Technology

Hollard Group Risk Goes Live with Sapiens Data and Analytics Solution to Complement Sapiens CoreSuite for Life & Pensions

Published

5 hours ago

September 30, 2024

The implementation accelerates HGR’s complete core transformation for Life & Pensions

UXBRIDGE, England, Sept. 30, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that South Africa’s Hollard Group Risk (HGR), a division of Hollard Life Insurance Company Limited, has gone live with Sapiens DataSuite, to accelerate the complex migration of HGR’s business and align processes with Sapiens CoreSuite for Life & Pensions. DataSuite will support the transition period between the core system and HGR’s legacy system.

Sapiens DataSuite supports the complex launch of CoreSuite by producing actionable insights and automated, consolidated reports across HGR legacy system and CoreSuite system among all lines of business to deliver maximum business value. Among its many benefits, DataSuite empowers HGR with the ability to manage their data and reporting needs and seamlessly operate their business as usual during the migration from their legacy policy administration system. The solution provides HGR with a detailed suite of operational, claims, underwriting, financial, risk and actuarial reports.

In addition, integrating DataSuite with HGR’s legacy policy administration system and CoreSuite significantly reduces the complexities of the migration process, which required complicated development of tailored reports and merging of reports across the legacy and CoreSuite systems. CoreSuite’s policy administration system includes the full range of group scheme processing including enrolment via file for bulks or manually for a single member, periodical payroll processing, premium payments, commission and binder fee calculations, renewal calculations, and claims.

“The implementation of DataSuite propels our long and trusted relationship with Sapiens to a new level of partnership,” said Duran Chetty, HGR’s COO & CIO. “Sapiens CoreSuite for Life & Pensions is replacing our core legacy system to drive down operational costs and deliver automated, seamless user experiences for customers, alliance partners, and HGR staff. CoreSuite and DataSuite will also help accelerate our digital transformation objectives. Sapiens’ dedicated data solution and data warehouse have stepped in to handle our existing business volumes, while accommodating expected growth.”

“Sapiens delivered HGR a complete transformation package to accelerate their market position and reduce the complexities of their reporting requirements,” said Roni Al-Dor, Sapiens President and CEO. “HGR’s launch of Sapiens CoreSuite was the first comprehensive group risk implementation in South Africa, and we are excited to see the continuation of this project with DataSuite and to accompany HGR as they expand.”

Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement.

Sapiens DataSuite is a data management solution that empowers insurers to transform their data into actionable insights to maximize the value of their data. DataSuite is a modular, highly innovative business intelligence solution specifically for insurance markets.

About Hollard Group Risk (HGR)

Hollard Group Risk (HGR) is a division of Hollard Life Insurance Company Limited. HGR is an independent specialist risk manager that provides a comprehensive range of flexible risk benefit solutions to employer and affinity groups, both locally and internationally. For more information, visit https://hollardgrouprisk.com/

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success. 

For more information visit https://sapiens.com or follow us on LinkedIn  

Investor and Media Contact 
Yaffa Cohen-Ifrah 
Sapiens Chief Marketing Officer and Head of Investor Relations 
Email: Yaffa.cohen-ifrah@sapiens.com 

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:  the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic,  and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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SOURCE Sapiens International Corporation

Technology

Hong Leong Bank Picked Up Four Notable Wins at Recent Financial Industry Awards

Published

50 mins ago

September 30, 2024

KUALA LUMPUR, Malaysia, Sept. 30, 2024 /PRNewswire/ — Hong Leong Bank (“HLB” or the “Bank”) has received 4 industry awards this year, reinforcing its position as a leading financial institution in Malaysia. These accolades span SME banking, innovative financial products and even financial inclusion initiatives, reflecting the Bank’s dedication to providing an end-to-end banking experience that offers innovative, customer-centric financial solutions, while leveraging digital innovation to uplift communities.

