The reinsurance solution from Sapiens can automate several processes across all lines of business at Great Bay Insurance
Sapiens cloud-based solutions selected by New Jersey-based insurer. (Credit: Pixabay/Markus Spiske.)
US-based insurer Great Bay Insurance has selected Sapiens’ cloud-based ReinsurancePro, FinancialPro and StatementPro solutions for financial & compliance and reinsurance management.
Great Bay Insurance selected Sapiens’ solutions after it had been facing issues with manual data entry and tracking, lack of integration across financial, accounting and reporting systems.
While Sapiens ReinsurancePro will reduce the administrative burden of reinsurance reporting, its FinancialPro and StatementProcan help in addressing the accounting and compliance requirements that Great Bay Insurance faces daily.
Sapiens’ ReinsurancePro can automate several processes across all lines of business
As per Sapiens, its ReinsurancePro can help in managing an entire range of reinsurance contracts and activities across all lines of business.
It features built-in automated customised functions, which can automate contracts, calculations and processes, offer flexible and full financial control of reinsurance processes including auditing requirements and statutory compliance.
Great Bay Insurance president and CEO Tim Byrne said: “Sapiens possesses the necessary product solutions to address our array of accounting, finance and reporting needs, and offer significant business benefits.
“Great Bay envisions more effectively-managed and efficient finance, accounting and reporting functions, thanks to Sapiens’ comprehensive and integrated solutions.”
Sapiens FinancialPro is an accounting software specifically designed for insurers to meet their unique needs of cash, statutory and GAAP reporting.
Its StatementPro can prepare quarterly and annual statements, quickly and simply. It offers one-click navigation between statements, pages and form validations, transforming the filing process by offering one-step filing.
Sapienspresident and CEO Roni Al-Dor said: “One of Sapiens’ differentiators is our ability to meet the end-to-end needs of our clients. The pre-integration between our offerings is attractive to insurers looking to transform.
“They can quickly automate processes and make large-scale changes, without disrupting the core business. Sapiens is pleased to partner with Great Bay Insurance and we look forward to years of fruitful collaboration.”
Few days ago, Sapiens announced that Turkish insurer Anadolu had started using its IDITSuite for Property & Casualty, for its main line motor insurance business.