Liverpool Victoria Chooses Sapiens to Develop Web-enabled Life Insurance Administration Solution Valued At $8 Million

Business Wire,  July 26, 2000  

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Business Editors/High Tech Writers

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--July 26, 2000

Sapiens eMerge-Based Solution to Dramatically Improve

Administrative Efficiencies While Migrating Existing

Data to a Web-Enabled Environment

Sapiens International Corporation N.V. (NASDAQ: SPNS), a global e-business solutions provider, today announced that Liverpool Victoria Friendly Society, one of the United Kingdom's leading suppliers of insurance and financial services, has selected Sapiens to implement a web-enabled insurance administration solution valued at $8 million.

This project is an extension of the IT relationship between Liverpool Victoria and Sapiens UK, which already implemented a successful, mission-critical solution for Liverpool Victoria in an unrelated business area.

The purpose of the current project is to replace an outdated suite of life insurance administration systems involving over 3.5 million life insurance policies. The existing systems are expensive to maintain, induce operational inefficiencies and are unable to support Liverpool Victoria's desired levels of customer service. The Sapiens two-step solution involves the migration of all existing data to an IBM, web-enabled environment, and the development of a fully integrated, dynamic life insurance administration application known as Life Lite. The entire project is scheduled for completion within a short time scale of twenty-one months due to Sapiens's rapid application development technologies and methodologies.

Sapiens's eMerge solution, coupled with its expert IT consultants, will enable Liverpool Victoria to streamline its business processes. The new solution will offer one-stop process execution, reduced training needs and costs, greater transactional throughput, better management information, improved reliability and improved financial control. During the entire project, Sapiens' consultants will be working hand-in-hand with Liverpool Victoria's business management to review current administrative practices and redefine processes in order to take full advantage of the new web-enabled environment.

Commenting on the project, Mr. Peter Munday, Head of Customer Services (Life) and Project Sponsor, said: "We selected Sapiens for this mission-critical project because of its proven ability to develop the highest caliber of large scale, web-enabled systems quickly and cost-effectively. We are equally impressed with the expertise and dedication of the Sapiens project team, and their understanding of our critical business needs."

Mr.Yair Spitzer, Vice President, Sapiens UK, added: "We are delighted to expand our relationship with Liverpool Victoria through this cutting-edge project. This is a classic example of the operational efficiencies and cost reduction that we can help our customers achieve with our eMerge solution. We are dedicated to the success of this project and will expend every energy to help Liverpool Victoria achieve competitive advantage."

About Liverpool Victoria

Liverpool Victoria is the UK's largest Friendly Society. It manages over $8.1B of assets for its 2 million members and customers. It provides a wide range of products and services in Life, General Insurance and Banking Credit.

It is one of the largest direct insurers in the country. Also it is one of the financially strongest life offices in the country and consistently tops performance tables covering all terms of life cover up to 25 years.

About Sapiens

Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' e-commerce solutions, such as eMerge Loan, eMerge Insure and eMerge Supply Chain, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change.

Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, CSC, IBM and KPMG. The Company's installed base of customers includes 3M, Air France, Argos, Bosch, Groupe Andre, Honda, IBM, International Paper, Principal Financial and Siemens Energy and Automation and other multinational corporations.

You are invited to visit us on the World Wide Web at http://www.sapiens.com .

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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