(NASCAR race at Texas Motor Speedway, Fort Worth. Photo Credit: Brian Ferguson.)
Hallmark Financial Services (Fort Worth, Texas) has deployed StoneRiver’s Freedom Reinsurance System (FRS). FRS’s automation ensures accuracy of reinsurance calculations and streamlines billing/collections and annual statement reporting, according to a Sapiens statement. StoneRiver is a fully owned subsidiary of Sapiens International Corporation (Holon, Israel).
“Automating our reinsurance processing not only helps to ensure accuracy and compliance but also adds efficiencies to the organization,” comments Jeff Passmore, Chief Accounting Officer, Hallmark Financial Services. “We have been pleased with the knowledge the StoneRiver team exhibited during the implementation process, especially since there were multiple data sources that needed to interface to FRS.”
Accuracy and Efficiency
FRS automation ensures accuracy of reinsurance calculations and streamlines billing/collections and annual statement reporting, according to a Sapiens statement. Time savings gained from implementing FRS also allows Hallmark’s resources to focus on other strategic initiatives, the statement adds. FRS software automates attachment and calculation of ceded premium, commissions, losses, reserves and loss adjustment expense. System users also gain new efficiency with one-click generation of Schedules F and P.
“We congratulate Hallmark Financial Services on this milestone achievement,” comments Melissa Whitaker, Reinsurance Director of Client Services, StoneRiver. “We are glad to help position the company for successful reinsurance processing as they grow.”