(Image credit: Pawel Czerwinski.)
AEGIS (East Rutherford, N.J.), a mutual insurance company that provides liability, property and directors & officers coverage, as well as related risk management services, to the energy industry, has selected Sapiens ReinsurancePro to enhance its internal controls processes, automated calculations and reporting, according to a Sapiens International Corporation (Holon Israel) statement.
The Sapiens system replaces AEGIS’ complex combination of disparate custom applications and spreadsheets to streamline and optimize processes, the vendor reports.
“Implementing Sapiens Reinsurance solution will help us manage the increasing volume and complexity of our ceded reinsurance strategy and quickly respond to new reinsurance offerings,” says Scott Schenker, SVP & CIO AEGIS. “Sapiens’ solution stands out in the industry for its proven ability to automate complex reinsurance requirements and improve efficiency. The solution will expand our capabilities to manage complex structures and total capacity, within a competitive cost structure.”
“We are very pleased to empower AEGIS in their quest for full financial control of the reinsurance processes and to enable them to increase efficiency by streamlining the process,” comments Jamie Yoder, Sapiens North America President & General Manager. “Our platform enables AEGIS to take ownership of their data and proactively conduct analysis on that data instead of relying on IT or external parties, so they can better serve their customers.”
Sapiens ReinsurancePro supports all types of reinsurance processing, regardless of volume, in one comprehensive and powerful reinsurance system, empowering insurance companies to manage and automate the underwriting and administration of reinsurance, including treaty and facultative, ceded, assumed and retroceded reinsurance, according to the vendor’s subscription.