Sapiens ReinsurancePro will improve reinsurance management efficiency, expand capabilities for complex structures' management and better serve its wholesale partners
RALEIGH, N.C., Oct. 5, 2021 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the financial services industry, announced today that KW Specialty (KWS), a leading surplus lines insurer based in Scottsdale, Arizona, has selected Sapiens ReinsurancePro to automate their reinsurance management on the cloud.
With more than 100 years of excess and surplus lines experience, KWS collaborates with wholesale partners and create products that offer additional value to their product portfolio. Their deployment of Sapiens ReinsurancePro enables KWS to replace their legacy, spreadsheet-driven process and ensure it is streamlined, consistent and financially correct. The integration also enabled KWS to add a Managing General Agent (MGA) book of business to ReinsurancePro.
Moreover, by utilizing ReinsurancePro with Sapiens CoreSuite for P&C, KWS will enjoy additional automation of processes including automatic data transfer and coordination between systems, more accurate accounting and better analysis and reporting.
KWS's decision to choose a cloud system for its reinsurance management was prompted by accessibility of the platform 24*7 from any place, and the additional IT resources available through Sapiens managed services. Sapiens wide range of managed services allow insurers to focus on their main business while leveraging professional support of a team with extensive knowledge and expertise.
"To expand our competitive edge, we were seeking a comprehensive reinsurance solution that supported both ceded and assumed business. We needed a solution that could easily integrate to our existing ecosystem and would grow with us as we expand our reinsurance program," said Rose Troller, KW Specialty's VP Product and Data Analytics.
Created and designed exclusively for the reinsurance market by some of the industry's leading experts, Sapiens ReinsurancePro manages the entire range of reinsurance contracts and activities for all lines of business. Built-in automation of contracts, calculations and processes provide flexible and full financial control of the reinsurance processes, including auditing requirements and statutory compliance. More than 100 insurers worldwide use Sapiens' reinsurance solutions. Sapiens ReinsurancePro can integrate with any system and is pre-integrated with Sapiens CoreSuite for P&C.
"Sapiens' comprehensive, auditable reinsurance solution will empower KWS to quickly adapt to their expanding reinsurance program. Our easy-to-use platform provides the most efficient reporting to simplify and streamline their reinsurance administration processes," said Jamie Yoder, Sapiens North America President & General Manager. "We are excited to expand our partnership with KWS and enable their digital transformation to support their growth."
About KW Specialty
KW Specialty's personal lines approach is to collaborate with wholesale partners and create products that add additional value to their product portfolio. By offering innovative coverage and technology techniques, effective solutions are presented for varied, complex, and/or unusual risks. Proven personal lines product knowledge and technical expertise helps KW Specialty provide heightened dedicated service to the wholesale industry.
KW Specialty believes in letting their wholesale partners do what they do best, manage their book of business. For more information: www.kwspecialty.com.
Sapiens International Corporation (Nasdaq and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. Backed by more than 35 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers compensation and life markets the most comprehensive set of solutions, from core Policy, Billing and Claims to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit www.sapiens.com or follow us on LinkedIn.
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