Best SME Bank in Malaysia

HLB has been named “Best SME Bank in Malaysia” at the Euromoney Awards for Excellence 2024, and for the third consecutive year at the Asian Banking & Finance (“ABF”) Retail Banking Awards 2024. This achievement is attributed to an impressive 10.4% year-on-year (“YoY”) increase in its SME loan/financing portfolio, reaching RM33 billion in the past financial year. The Bank’s community banking initiatives also saw an outstanding 12.6% YoY growth, nearly double the industry average.

The Bank’s commitment to SMEs goes beyond providing loans and financing. It offers a fully-digital onboarding experience where SME customers can apply for banking products and services from their own premises, eliminating the need for business owners to open accounts at a physical branch. With this, HLB provides a diversified suite of online banking capabilities, including enhanced features for faster trade processing, an optimised loan origination system that expedites loan approvals. HLB also has an extensive network of Community Business Managers (“CBMs”) and Cash, Trade & FX (“CTFX”) specialists which are embedded within the nationwide SME community, equipped with the solutions and insights needed to provide unparalleled support to SMEs and business owners.

Best Deposit Product in Malaysia

In line with its commitment to optimising customer experience through innovative banking solutions, HLB’s Pay & Save Account/-i (“Pay & Save”) has been named “Best Deposit Product in Malaysia” at The Asian Banker Excellence in Retail Finance and Technology Innovation Malaysia Awards 2024.

The Pay&Save account provides multi-currency flexibility and offers higher interest/profit on everyday transactions. The account is designed for a seamless user experience, leveraging on HLB Connect and an integrated multi-currency debit card. Customers can manage finances in both Malaysian Ringgit (MYR) and 12 major foreign currencies, convert currency easily at competitive rates, and spend and withdraw foreign currencies abroad while receiving FOREX alerts at their preferred rates, a testament to the Bank’s commitment to designing financial solutions that cater to its customers’ diversified lifestyles.

Best Financial Inclusion Initiative

HLB’s commitment to customer-centricity and uplifting the community is evident in its financial inclusion program, HLB @ Kampung, which equips underserved communities with digital payment tools and online banking infrastructure. Following its successful launch in Sekinchan, Selangor in 2023, HLB has further initiated 71 HLB @ Kampung projects that look to support the digital transformation of rural towns across Malaysia, turning them into a Cashless Kampung. On the back of the program’s success, the Cashless Kampung program was internationally-recognized as the Best Financial Inclusion Initiative at The Asian Banker Excellence in Retail Financial Services International Awards 2024.

Built Around You

Kevin Lam, Group Managing Director and CEO of HLB commented on the widespread recognition of HLB’s banking excellence.

“As a financial institution, we constantly look to reimagine our digital banking products and services, ensuring that we truly design them to provide a seamless banking experience for our customers. These awards are not just a reflection of the relentless dedication and hard work from our team at HLB, but it also underscores our pursuit of innovation and customer-centricity. From designing a multi-currency, digitally-enabled savings account, to enhancing our SME banking capabilities and uplifting communities with digital innovation, we look to provide financial solutions and services that are integrated into our customers’ diverse lifestyles, becoming a bank that is truly Built Around You.”

HLB has also recently upgraded their HLB Connect mobile banking app, further enhancing and streamlining the user experience when it comes to digital banking. The new app comes with a new and improved Forex Rate converter interface, which complements the multi-currency Pay & Save account by making it easier for customers to calculate conversion rates. Besides that, the app now allows for auto-detect biometric settings, where users can use their pre-set security settings on their mobile phones (biometrics for Android and Face ID for iOS) to unlock their HLB Connect app.

