Society Insurance stated that its decision to implement a cloud-based reinsurance system was driven by the need for an automated, holistic solution to manage the entire reinsurance programme. The target was to centralise data into a consolidated repository, ensuring ease of running queries and generating reports.
The insurer noted that Sapiens’ solution was chosen due to its extensive capabilities in facilitating reinsurance accounting and cash management while also meeting auditing and statutory requirements.
Sapiens ReinsurancePro’s flexible and adaptable nature will ensure that Society Insurance can calculate metrics such as ceded paid, reserve, and incurred amounts, and quickly adapt to any future changes in treaty terms.
Thomas Schwefel, VP of Finance and Treasurer at Society Insurance, expressed confidence in the partnership with Sapiens, asserting that the new solution will help streamline their reinsurance management programme and enhance efficiencies across the organisation.
Roni Al-Dor (pictured), 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 specifically designed for the reinsurance market. The product automates the underwriting and administration of various reinsurance types, including treaty and facultative, ceded, assumed, and retroceded reinsurance. The product aims to simplify and optimise reinsurance operations for insurance providers.
In April, Sapiens also announced the rollout of V.9 of its Sapiens ReinsuranceMaster, with the latest update introducing a series of technological advancements and functional improvements targeted at improving the efficiency of insurers and reinsurers.
The tool is designed to unify large and multinational reinsurance programmes, ensuring financial control and flexibility across multiple lines of business and supporting various reinsurance contracts.
