(Image source: KW Specialty homepage.)
KW Specialty Insurance Company, a Scottsdale, Ariz.-based startup specialty insurance company planning to partner with the wholesale distribution channel, specializing in personal lines, commercial P&C, and reinsurance has selected the Sapiens Core Suite for Property & Casualty as well as Sapiens ReinsurancePro delivered via the cloud. The Sapiens (Holon, Israel) platform will support the core system needs of KW Specialty enabling the company to quickly enter the insurance marketplace as a new carrier.
Utilizing Sapiens P&C solutions allows KW Specialty to take advantage of an agile, modular, end-to-end digital platform solution that supports advanced automation capabilities, according to a vendor statement. ReinsurancePro will enable the insurer to automate the cession of ceded premium, commissions, losses, reserves and loss adjustment expense. The move will save time and money by ensuring the accuracy of reinsurance calculations and streamlining billing, collections and annual statement reporting, the statement says.
“We partnered with Sapiens because we were looking for a best-in-class modular platform as well as insurance expertise that would work with us as we launch a new insurance company,” comments Rose Larsen, VP, Property Lines, KW Specialty. “The Sapiens solution provides us a complete and flexible platform for policy, billing, claims, and reinsurance which will enable us to quickly enter new markets, support our wholesale partners and insureds, and meet our company goals. We’re looking forward to developing our practices and workflows to completely support our wholesale partners.”
The New Platform will deliver KW Specialty the following benefits, by Sapiens’ description:
- Improved customer experience: delivering a fully digital experience with a more responsive service and better experience for KW Specialty wholesale partners and their producers and customers.
- Modular and highly configurable solutions: increasing organizational efficiency and generating competitive advantages with speed to market.
- Robust business management control and accuracy: providing precise and effective reinsurance information on demand.
“Sapiens is delighted to continue our expansion into the North American insurance market in partnership with KW Specialty, especially in their pursuit of advanced market penetration,” comments Roni Al-Dor, President and CEO, Sapiens. “Our full digital platform offering will allow for unprecedented automation, performance and configurability, ushering in a new era of insurance and policy implementation.”