Reinsurance management software to improve efficiency, expand
capabilities for complex structures' management and better serve
customers
RALEIGH, N.C., Oct. 4, 2021 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, announced today that Physicians Insurance A Mutual
Company, the largest locally-based medical professional liability
insurer in the Pacific Northwest serving Washington, Idaho, Oregon, California and
Alaska, has selected Sapiens
ReinsurancePro to automate their reinsurance management.
Physicians' deployment of Sapiens ReinsurancePro will enable the
medical professional liability insurer to replace their legacy
process and ensure it is streamlined, consistent and financially
correct. By automating their reinsurance administration,
accounting, analysis and reporting, ReinsurancePro will enable
efficient processing and management of complex reinsurance
transactions.
Physicians' decision to choose Sapiens' cloud reinsurance system
was prompted by its outstanding functionality, accessibility of the
platform 24*7 from any place, and Sapiens' managed services
package. Sapiens wide range of managed services allow insurers to
focus on the main business while leveraging professional support of
a team with extensive knowledge and expertise.
"Hearing success stories from other Sapiens' customers, Sapiens
stood out as a clear leader for the advanced functionality of the
system and its high-quality professional team," said Kristin Kenny, Physicians Insurance CFO. "We
have high confidence that the scalable reinsurance solution and
Sapiens' team will be able to support our needs through
implementation and beyond. We anticipate that the benefits of the
system will be significant."
Created and designed exclusively for the reinsurance market by
some of the industry's leading experts, Sapiens ReinsurancePro
manages the entire range of reinsurance contracts and activities
for all lines of business. Built-in automation of contracts,
calculations and processes provides flexible and full financial
control of the reinsurance processes, including auditing
requirements and statutory compliance. More than 100 insurers
worldwide use Sapiens' reinsurance solutions.
"Reinsurance contracts are complex by nature, and traditionally
have been bottlenecked by manual or outdated processing," said
Roni Al-Dor, Sapiens president and
CEO. "Sapiens ReinsurancePro enables Physicians Insurance to
simplify and streamline their reinsurance administration platforms.
With our capacity for tracking policy and claims transactions,
ReinsurancePro automates complex accounting tasks and is flexible
enough to change with new terms and conditions. We are pleased to
empower Physicians on this transformative journey."
About Physicians Insurance A Mutual Company
Physicians Insurance provides traditional, first-dollar
medical professional liability insurance, medical stop loss,
provider and hospital excess and reinsurance coverage to more than
8,500 physicians, practices, corporations and hospitals in
Washington, Idaho, Oregon, California and Alaska. Through its subsidiaries, and a
national footprint via MedChoice Risk Retention Group, which the
company manages and reinsures, Physicians Insurance also provides
alternative risk financing/transfer vehicles and captive management
with corresponding risk-management consulting, continuing medical
education and claims administration services. Founded in 1981,
Physicians Insurance has grown to be the largest locally-based
medical professional liability insurer in the region, is the
largest insurer of small/critical-access hospitals in Washington, Oregon and Alaska, and is rated A- (Excellent) by A.M.
Best Company. https://www.phyins.com/
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS)
empowers the financial sector, with a focus on insurance, to
transform and become digital, innovative and agile. Backed by more
than 35 years of industry expertise, Sapiens offers a complete
insurance platform, with pre-integrated, low-code solutions and a
cloud-first approach that accelerates customers' digital
transformation. Serving over 600 customers in 30 countries, Sapiens
offers insurers across property and casualty, workers compensation
and life markets the most comprehensive set of solutions, from core
to complementary, including Reinsurance, Financial &
Compliance, Data & Analytics, Digital, and Decision
Management. For more information visit
www.sapiens.com or follow us on LinkedIn.
Media
Contact
Shay
Assaraf
Chief of Marketing,
Sapiens
Shay.assaraf@sapiens.com
|
Investors
Contact
Daphna
Golden
Vice President, Head
of Investor Relations, Sapiens
ir@sapiens.com
|
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