Sapiens International, a provider of software solutions for the insurance industry, has announced that Society Insurance, a niche insurance provider based in the US, has chosen Sapiens ReinsurancePro.
This decision aims to enhance efficiency, streamline financial reporting, and reduce claims leakage.
Society Insurance’s decision to adopt a cloud-based reinsurance system was driven by the need for an automated, out-of-the-box solution to manage its entire reinsurance programme and centralise data into a single repository. This centralisation aims to facilitate easier querying and reporting.
Sapiens International’s offering was selected due to its comprehensive capabilities in supporting reinsurance accounting and cash management, alongside its compliance with auditing and statutory requirements.
The flexible and configurable nature of Sapiens ReinsurancePro will allow Society Insurance to calculate ceded paid, reserve, and incurred metrics, as well as adapt to future changes in treaty terms.
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 programme and boost efficiencies across our organisation. We are confident that Sapiens’ core team of experienced reinsurance professionals will ensure the success of our implementation strategy.”
Sapiens ReinsurancePro has been created and designed exclusively for the reinsurance market by industry experts. The solution automates the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed, and retroceded reinsurance.
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.”
