Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced that NYCM Insurance, a property and casualty insurance provider in operation for 120 years, has implemented Sapiens ReinsurancePro to enhance their internal controls processes, automated calculations and reporting.
“Sapiens ReinsurancePro provides significant improvements over our previous software solution by both increasing efficiencies and enhancing our data access, reporting and extract capabilities,” said Rich Inman, NYCM Insurance, Accounting Supervisor I. “We really appreciate the true partnership we’re enjoying with Sapiens and the experienced Reinsurance team. They were with us step-by-step throughout the implementation and continue to provide excellent customer service.”
The implementation provided NYCM numerous benefits, including reducing processing time by half each month, complete freedom from dependencies on outside reporting tools, ability to process monthly activity in real-time, and the strengthening of controls over their broad breadth of complex treaties.
“We are very pleased to empower NYCM in their quest for full financial control of the reinsurance processes and to enable them to increase efficiency and internal controls,” said Roni Al-Dor, Sapiens president and CEO. “By streamlining the process, Sapiens enables NYCM to take ownership of their data and proactively conduct analysis on that data instead of relying on IT or external parties. Ultimately this empowers NYCM to better serve their customers.”
Sapiens ReinsurancePro supports all types of reinsurance processing, regardless of volume, in one comprehensive and powerful reinsurance system, empowering insurance companies to manage and automate the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed and retroceded reinsurance.
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