Sapiens International Corporation (NASDAQ:SPNS), a renowned provider of software solutions for the insurance sector, has announced a new partnership with Society Insurance, a prominent niche insurance provider in the U.S.
Society Insurance chose Sapiens ReinsurancePro to bolster its reinsurance program's efficiency, enhance financial reporting, and minimize claims leakage.
The move to adopt a cloud-based reinsurance system comes as Society Insurance seeks to automate and consolidate its reinsurance operations into a single, comprehensive system that allows for simplified queries and improved report accessibility.
Sapiens ReinsurancePro was selected for its robust capabilities in reinsurance accounting and cash management, as well as its compliance with auditing and statutory standards.
"We look forward to the new opportunities Sapiens is providing to streamline our reinsurance management program and boost efficiencies across our organization," stated Thomas Schwefel, Vice President – Finance & Treasurer at Society Insurance.
Created and designed exclusively for the reinsurance market by some of the industry’s leading experts, Sapiens ReinsurancePro efficiently automates the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed, and retroceded reinsurance.