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

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

The insurance company said it selected the Sapiens solution for its broad capabilities in supporting reinsurance accounting and cash management, while meeting audit and legal requirements.

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

Thomas Scheufele, Vice President, Finance and Treasurer, Society Insurance, expressed his confidence in the partnership with Sapiens, noting that the new solution will help streamline the reinsurance management program and drive efficiency across the organization.

Sapiens Reinsurance Pro provides Society Insurance with comprehensive financial control over its reinsurance operations, said Ronnie Elder (pictured above), CEO of Sapiens.

Sapiens ReinsurancePro is a software solution specifically designed for the reinsurance market, automating the underwriting and management of different types of reinsurance, including contractual, facultative, ceded, assumed and re-ceded reinsurance. The solution aims to simplify and improve the reinsurance processes for insurance providers.

In April, Sapiens also announced the launch of Sapiens ReinsuranceMaster version 9, with the latest update introducing a series of technological advancements and functional improvements aimed at enhancing the efficiency of insurance and reinsurance companies.

This tool serves as a unified platform for managing large, multinational reinsurance programs. It ensures financial control and flexibility across different business lines and supports a wide range of reinsurance contracts.

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