RALEIGH, North Carolina and
HOLON, Israel, May 19, 2020 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that Great Bay Insurance, a New Jersey-based, coastal-residential
homeowners insurance group that is part of The Great Bay Insurance
Group, has selected the cloud-based Sapiens ReinsurancePro, Sapiens
FinancialPro and Sapiens StatementPro solutions to
transform its financial & compliance and reinsurance
management.
Faced with an excess of manual data entry and tracking; a lack
of integration across financial, accounting and reporting systems;
and software not specifically designed for insurance enterprises,
Great Bay sought a pre-integrated suite. Sapiens ReinsurancePro
will reduce the administrative burden of reinsurance reporting,
while FinancialPro and StatementPro will address the accounting and
compliance requirements insurers cope with on daily basis
"Sapiens possesses the necessary product solutions to address
our array of accounting, finance and reporting needs, and offer
significant business benefits," said Tim
Byrne, president and CEO, Great Bay Insurance. "Great Bay
envisions more effectively-managed and efficient finance,
accounting and reporting functions, thanks to Sapiens'
comprehensive and integrated solutions."
Mr. Byrne also cited the "flexibility, collaboration and
coordination of the Sapiens team" as contributing factors in Great
Bay's selection. Implementation of the financial & compliance
solutions is already underway.
"One of Sapiens' differentiators is our ability to meet the
end-to-end needs of our clients," said Roni
Al-Dor, president and CEO, Sapiens. "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."
Sapiens ReinsurancePro manages the entire range of reinsurance
contracts and activities for all lines of business. Automated
customized functions – with built-in automation of contracts,
calculations and processes – provide flexible and full financial
control of the reinsurance processes, including auditing
requirements and statutory compliance.
Sapiens FinancialPro is accounting software designed for
insurers to meet their unique requirements for cash, statutory and
GAAP reporting. With StatementPro, quarterly and annual statement
preparation is faster and simpler with one-click navigation between
statements, pages and form validations, transforming the filing
process by offering one-step filing.
About Great Bay Insurance Company
Founded in 2019, Great Bay Insurance is the insurance company
entity of The Great Bay Insurance Group, a high-quality,
innovative, New
Jersey-headquartered, coastal-residential homeowners
insurance group. With the backing of excellent reinsurance
partners, a strong capital base, solid technology, and experienced
and innovative leadership, Great Bay is changing how
coastal-residential homeowners insurance is marketed, sold and
serviced. Great Bay Insurance Company is the first admitted
property & casualty insurance company founded and domiciled in
New Jersey in over 25 years, and
the first ever founded and domiciled in Atlantic County, NJ. For more information:
www.greatbayinsurancegroup.com.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property & casualty,
life, pension & annuity, reinsurance, financial &
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 500
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
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SOURCE Sapiens International Corporation