The rising popularity of the internet and the emergence of the cloud has made it necessary for every sort of industry to have dedicated software that would ease out the daily work for them. Industries from healthcare, aviation to hospitality to education, etc., each are using information technology in one or the other way. Some are merging AI to their daily operations, whereas, others are paying for special software products for performing special tasks in the company. This is the same case with the insurance industry too. The industry is also is operating through some major software and online platforms made by some leading software companies like Sapiens International Corporation.
About the Company
Sapiens International Corporation is a forty years old company. It is a computer software company, with its headquarters based in Holon, Israel. Insurers and brokers are the company’s major clients, who cover insurance on property, Casualty, pension as well as worker compensation.
Tsvi Misinai, Tuvi Orbach, and Shai Sole founded Sapiens in 1982, and since then, the company has gone through a lot of positive changes adding to its growth. With over 4000 people working for the company, it has operating income worth US$ 45.03 million (as per 2020 records) and had generated revenues worth US$ 382 million in FY20. Sapiens International Corporation has its clients based in all corners of the world, and it operates through its subsidiaries, i.e., Sapiens America, Sapiens North America, Sapiens Technologies, Sapiens (UK) Limited, Sapiens Japan Co, and Sapiens Israel Software, etc. The company trades as a public company on Nasdaq as SPNS and on Tel Aviv Stock Exchange as SPNS.
The Founding of Sapiens International
Sapiens International Corporation was founded by three members of a team working on a project to build a novel object-oriented application generator in partnership with Advanced Automated Applications (AAA). These founders included Tsvi Misinai, Tuvi Orbach, and Shai Sole, Tuvi Orbach being the founder of AAA. AAA also got merged into the newly built company during its founding. Though the company was founded in 1982, the founders adopted the name Sapiens in 1984.
In the next ten years, Sapiens had grown to 900 workers and 33 different branches established all over the globe. The company also started to trade publically on NASDAQ in 1992. With the rising popularity of the internet, Sapiens also started to merge technology with its services. It developed the business rules technology (eMerge) in the late 90s. By this time, Sapiens’ revenues had reached $91 million.
The year 2001 was the year of new beginnings for Sapiens, as it started to develop new software products for the insurance industry. The company also made some major acquisitions to have speedy growth. These acquisitions included Harcase (2010), IBEXI Solutions (2015), Insseco (2015), Maximum Processing (2016), StoneRiver, Inc. (2017), Calculo (2019), sum.cumo GmbH (2019), Tia Technologies (2020), etc.
Life Insurance, P&C, Decision Management, Workers’ Compensation, Financial & Compliance, Reinsurance, Medical Professional Liability, Digital Insurance Modules, etc., are the major software products from Sapiens.
The Founders
Tsvi Misinai is one of the three founders and the main brains behind Sapiens International Corporation. He is a well-known Israeli computer scientist and entrepreneur. Misinai was born on 15 April 1946 in Jerusalem, the British Mandate of Palestine. He is a Physics graduate and the first Israeli Rothschild Award for industrial development in the field of software recipient (1992).
During the 70s, he was working for Weizmann Institute of Science, a public research university in Rehovot. Misinai was the project head for the novel object-oriented application generator development program at the institution. He left the institute in the late 80s to founding Sapiens in 1982. The founders included one of the team members at the institute, Shai Sole, and the AAA owner, Tuvi Orbach. With the founding of Sapiens, he became the President of the newly founded company and remained so till 1994.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.