US-based niche insurance provider Society Insurance has partnered with Sapiens International to automate its reinsurance processes.
This collaboration aims to streamline financial reporting, minimise claims leakage and enhance overall efficiency through the use of Sapiens’ cloud-based ReinsurancePro platform.
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Society Insurance sought an automated tool to manage its complete reinsurance programme and centralise data, allowing for easy queries and access to reports.
While opting for the Sapiens solution, the insurer specifically factored in the tool’s ability to handle the complexity of reinsurance accounting and cash management and meet auditing and statutory norms.
The technology vendor also highlighted ReinsurancePro’s flexibility and configurability, which will allow Society Insurance to calculate ceded paid, reserve and incurred metrics, as well as help adapt to future treaty term changes.
Sapiens ReinsurancePro is a solution created by industry experts exclusively for the reinsurance market.
It automates the underwriting and administration of various types of reinsurance such as treaty and facultative, assumed, ceded and retroceded reinsurance.
Society Insurance Finance & 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.”
With headquarters in Fond du Lac, Wisconsin, Society Insurance has been a prominent niche insurance carrier since 1915.
Sapiens 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.”
Recently, Rockford Mutual Insurance Company selected Sapiens’ ReinsurancePro to automate its reinsurance management processes.
