(Image source: Buckle homepage.)
Buckle (Jersey City, N.J.), a tech-enabled financial services company, announced that its licensed carrier, the Gateway Insurance Company, has selected Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, (Holon, Israel), a global provider of software solutions for the insurance industry. Buckle reports that Gateway has launched a digital fronting strategy with multiple value-propositions for partners through an a-la-carte insurance program offering with digital capabilities. Sapiens Reinsurance GO, Sapiens FinancialPro, and Sapiens StatementPro will enable Gateway to transform its financial, compliance, and reinsurance management, a joint statement from the companies says.
In June, Buckle announced the acquisition and recapitalization of Gateway, including its 47-state insurance licenses. Through its digital fronting strategy, Buckle has expanded insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using Lyft, Uber, and other apps.
“The Gateway Insurance Company team is deeply familiar with the wide range of functionality of Sapiens’ digital solutions, so this was a natural selection,” comments Marty Young, co-founder and CEO, Buckle. “When Buckle acquired Gateway in June, Sapien’s flexibility allowed us to onboard Gateway efficiently and quickly. We look forward to our continued relationship to efficiently manage accounting, reporting, and reinsurance contracts, particularly through rapid growth and expansion.”
The companies characterize the combination of Sapiens’ financial and reinsurance solutions as giving Buckle a one-stop-shop for many of its needs. Sapiens FinancialPro provides the statutory, GAAP, and consolidated financials necessary for Buckle to grow its portfolio of carriers, while Sapiens StatementPro makes NAIC quarterly and annual statements quicker and easier, the companies say. Sapiens Reinsurance GO solution delivers the accuracy, reliability, and flexibility needed to manage multiple program partners with different reinsurance agreements, according to the joint statement.
“Sapiens is proud to have been chosen by Buckle for our comprehensive, digital financial solutions,” comments Roni Al-Dor, Sapiens President and CEO. “Sapiens is a natural partner for Buckle because we share a commitment to digital transformation and to exceeding our clients’ expectations. Our industry best practices and knowledge, combined with our advanced digital financial and reinsurance platform, help insurers lower operating expenses with faster, more accurate reporting.”
Sapiens further describes the solutions selected for Gateway as follows.
Sapiens Reinsurance GO enables insurers to manage their entire range of reinsurance contracts and activities for all lines of business, offering rich accounting functionality and reporting capabilities, lowering operating expenses.
Sapiens FinancialPro accounting software is designed for insurers to meet their unique requirements for cash, statutory, and GAAP reporting, as well as unique allocation and consolidation needs, reducing the total cost of running financial software.
Sapiens StatementPro makes the NAIC annual and quarterly statement preparation faster and simpler by offering one-click navigation between statements, pages, and form validations to the pages they reference, offering instant point and click access and expedited set-up and import.