Insurance solutions provider Sapiens has announced the rollout of Version 9 of its Sapiens ReinsuranceMaster, with the latest update introducing a series of technological advancements and functional improvements aimed at enhancing the efficacy of insurers and reinsurers.
The tool serves as a unified platform for managing large and multi-national reinsurance programs. It ensures financial control and flexibility across various lines of business and supports a wide range of reinsurance contracts.
This comprehensive coverage includes auditing capabilities, a consolidated view of liabilities and risks, and measures to prevent financial leakage.
The upgrade includes new features such as automated global inter-company retrocession, enhancements to meet US NAIC statutory reporting requirements (Schedule F), and provisions for real-time reinsurance allocation support, which the company describes as “reinsurance as a service.”
One key enhancement in this release is the integration of Sapiens Intelligence with Sapiens ReinsuranceMaster, which enhances data capabilities and provides users with comprehensive analytics and reports on reinsurance portfolio performance.
The Version 9 update also focuses on user experience, featuring a redesigned interface and enhanced processing performance. These enhancements include better scalability and operability, aimed at optimizing the overall functionality of the system.
Roni Al-Dor, president and CEO of Sapiens, commented on the release, highlighting the strategic importance of reinsurance in today's market.
“With the growing significance of reinsurance in today's volatile environment, our latest version of Sapiens ReinsuranceMaster with Sapiens Intelligence offers even greater value to insurers and reinsurers, catering to the ever-changing demands of this dynamic market," Al-Dor said.
He also emphasized that the new version leverages insights from the company’s global client base and other products to automate complex reinsurance programs and provide key insights into performance and statutory compliance.
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