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Tue. 5 Oct 2021, 8:35am ETBenzinga
In: News, Contracts

 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."