Society Insurance to tap Sapiens' reinsurance management solution

Society Insurance to tap Sapiens’ reinsurance management solution | Insurance Business Asia

Reinsurance

Society Insurance to tap Sapiens’ reinsurance management solution

Company will use ReinsurancePro to mitigate claims leakage and improve efficiency

Reinsurance

By
Kenneth Araullo

Sapiens International has announced that Society Insurance, a US-based niche insurance provider, has chosen Sapiens ReinsurancePro to improve efficiency, streamline financial reporting, and reduce claims leakage.

Society Insurance said that its decision to implement a cloud-based reinsurance system was driven by the need for an automated, comprehensive solution that could manage their entire reinsurance program. The goal was to centralize data into a consolidated repository, making it easier to run queries and generate reports.

The insurance provider said that Sapiens’ solution was selected for its extensive capabilities in supporting reinsurance accounting and cash management, while also meeting auditing and statutory requirements.

The flexible and configurable nature of Sapiens ReinsurancePro will allow Society Insurance to calculate metrics such as ceded paid, reserve, and incurred amounts, and to quickly adapt to any future changes in treaty terms.

Thomas Schwefel, vice president – finance & treasurer at Society Insurance, expressed confidence in the partnership with Sapiens, stating that the new solution will help streamline their reinsurance management program and enhance efficiencies across the organization.

Roni Al-Dor (pictured above), president and CEO of Sapiens, said that Sapiens ReinsurancePro provides Society Insurance with comprehensive financial control over their reinsurance processes.

Sapiens ReinsurancePro is a software solution designed specifically for the reinsurance market, automating the underwriting and administration of various reinsurance types, including treaty and facultative, ceded, assumed, and retroceded reinsurance. The solution is aimed at simplifying and optimizing reinsurance operations for insurance providers.

In April, Sapiens also announced the rollout of Version 9 of its Sapiens ReinsuranceMaster, with the latest update introducing a series of technological advancements and functional improvements aimed at enhancing the efficacy of insurers and reinsurers.

The tool serves as a unified platform for managing large and multi-national reinsurance programs. It ensures financial control and flexibility across various lines of business and supports a wide range of reinsurance contracts.

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