Sapiens Reinsurance Software
Sapiens solution for Reinsurance is a comprehensive reinsurance business solution designed to support the entire range of reinsurance contracts and activities of insurance companies for all P&C lines of business. This state-of-the-art software enables carriers and brokers to handle all reinsurance activities on one single platform. By incorporating in-depth, fully automated functions readily adaptable to each company's business procedures, the Sapiens Reinsurance solution provides full financial control of the reinsurance practice, including support for all auditing requirements and regulatory reporting – Schedule F, P.
Using powerful business-rules technology, following Acord international standards and based on B2B XML technology, this web-based reinsurance management solution provides the ability to respond swiftly to business challenges, easily manage regulatory controls and adapt rapidly to change.
Sapiens solution for Reinsurance provides end-to-end processing, from the setup of and definition of the reinsurance program, through import of premium & claims transactions, automatic allocation of premiums and claims to reinsurance contracts, performing all required calculations, and production of statements & accounts to reinsurance participants.
Solution Features
Sapiens solution for Reinsurance provides unique features for reinsurance processing:
- Global system – provides a processing platform for all types of reinsurance:
- direct, groups, brokers
- captives and fronting schemes
- ceded and assumed business
- Handles all classes of business – all classes defined with no need for programming support – auto, property, liabilities, marine, etc.
- Support for all types of reinsurance – proportional and non-proportional treaty and facultative arrangements
- Support for real-time business
- Easy-to-use, browser-based user interface
- Rule-based transaction processing
- User-maintainable tables, processes & calculations
- Configurable contracts & relationships
- Flexible scheduling & processing
- Automatic and manual processing
- Full retroactive processing for late placements and policy changes
- Full accountability – auditable transactions and processes, and full recoverables management
Solution Benefits
Sapiens Reinsurance solution's powerful features and in-depth automated business functions provide the following benefits:
- Dramatically reduces manual processing and external calculations – eliminating usage of disparate Excel sheet calculations
- Maintains a consolidated view of liabilities, securities and risks – not just operational activities and documents
- Prevents financial leakage through superior support for claim recovery processes – all claim information (ceded amounts as well as retention) presented from the ground up
- Follows industry standards for up-to-date compliance – Acord, Sarbanes-Oxley and statutory reporting – schedule F
- Features a modern technology platform and infrastructure – interfacing easily with external applications
