HOLON, Israel, April 19, 2021 /PRNewswire/ -- Sapiens Americas,
a wholly owned subsidiary of Sapiens International Corporation
(NASDAQ: SPNS) (TASE: SPNS), a leading global provider of
software solutions for the insurance industry, today announced that
Co-operative Insurance Companies, which offers insurance protection
for farms, homes, autos and business in Vermont and New
Hampshire, has selected Sapiens ReinsurancePro and
FinancialPro solutions to transform its financial & compliance
and reinsurance systems.
Co-op is implementing Sapiens advanced insurance solutions to
help manage the increasing volume and complexity of its
insurance strategy – quickly and accurately. Co-op turned to
their trusted partner Sapiens for a solution that would solve two
primary pain points – speed and accuracy. Their current,
spreadsheet driven process for reinsurance administration is very
manual, which can be prone to error and a poor allocation of
resources.
"Co-op has used Sapiens Financial GO product for years. The
upgrade to FinancialPro will allow us to further automate our
accounting process and expand our financial reporting
capabilities," said Tamaron Loger,
Vice President Finance of Co-operative Insurance Companies. "We
have faith that the addition of Sapiens ReinsurancePro will
streamline our reinsurance tasks, improve our efficiencies and
expand our capabilities."
Sapiens ReinsurancePro's strong automation and highly
transparent, efficient platform will provide auditable processing,
manage complex reinsurance transactions and quickly respond to new
offerings. Created and designed for the re-insurance market by some
of the industry's leading experts, ReinsurancePro manages the
entire range of reinsurance contracts and activities for all lines
of business. Sapiens' cloud-based solution is in line with Co-op's
corporate directive to have as many systems hosted in the cloud as
possible, especially when it makes sense from a cost perspective.
More than 100 insurers worldwide use Sapiens' reinsurance
solutions.
Sapiens FinancialPro is accounting software designed for
insurers to meet their unique requirements for cashflow, statutory
and GAAP reporting, as well as unique allocation and consolidation
needs. It handles multi-basis accounting, inter-company
transactions and facilitates the speed and accuracy of financial
reporting. Sapiens insurance experts assist carriers in collecting
and reporting information they need to expedite all regulatory
processes.
"Co-op was seeking an updated financial solution and a
streamlined reinsurance administration system. One of Sapiens'
differentiators is our ability to meet the end-to-end needs of our
clients, and the pre-integration between our offerings is
attractive to insurers looking to transform their business
processes," said Roni Al-Dor,
Sapiens president and CEO. "We are very pleased to empower Co-op in
their quest for full financial control of their accounting and
reinsurance processes."
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. Sapiens offers digital software platforms,
solutions and services for the property and casualty, life, pension
and annuity, reinsurance, financial and compliance, workers'
compensation and financial markets. With more than 35 years of
experience delivering to more than 600 organizations globally,
Sapiens has a proven ability to satisfy customers' core systems,
data and digital requirements. For more information:
www.sapiens.com.
About Co-operative Insurance
Co-op has been building relationships and trust, one member, one
neighborhood, one town at a time for a century. Co-op serves
members through one of the largest networks of locally based agents
in the region. Their agents are on the ground in more than
110 offices, providing the highest levels of personal attention,
loss prevention expertise and fast, fair claims service. For
more information: www.co-opinsurance.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