Sapiens sells software to insurance carriers, providing the mission-critical systems that run day-to-day insurer operations — policy administration, billing, and claims management. Sapiens serves both the Property & Casualty and Life, Pension & Annuities markets through separate product suites, and layers on complementary software including digital engagement portals, data and analytics tools, reinsurance management, and decision management platforms. Sapiens also provides professional services — implementation, migration, and cloud managed services — that accompany every core system deployment. Sapiens serves over 600 insurance customers globally, selling primarily through a direct enterprise sales force, with a growing system integrator channel including Deloitte, Cognizant, and Capgemini. Historically, Sapiens sold perpetual licenses with annual maintenance contracts, but is transitioning to a SaaS subscription model where software, upgrades, and cloud hosting are bundled together. Recurring revenue represented about 72% of FY24 revenue and grew 14% YoY, well ahead of overall revenue growth. Once installed, Sapiens' systems become deeply embedded in a carrier's operations — replacing a core insurance system is a multi-year undertaking — creating long-lasting customer relationships. Key growth levers include cross-selling to its existing customer base (most customers currently use only one Sapiens product), migrating on-premise customers to the cloud (only 28% are currently on cloud), and geographic expansion into underpenetrated markets like DACH, LatAm, and Southeast Asia.