Formula Systems (1985) Ltd. Subsidiary Project Successfully Completed.

M2 PRESSWIRE-29 June 2007-InvestorInstantMessaging: Formula Systems (1985) Ltd. Subsidiary Project Successfully Completed(C)1994-2007 M2 COMMUNICATIONS LTD

RDATE:29062007

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Sapiens International Corporation N.V., a Member of the Emblaze / Formula Group, today June 27, 2007 announced that Sapiens and Menora have successfully completed an ACORD compliant Reinsurance XML limited pilot project for a major Reinsurance company. Utilizing the rules-based Sapiens INSIGHT(TM) suite, Menora Mivtachim Insurance Ltd. was able to produce the appropriate ACORD XML to transfer Reinsurance information.

ACORD, a non-profit organization, serves as a global resource for information about EDI, XML and electronic commerce and facilitates the development and use of standards for the insurance industry.

"We understand the common issues insurance carriers are running into today. Adopting ACORD XML standards will address many of these issues and add huge value to our customers," said Martin Greenberg, Sapiens' Vice President and Product Manager: Property & Casualty and Reinsurance. "Utilizing the ACORD XML standards we can exchange information and help to streamline processes and automate labor intensive activities. Leveraging ACORD standards for XML can help customers by reducing administrative costs and eliminating time delays in processing data." "We are always looking for ways to deliver straight through processing and ways in which we can improve efficiency in insurance transactions. Our goal is to find solutions that will help us better meet compliance requirements and reduce the cost of doing business," said Elad Shelef, Reinsurance and Planning Manager of Menora Mivtachim.

Sapiens INSIGHT(TM) is a web-based insurance administration suite, which provides policy, billing, claims and reinsurance management and can be used modularly or as an integrated suite. Sapiens INSIGHT(TM) is built on a rules-based system that is installed worldwide in well over 100 companies. The rules allow for rapid interactive development by business and technical personnel, empowering business users to make changes using English-like rules rather than application code.