(Image source: Old Mutual Insure homepage.)
Old Mutual Insure (Johannesburg), the oldest insurer in South Africa, has selected Sapiens International Corporation’s (Holon, Israel) Sapiens ReinsuranceMaster to better manage its global, complex and diversified reinsurance business in non-life sectors, more easily and effectively. Old Mutual Insure services personal, commercial and corporate customers across South Africa and in Namibia, Botswana, Zimbabwe, and Nigeria under the Old Mutual brand.
With Sapiens ReinsuranceMaster, Old Mutual Insure will be able to manage their reinsurance needs on a single platform, ensuring full financial control and auditing support of reinsurance contracts and activities for all lines of business, according to a vendor statement. Sapiens ReinsuranceMaster will be integrated with Old Mutual Insure’s core administration and finance platforms by providing full automation of reinsurance contracts, reducing the need for manual intervention, which is also expected to lead to enhanced recoveries.
“Sapiens’ long history, global presence and vast expertise in the reinsurance ecosystem raised the bar and made Sapiens our top choice,” comments Ludwyn Lortan, CIO, Old Mutual Insure. “Our reinsurance contracts are complex by nature, and Sapiens proved their ability to empower us to streamline and simplify, while providing automation and enhanced efficiencies.”
Full Support for All Types of Reinsurance Contracts
The vendor describes Sapiens ReinsuranceMaster as providing full support for all types of reinsurance contracts—treaty & facultative, proportional & non-proportional, ceded and assumed business. All activities are maintained in one easy-to-use cloud-based, web-based user solution, with extensive and comprehensive automated processes allocations and fully automated retroactive processing support, according to Sapiens. The vendor reports that more than 100 insurers worldwide use its reinsurance solutions.
“We are extremely pleased and honored to be a partner in Old Mutual Insure’s journey as they expand their leading position in today’s dynamic reinsurance ecosystem,” comments Roni Al-Dor, Sapiens’ president and CEO. “The advanced capabilities offered by Sapiens’ ReinsuranceMaster maximizes our collaboration and will support Old Mutual Insure’s immediate and future needs.”