGHT is already rich in process functionality, the
migration of this additional book will broaden the solution's capabilities,
enabling it to process traditional with-profits products while adding new
products, such as: unitised with-profits, unit-linked, pensions and life
products.
Ian Cordwell, Liverpool Victoria's Group Operations Director, commented:
"The experience of implementing Closed Books INSIGHT and the benefits we've
since realised aided our decision to migrate further policies onto the same
solution. Closed Books INSIGHT has helped us to achieve efficient and low
administration costs."
Yair Spitzer, managing director of Sapiens UK, added: "Our speed of
implementation beats anything else in the market and is proving to be
irresistible to our clients. We are so confident in our ability to meet client
needs that we will recommend our clients to enter into fixed price contracts and
remove their normal price and overrun risks. As we have shown at Liverpool
Victoria, not only is Closed Books INSIGHT a low cost platform to run but it is
also highly scalable."
David Ofek, Executive Vice President Business Development of Sapiens
International added: "The changing economics and regulation pose a challenge on
Life & Pensions carriers and outsourcing providers alike, while dealing with
growing numbers of books of policies that are no longer sold. Sapiens has
delivered a proven solution that allows the carrier to reduce dramatically the
basic cost of maintaining and administering the closed books of business, making
it a positive asset. This is a new business avenue for companies, already at
high interest level in the UK and growing interest in Europe, primarily in
Germany and France."
ABOUT SAPIENS
Sapiens International Corporation (NASDAQ and TASE: SPNS), a member of the
Formula Group of companies, is a leading global provider of proven IT solutions
that modernize business processes and enable insurance organizations to adapt
quickly to change. Sapiens' innovative solutions are widely recognized for their
ability to cost-effectively align IT with the business demands for speed,
flexibility and efficiency. Sapiens operates through its subsidiaries in North
America, United Kingdom, EMEA and Asia Pacific and has partnerships with market
leaders such as IBM and EDS. Sapiens' clients include Allianz Group, AXA,
Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial,
Prudential, Abbey National, ING, Occidental Fire & Casualty, among others. For
more information, please visit HTTP://WWW.SAPIENS.COM.
# # #
* Association of Friendly Societies Yearbook 2003-2004, funds under management.
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
Company's accounting policies and other risk factors detailed in the Company's
SEC filings.
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FOR ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
USA: Europe:
Rebecca Green James Read
Padilla Speer Beardsley Citigate Technology (UK)
Tel: +1-212-752-8338 Tel: +44 (0)1604 232 223
e-Mail: RGREEN@PSBPR.COM e-Mail: JAMES.READ@CITIGATETECHNOLOGY.COM
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SAPIENS INTERNATIONAL CORPORATION N.V.
(Registrant)
Date: November 26th, 2003 By:
---------------------------
Norman Kotler
General Counsel and
Corporate Secretary