Society Insurance Selects Sapiens to Automate and Transform its Reinsurance Processes

Rhea-AI Summary

Sapiens International (NASDAQ: SPNS) announced that Society Insurance, a leading U.S. niche insurance provider, has chosen Sapiens ReinsurancePro to enhance efficiency, streamline financial reporting, and reduce claims leakage. Society Insurance opted for this cloud-based reinsurance system to automate and centralize their entire reinsurance program. The solution will enable Society to calculate ceded paid, reserve, and incurred metrics, while adapting to future treaty term changes.

Sapiens ReinsurancePro stood out for its broad capabilities in supporting reinsurance accounting, cash management, and compliance with auditing and statutory requirements. This partnership aims to streamline Society's reinsurance management program and boost organizational efficiencies.

Positive

• Society Insurance selects Sapiens ReinsurancePro, potentially increasing Sapiens' revenue and market share
• The solution is expected to improve efficiency and expand capabilities for Society Insurance, which may lead to future business opportunities for Sapiens
• Sapiens' solution was chosen over other vendors, indicating strong competitiveness in the market

Negative

• None.

Insights

Financial Analyst

Society Insurance's adoption of Sapiens ReinsurancePro marks a significant step towards operational efficiency and financial control in their reinsurance processes. This move is likely to enhance profitability by minimizing claims leakage and streamlining financial reporting. The cloud-based solution offers scalability and flexibility, important for adapting to evolving treaty terms and market conditions.

From an investor's perspective, this partnership could lead to improved financial performance for Society Insurance through cost reduction and risk mitigation. For Sapiens (NASDAQ: SPNS), securing a notable client like Society Insurance may boost market confidence and potentially lead to increased revenue and market share in the competitive insurance software solutions sector.

Tech Expert

The implementation of Sapiens ReinsurancePro represents a significant technological upgrade for Society Insurance. By centralizing data into a consolidated repository, the company is poised to leverage advanced analytics and reporting capabilities. This move aligns with industry trends towards data-driven decision-making and process automation in insurance.

The solution's ability to handle complex reinsurance structures and automate calculations for ceded metrics showcases its sophisticated algorithms and robust architecture. For Sapiens, this implementation demonstrates their product's technical prowess and ability to meet the demands of niche insurance providers, potentially opening doors to more specialized markets.

Sapiens' reinsurance management solution to improve efficiency, expand capabilities for complex structure management, and mitigate claims leakage

ROCHELLE PARK, N.J., Aug. 12, 2024 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that Society Insurance, a leading U.S. niche insurance provider, has selected Sapiens ReinsurancePro to increase efficiency, streamline financial reporting, and minimize claims leakage.

Society's decision to select a cloud-based reinsurance system was prompted by the need for an automated, out-of-the-box reinsurance solution to manage their entire reinsurance program and centralize data into a consolidated repository to easily run queries and access reports.

Sapiens' solution stood out from potential vendors for its broad range of capabilities to support reinsurance accounting and cash management, while complying with auditing and statutory requirements. Sapiens' flexible, configurable offering will enable Society to calculate its ceded paid, reserve and incurred metrics, and adapt quickly to future changes in treaty terms.

"We look forward to the new opportunities Sapiens is providing to streamline our reinsurance management program and boost efficiencies across our organization," said Thomas Schwefel, Society Insurance Vice President – Finance & Treasurer. "We are confident that Sapiens' core team of experienced reinsurance professionals will ensure the success of our implementation strategy."

"We are pleased to partner with Society Insurance on their strategy to implement a streamlined reinsurance solution," said Roni Al-Dor, Sapiens President and CEO. "Sapiens ReinsurancePro empowers Society with full financial control of the reinsurance processes, simply and efficiently."

Created and designed exclusively for the reinsurance market by some of the industry's leading experts, Sapiens ReinsurancePro efficiently automates the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed, and retroceded reinsurance.

About Society Insurance

Headquartered in Fond du Lac, Wis., Society Insurance has been a leading niche insurance carrier since 1915. Society focuses on the small details that make a big difference to its policyholders while offering top-notch insurance coverage, service and competitive pricing to businesses in Wisconsin, Illinois, Indiana, Iowa, Minnesota, Tennessee, Colorado, Georgia and Texas. 

Learn more at www.societyinsurance.com

About Sapiens 

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success. Visit our website at www.sapiens.com

Investor and Media Contact 

Yaffa Cohen-Ifrah
Sapiens Chief Marketing Officer and Head of Investor Relations
Email: Yaffa.cohen-ifrah@sapiens.com

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:  the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic,  and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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SOURCE Sapiens International Corporation

FAQ

What is the purpose of Society Insurance selecting Sapiens ReinsurancePro?

Society Insurance selected Sapiens ReinsurancePro to increase efficiency, streamline financial reporting, and minimize claims leakage in their reinsurance processes.

How will Sapiens ReinsurancePro benefit Society Insurance?

Sapiens ReinsurancePro will enable Society Insurance to automate their reinsurance program, centralize data, calculate ceded paid, reserve and incurred metrics, and adapt quickly to future changes in treaty terms.

What are the key features of Sapiens ReinsurancePro that led to its selection by Society Insurance?

Sapiens ReinsurancePro was chosen for its broad range of capabilities in reinsurance accounting, cash management, compliance with auditing and statutory requirements, and its flexible, configurable nature.

When did Society Insurance announce its selection of Sapiens ReinsurancePro (SPNS)?

Society Insurance's selection of Sapiens ReinsurancePro (SPNS) was announced on August 12, 2024.