For more information about HLB’s Pay & Save account, please visit:

https://www.hlb.com.my/en/personal-banking/deposits/savings-account/pay-and-save-account.html

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SOURCE Hong Leong Bank

Technology

Desktop Humidor Market Size to Grow USD 197 Million by 2030 at a CAGR of 4.3% | Valuates Reports

Published

50 mins ago

September 30, 2024

BANGALORE, India, Sept. 30, 2024 /PRNewswire/ — Desktop Humidor Market is Segmented by Type (Wooden Humidor, Glass Top Humidor), by Application (Household, Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Desktop Humidor Market was valued at USD 151 Million in 2023 and is anticipated to reach USD 197 Million by 2030, witnessing a CAGR of 4.3% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Desktop Humidor Market

The global desktop humidor market is growing as cigar enthusiasts and collectors increasingly prioritize proper cigar storage to maintain quality and freshness. Desktop humidors are specialized containers designed to control the humidity levels required to preserve cigars, which are sensitive to fluctuations in moisture. These humidors typically come in various sizes and materials, such as wood and glass, and offer an aesthetically pleasing way to store cigars, making them popular among individuals and businesses alike. The rise in disposable incomes and growing interest in premium cigars, particularly in North America and Europe, are key factors driving the demand for desktop humidors. In addition, the commercial use of desktop humidors in cigar lounges, bars, and specialty shops is expanding, further boosting market growth. As cigar culture continues to flourish, particularly among younger demographics, the market for desktop humidors is expected to witness steady growth. The increased focus on craftsmanship, luxury, and the presentation of high-end cigar accessories is also shaping the market dynamics.

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TRENDS INFLUENCING THE GROWTH OF THE DESKTOP HUMIDOR MARKET

Wooden humidors are a significant driver of the desktop humidor market, as they are the preferred choice for many cigar enthusiasts due to their durability and aesthetic appeal. High-quality wood, such as Spanish cedar, is known for its ability to regulate humidity levels and enhance the flavor of cigars, making it an ideal material for humidors. The craftsmanship and luxurious appearance of wooden humidors also make them desirable for collectors and connoisseurs. As demand for premium cigars continues to rise, the market for wooden humidors is expanding, with consumers willing to invest in high-end storage solutions to preserve their cigar collections.

The growing popularity of cigars as a luxury lifestyle product is driving the demand for desktop humidors in households. Many individuals now view cigar smoking as a hobby, leading them to invest in humidors to properly store and age their cigars at home. Desktop humidors are particularly appealing to household consumers due to their compact size and ability to hold a personal collection of cigars. As cigar culture becomes more mainstream, particularly among younger generations, the demand for home cigar storage solutions is increasing, contributing to the growth of the desktop humidor market.

The commercial sector, including cigar lounges, bars, and specialty tobacco shops, is another key driver of the desktop humidor market. These establishments require humidors to display and store cigars in optimal conditions, ensuring product quality for their customers. Commercial businesses are increasingly investing in aesthetically pleasing and functional desktop humidors to enhance the customer experience and elevate the presentation of their cigar offerings. The rise of cigar lounges and smoking-friendly bars in urban areas has created a steady demand for commercial-grade humidors, further driving market growth.

The increase in disposable incomes, particularly in developed economies, is one of the primary factors driving the growth of the desktop humidor market. As consumers have more spending power, they are more likely to indulge in luxury goods, including premium cigars and cigar accessories. The growing number of affluent individuals who can afford to invest in high-quality humidors is contributing to market expansion. This trend is especially prominent in North America and Europe, where cigar smoking is often associated with a premium lifestyle. As disposable incomes continue to rise globally, the demand for desktop humidors is expected to grow.

The rising interest in premium cigars is significantly contributing to the growth of the desktop humidor market. As consumers become more discerning about the quality and origin of their cigars, they are also seeking storage solutions that preserve the freshness and flavor of their collections. The increasing popularity of limited-edition and hand-rolled cigars has heightened the need for reliable humidors that can maintain consistent humidity levels. As a result, cigar enthusiasts are willing to invest in high-end desktop humidors, which has led to an increase in market demand, particularly among collectors and connoisseurs.

