The next phase of implementation will include the development and deployment of a new Group Modern product. All current policies are being converted to the new ALIS system early 2013, with the existing system planned for decommissioning by the end of next year.
Roni Al-Dor, Sapiens President & CEO, added, "KBC is a strategic client for Sapiens and has helped us to establish a stronger foothold in the European market. The working relationship between our two teams has become a true partnership with a common focus on enabling KBC to meet its business objectives. With the initial implementation now a success, our combined teams are already on track for the subsequent phases of implementation and full replacement of KBC Group Life's legacy system."
About KBC Group
KBC is an integrated multi-channel bancassurance group, catering mainly for retail, SME and local midcap customers. It concentrates on its home markets of Belgium and certain countries in Central and Eastern Europe ( Czech Republic, Slovakia, Bulgaria and Hungary). Elsewhere around the globe, the group has established a presence in selected countries and regions.About KBC ( http://www.kbc.com) KBC provides banking, insurance and asset management products and services via its integrated distribution channel consisting of bank branches, insurance agents and brokers and the Internet. KBC's headquarters are located in Brussels ( Belgium), the heart of Europe. The group employs more than 47 000 FTE (nearly 60% of whom are in Central and Eastern Europe). KBC is listed on NYSE Euronext Brussels (ticker symbol 'KBC'). Follow KBC at http://www.twitter.com/kbc_group About Sapiens International Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global provider of innovative software solutions for the insurance industry. We offer end-to-end solutions for the Life&Pension, Property&Casualty, and Reinsurance markets. We serve over 75 insurance customers, backed by a team of over 700 insurance experts, operating through fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information, please visit 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, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.