KW Specialty expands relationship with Sapiens by choosing to automate and move reinsurance management to the cloud
RALEIGH, North Carolina, October 5, 2021 / PRNewswire / – Sapiens International Company, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the financial services industry, today announced that KW Specialty (KWS), one of the main excess line insurers based in Scottsdale, Arizona, has selected Sapiens ReinsurancePro to automate their reinsurance management in the cloud.
With over 100 years of experience in surplus and surplus lines, KWS works with wholesale partners and creates products that add value to their product portfolio. Their deployment of Sapiens ReinsurancePro allows KWS to replace their old spreadsheet-based process and ensure it is streamlined, consistent and financially correct. The integration also allowed KWS to add a portfolio of General Management Agent (MGA) activities to ReinsurancePro.
In addition, using ReinsurancePro with Sapiens CoreSuite for P&C, KWS will benefit from additional process automation, including automatic data transfer and coordination between systems, more accurate accounting, and better analysis and reporting.
KWS ‘decision to choose a cloud system for the management of its reinsurance was motivated by the accessibility of the platform 24/7, and the additional IT resources available through the managed services of Sapiens. Sapiens’ wide range of managed services allows insurers to focus on their core business while leveraging the professional support of a team with deep knowledge and expertise.
“To extend our competitive advantage, we were looking for a comprehensive reinsurance solution that supported both ceded and acquired business. We needed a solution that could easily fit into our existing ecosystem and scale with us as we expand our reinsurance program, ”said Rose troller, KW Specialty’s vice president of product and data analysis.
Created and designed exclusively for the reinsurance market by some of the leading experts in the sector, Sapiens ReinsurancePro manages all reinsurance contracts and activities for all branches of activity. Integrated contract, calculation and process automation provides flexible and comprehensive financial control of reinsurance processes, including audit requirements and legal compliance. More than 100 insurers around the world use Sapiens reinsurance solutions. Sapiens ReinsurancePro can be integrated into any system and is pre-integrated with Sapiens CoreSuite for P&C.
“Sapiens’ comprehensive and verifiable reinsurance solution will allow KWS to adapt quickly to its expanding reinsurance program. Our easy-to-use platform provides the most efficient reports to simplify and streamline their reinsurance administration processes, ”said Jamie yoder, President and CEO of Sapiens North America. “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 coverages and innovative technological techniques, effective solutions are presented for various, complex and / or unusual risks. Proven knowledge of personal line products and technical expertise help KW Specialty provide increased dedicated service to the wholesale industry.
KW Specialty believes in letting its wholesale partners do what they do best, manage their volume of business. For more information: www.kwspecialty.com.
Sapiens International Corporation (Nasdaq and TASE: SPNS) enables the financial sector, with an emphasis on insurance, to transform itself and become digital, innovative and agile. Drawing on over 35 years of industry expertise, Sapiens offers a comprehensive assurance platform, with pre-integrated, low-code solutions and a cloud-centric approach that accelerates customers’ digital transformation. Serving more than 600 clients in 30 countries, Sapiens offers insurers in the property and casualty insurance, workers’ compensation and life insurance markets the most complete set of solutions, ranging from basic policy, billing and complementary claims including reinsurance, finance and compliance, data and analytics, digital. , and decision management. For more information visit www.sapiens.com or follow us on LinkedIn.
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SOURCE Sapiens International Corporation