Sapiens International, a software solutions provider for the insurance sector, has been selected by US niche insurance company Society Insurance to automate and transform the latter’s reinsurance processes.
Through the partnership, Society Insurance will leverage Sapiens ReinsurancePro to improve efficiency, streamline financial reporting, and reduce claims leakage.
Sapiens ReinsurancePro is designed to efficiently automate the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed, and retroceded reinsurance.
The insurance provider has engaged Sapiens International for a cloud-based reinsurance system to address the need for an automated, out-of-the-box solution.
Sapiens International’s solution is expected to manage the insurance company’s entire reinsurance programme and centralise data into a single repository to seamlessly run queries and access reports.
Society Insurance finance and treasurer vice president Thomas Schwefel said: “We look forward to the new opportunities Sapiens is providing to streamline our reinsurance management program and boost efficiencies across our organization.
“We are confident that Sapiens’ core team of experienced reinsurance professionals will ensure the success of our implementation strategy.”
According to Sapiens International, its solution was selected over other vendors due to its extensive capabilities in reinsurance accounting and cash management, alongside its compliance with auditing and statutory requirements.
The flexible, configurable nature of Sapiens International’s offering will allow Society Insurance to calculate ceded paid, reserve, and incurred metrics and swiftly adapt to changes in treaty terms, said the software solutions firm.
Sapiens International president and CEO Roni Al-Dor said: “We are pleased to partner with Society Insurance on their strategy to implement a streamlined reinsurance solution.
“Sapiens ReinsurancePro empowers Society with full financial control of the reinsurance processes, simply and efficiently.”
Last year, Sapiens International unveiled its latest innovation by introducing Sapiens Decision Model.AI.
The new technology integrated Microsoft Azure OpenAI Service into the existing Sapiens Decision framework to reshape the landscape of business decision model creation.
