(Image credit: Sasin Tipchai.)
Physicians Insurance, a Seattle-based mutual insurer, and the largest locally-based medical professional liability insurer in the Pacific Northwest serving Washington, Idaho, Oregon, California and Alaska, has selected Sapiens International Corporation’s (Holon, Israel) Sapiens ReinsurancePro to automate reinsurance management.
Physicians’ deployment of Sapiens ReinsurancePro will enable the medical professional liability insurer to replace its legacy process and ensure it is streamlined, consistent and financially correct, according to a Sapiens statement. By automating reinsurance administration, accounting, analysis and reporting, ReinsurancePro will enable efficient processing and management of complex reinsurance transactions, the statement says.
Sapiens ReinsurancePro manages the entire range of reinsurance contracts and activities for all lines of business. