Francis Analytics, founded by Louise Francis,
enhances Valen's predictive modeling capability with over 20 years of
experience and credibility in the actuarial profession.V.

backbone balducci

Francis, Consulting Principal of Francis Analytics and Actuarial Data
Mining Inc.
Sapiens' clients include AXA, Liverpool Victoria, Norwich Union,
OneBeacon, Principal Financial Group, Abbey National, ING, and
Occidental Fire + Casualty among others.

Actuaries put their special problem-solving skills to work in many different business situations, and their work has had an influence on peoples lives for more than a century.

medically projections

Valen's Risk Manager predictive modeling software has
demonstrated to help insurance carriers make better and more profitable
individual risk assessments while having double-digit loss ratio
reductions .

"We are extremely pleased to partner with Francis Analytics, one of the
most well-respected actuarial consulting firms in the United States," said
Dax Craig, President and CEO of Valen Technologies .

About Valen Technologies

Founded in 2002, Denver-based Valen Technologies develops predictive
modeling software that helps insurance companies make better underwriting
decisions. Valen Technologies ' software has been tested and proven by
major insurance carriers to make double-digit loss ratio improvements.

Actuaries make a difference.

profession whereby

actuarial whereby

----Sapiens
International Corporation N.

Their calculations and projections are the backbone of the insurance and financial security industries.

In other words , actuaries have a well-rounded business approach to problem solving.

flexibility actuarial

Francis Analytics, a Philadelphia -based consulting firm, was founded in
2000.

What is an actuary? Consider the following description from BeAnActuary.

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philanthropic lister

com.

Developed using the company's pioneering eMerge business-rules
technology , it is designed to integrate marketing, product management,
distribution, new business, underwriting , policy processing, billing,
commissions, claims, funds management, and reporting functionality
into a single solution. (NASDAQ and TASE: SPNS), a
member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a
leading global provider of proven IT solutions that modernize business
processes and enable insurance organizations to adapt quickly to
change.

underwriting contingencies

Valen Technologies, a provider of predictive
modeling and decision-enabling software for the insurance industry, today
announced a partnership with Francis Analytics and Actuarial Data Mining
Inc. "Its benefits have been
widely recognized by analysts and clients throughout Europe and the
Middle East with several referenceable implementations including
Allianz and Menora.sapiens.

contingencies flexibility

, an actuarial consulting firm that works with sophisticated data
mining applications.

"The insurance industry is changing rapidly, and predictive modeling
technology is playing a major role in the underwriting process," said Ms. "Francis Analytics
will play a major role with our customers by providing actuarial expertise
and guidance to our predictive modeling process.
Valen Technologies can be reached on the Web at www.

About Francis Analytics and Actuarial Data Mining Inc.com.

To be more specific, actuaries improve financial decision making by developing models to evaluate the current financial implications of uncertain future events .

grads projections

"Valen is dramatically changing the underwriting landscape,
and insurance professionals must leverage this technology in order to
competitively evaluate insurance risks.

'

actuarial medically

She
also participates as a member of the American Academy of Actuaries on a
committee that develops standards of actuarial practice for the actuarial
profession.

Sapiens INSIGHT for Life + Annuities Launched in North America; New Rules-Based Insurance Solution Recognized for Future-Proofed Technology

Sapiens INSIGHT(TM ) for Life + Annuities, part of the Sapiens
INSIGHT(TM) suite of insurance solutions, is an innovative individual
and group management solution for life, health, and savings products.

annuity fool

Sapiens INSIGHT (TM) for Life + Annuities'
product management and configuration capabilities are unique in the
industry , enabling clients to design and implement new and enhanced
life, health, and savings products in as little as a few days.

profession balducci

In a recent report by Datamonitor titled "Policy Administration
Systems in Global Life Insurance," Sapiens was described as a key
vendor for Life solutions and the future -proofed technology on offer
from Sapiens was described as likely to lead to long-term success.

Actuaries make financial sense of the future.

How? An actuary applies mathematical models to problems of insurance and finance.

profession polysystems

"

Francis Analytics is one of the most influential forces in the actuarial
community.
Datamonitor noted that "the Sapiens INSIGHT(TM) solution, although a
new system , is fully componentized and web-enabled, with the capacity
to run pensions, health and savings on a single product platform.

com:
'Actuaries put a price tag on future risks.

medically backbone

This category is for any site related to actuarial science and the actuarial profession, members of whom are called actuaries.

examined fool

Valen Technologies and Francis Analytics Partner to Improve Actuarial Risk Selection

We believe that the solution's flexibility,
rules-based technology, rapid implementation and ease of maintenance
will help insurance carriers compete and grow in today's market. Sapiens operates through its
subsidiaries in North America, the United Kingdom, EMEA and Asia
Pacific, and has partnerships with market leaders such as IBM and EDS.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.

actuaries underwriting

The firm provides both conventional actuarial consulting and data
mining consulting using advanced analytical techniques developed by
artificial intelligence and statistics professionals .

projections backbone

"

Francis Analytics provides expertise in a variety of techniques for pricing
and establishing insurance premiums. This partnership will combine Francis
Analytics' prominent actuarial knowledge with Valen's predictive modeling
expertise. Francis Analytics
has applied data mining techniques to claims applications such as fraud
modeling and underwriting applications such as underwriting selection. (NASDAQ: SPNS) and (TASE: SPNS), a
leading global provider of rules-based insurance IT solutions,
announced today the North American release of its Sapiens INSIGHT(TM)
for Life + Annuities solution at the 2005 ACORD/LOMA conference in
Orlando, Florida."

About Sapiens International

Sapiens International Corporation N.

rounded contingencies

data-mines.
For more information, please visit http:/ /www.

The actuarial profession numbers only about 19,000 people in North America.

Actuaries are key players on a company's management team.

rounded examined

If youve never met an actuary, thats not unusual.

casualty contingencies

Louise Francis, the company's founder and principal consultant,
is currently the chair of the Casualty Actuarial Society's (CAS) Committee
on the Theory of Risk, a committee charged with the sponsorship and
dissemination of research efforts on risk measurement and analysis.

Business Editors/Technology Writers

ORLANDO, Fla.

And they must be good communicators to explain things to nonactuaries.

backbone communicators

Francis Analytics can be reached on the Web at www. Sapiens' innovative solutions are widely recognized for their
ability to cost-effectively align IT with the business demands for
speed, flexibility and efficiency.

But don't let that small number fool you.

uncertain lister

Insurance carriers can use Valen's highly multivariate and
non -linear predictive modeling software for risk selection, tier placement
and scoring.

They have been called financial architects and social mathematicians because their unique combination of analytical and business skills is helping to solve a growing variety of financial and social problems.

They are well paid, and they like what they do for a living.

examined polysystems

valentech."
"We are proud to introduce Sapiens INSIGHT(TM) for Life +
Annuities to the North American insurance market," said Steven
Bessellieu , President, Sapiens Americas.