Sapiens International Corporation (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that a leading insurance company in Portugal, both in life and non-life, selected to implement Sapiens ReinsuranceMaster. ReinsuranceMaster will enable the insurer to better manage its global, complex and diversified insurance product sales network of reinsurance business for life and non-life sectors by improving efficiency and expanding capabilities.
Sapiens’ solution provides comprehensive support for multi-company organizations with complex structures, including affiliated reinsurance, multi-currency calculations, cash settlements and GL accounting, optimizing complex operations and improving efficiencies of scale. Managing and optimizing reinsurance coverage is a critical task, and this is especially true for multinational insurance companies. Insurers need a reinsurance software solution that enables them to handle all reinsurance activities on a single platform, and provides full financial control and auditing support of reinsurance contracts and activities for all lines of business.
“Our client was seeking a proven, flexible and modern reinsurance solution with a capacity for tracking policy and claims transactions, that automates complex accounting tasks and is flexible enough to change with new terms and conditions,” said Roni Al-Dor, Sapiens president and CEO. “We are excited to provide this leading insurer with the powerful Sapiens ReinsuranceMaster solution and enable them to leverage our vast experience with a multinational customer base.”
Sapiens ReinsuranceMaster offers complete support for all types of reinsurance contracts – treaty & facultative, proportional & non-proportional, ceded and assumed business. All activities are maintained in one easy-to-use, cloud-based, web-based user solution, with extensive and comprehensive, automated process allocations and fully automated retroactive processing support. More than 100 insurers worldwide use Sapiens’ reinsurance solutions.