Sapiens International, an insurance industry software provider, has introduced an updated version of its Sapiens ReinsuranceMaster.
This enhancement focuses on increasing operational efficiency, streamlining regulatory reporting and bolstering decision-making through in-depth business insights.
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Sapiens said the update is designed to cater to the evolving demands of the reinsurance market.
Sapiens ReinsuranceMaster is a platform for managing extensive and multinational reinsurance programmes.
The solution is designed to support the full spectrum of reinsurance contracts, meet auditing requirements and provide a unified perspective on liabilities and risks.
The latest version of Sapiens ReinsuranceMaster introduces features such as the automation of global inter-company retrocession, support for US NAIC statutory reporting (Schedule F) and real-time reinsurance allocation.
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By GlobalDataMoreover, the company announced the integration of Sapiens ReinsuranceMaster with Sapiens Intelligence, which offers property and casualty and life insurers advanced data capabilities, enabling them to generate actionable insights and maximise data value.
The integration is expected to enable users to access comprehensive reinsurance reports and analytics to assess their reinsurance portfolio’s performance more effectively.
The new release also boasts substantial user experience improvements including a redesigned interface and enhanced processing performance through optimisation and parallel processing mechanisms.
Sapiens president and CEO Roni Al-Dor said: “With the growing significance of reinsurance in today’s volatile environment, our latest version of Sapiens ReinsuranceMaster with Sapiens Intelligence offers even greater value to insurers and reinsurers, catering to the ever-changing demands of this dynamic market.
“Leveraging the shared experience from our other products as well as requirements from our global client base, the solution is now very well-positioned to support global automation of complex reinsurance programmes and provide management with insights into reinsurance performance as well as statutory reporting.”
The launch comes as Sapiens is reportedly exploring strategic options for its business, including a potential sale.
The company, valued at nearly $2bn, has engaged investment bank William Blair to gauge interest from potential acquirers.