The global expansion of cigar lounges and bars is another factor driving the growth of the desktop humidor market. These establishments offer customers a curated experience, where cigars are often displayed and stored in desktop humidors that preserve their quality. The rise of cigar lounges as social spaces has increased the demand for aesthetically pleasing and functional humidors that enhance the presentation of cigars. As the cigar lounge culture continues to grow in major cities worldwide, the market for desktop humidors is expected to benefit from this trend, particularly in regions with strong smoking cultures.

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DESKTOP HUMIDOR MARKET SHARE

The desktop humidor market varies by region, with North America and Europe leading due to the strong cigar culture and higher disposable incomes in these areas. The United States, in particular, is a major market for desktop humidors, driven by the popularity of premium cigars and the growing number of cigar lounges. Europe, especially countries like Spain and Italy, is also a key market, as cigar smoking is deeply embedded in the culture. The Asia-Pacific region is emerging as a potential growth area, as interest in luxury goods and premium cigars rises among affluent consumers in countries like China and Japan.

Key Companies:

Humidores WacotaGerberVigilantSinostar Packaging Manufacturer Co., LtdCase EleganceGrand HumidorsHolt’s Cigar CompanyPrestige Import GroupCigar Star

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

– Cigar Humidor Market

– Cigar Cooler Humidor Market

– Cigar Market revenue was USD 17650 Million in 2022 and is forecast to a readjusted size of USD 21020 Million by 2029 with a CAGR of 2.5% during the forecast period (2023-2029).

– Electric Desktop Humidor market was valued at USD 5.3 Million in 2023 and is anticipated to reach USD 7.8 Million by 2030, witnessing a CAGR of 5.8% during the forecast period 2024-2030.

– Wooden Desktop Humidor market was valued at USD 146 Million in 2023 and is anticipated to reach USD 190 Million by 2030, witnessing a CAGR of 4.3% during the forecast period 2024-2030.

– Electronic Humidor Cabinet Market

– Fuel Cell Humidifier market was valued at USD 76 Million in 2023 and is anticipated to reach USD 929 Million by 2030, witnessing a CAGR of 45.6% during the forecast period 2024-2030.

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Technology

DocPro Limited Announces the Launch of DocLegal.ai

Published

50 mins ago

September 30, 2024

Affordable AI-Powered Legal Solutions

HONG KONG, Sept. 30, 2024 /PRNewswire/ — DocPro Limited, a leading innovator in legal technology, has launched DocLegal.ai, a new platform designed to provide AI-powered legal assistance at an unbeatable price—less than the price of your daily coffee.

DocLegal.ai is a platform that consolidates legal document creation, editing, and review into a single interface. The platform offers the following features:

Custom Document Creation: Users can describe their scenario and receive a tailored legal document.Document Review and Editing: The AI assistant can edit, review, summarize documents, suggest clauses, and highlight potential risks.

The platform is designed to provide affordable legal services to small businesses and individuals. It also aims to streamline workflows and automate routine tasks for legal professionals, enabling them to focus on high-value activities.

DocPro Limited has leveraged its experience with DocPro.com, which serves over 50,000 users globally, to develop DocLegal.ai. The company is a graduate of the Cyberport Incubation Program and is currently part of the HKSTP Incubation Program and Google for Startups Cloud Program.

As part of its soft launch, DocLegal.ai is offering exclusive access to the first 500 users for only $2.50 per document. Interested parties can Visit the DocLegal.ai website to sign up.

About DocPro Limited

Founded in 2020, DocPro Limited is a leader in the legal tech space, committed to enhancing the delivery of legal services through innovative AI-powered solutions. With platforms like DocPro.com and DocLegal.ai, DocPro empowers users to create and manage legal documents with unparalleled efficiency and precision. For more information, visit DocLegal.ai.

DocLegal.ai is poised to become an indispensable tool for anyone seeking reliable, efficient, and affordable legal documentation, reinforcing DocPro’s position as a pioneer in legal technology.

Media Enquiries:

Kim Chan
kim.chan@docpro.com

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