Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today an agreement to integrate Microsoft Azure OpenAI Service to harness the most advanced generative AI models and tools for the insurance industry.

Sapiens will integrate Microsoft Azure OpenAI and Azure Power Virtual Agents to provide generative AI solutions for insurance companies, allowing customers to easily navigate complex documents such as policies, terms and conditions, and more, using natural large language AI models.

Sapiens' AI, cognitive services and process automation can empower insurers through the entire insurance value chain, to provide instant answers across multiple domains of customer interaction in a multitude of languages, enhancing the customer experience while reducing the high volume of calls live agents and relevant personnel typically receive. It can also assist in underwriters' day-to-day activities and reduce time around claims processing and fraud detection.

"We are excited to launch the next-generation AI tools for insurers and collaborate with Microsoft on delivering the most innovative solutions," says Alex Zukerman, Chief Strategy Officer at Sapiens. "Generative AI's potential as a revolutionary enabler for the insurance industry is enormous, and now is the time for insurance companies to discover how it can contribute to facilitating and growing their business."

"We see the potential for what generative AI can do for the next generation of insurance solutions," said Dalia Ophir, Director, Worldwide Financial Services Industry. "Sapiens integration of Azure OpenAI allows us to explore and define the right solutions for insurers worldwide. As generative AI continues to evolve, we look forward to bringing forth innovative ways to improve and streamline insurance processes and operations."

At Sapiens' International Client Conference, taking place in Barcelona this week, Sapiens is presenting the strategic collaboration partnership with Microsoft and how they are working together to bring generative AI solutions to Insurers and customers.