Mindtree, a global technology services and digital transformation company, and Sapiens International Corporation (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance, banking and financial services industries, have collaborated to help insurance companies drive digital transformation.

The combination of Sapiens' industry-leading, cloud-native, core suite of banking and insurance applications, and Mindtree's deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale, speed-to-market, and customer satisfaction as they embrace digital. Initially designed to support insurance system implementations, the partnership will first focus on North America and subsequently grow into Europe and Asia.

"We are delighted to partner with Mindtree in the Property & Casualty and Life & Annuity insurance markets. Our collective insurance industry and digital transformation experience will further strengthen our delivery capabilities and scale, which will drive continued growth and customer satisfaction," said Jamie Yoder, North America President and General Manager at Sapiens. "Together, we will power insurers with the competitive edge to meet market demands and succeed in the digital age of insurance."

"Our partnership with Sapiens emphasizes our longstanding commitment to innovation," said Mukund Rao, Chief Business Officer for Banking, Financial Services and Insurance at Mindtree. "Digital technologies have unlocked a significant opportunity for banking, financial services, and insurance companies to not just streamline processes, but also drive new business and operating models centered on engaging and disruptive experiences. The combined strengths of Mindtree and Sapiens will enable these companies to maximize digital transformation and business outcomes."

Sapiens' full set of offerings for P&C, L&A and banking empowers customers to improve operational efficiency, expand revenue streams, and increase customer engagement and satisfaction using digital and omni-channel experiences. Sapiens CoreSuite enables P&C insurers to rapidly deploy core systems on the cloud, including business intelligence, reinsurance and portal solutions for all lines of business.

By combining Sapiens' knowledge acquired through years of customer engagements around the world with Mindtree's industry-leading, digital-first implementation processes and global scale, the two companies will help customers lower risk and speed up implementations and integrations.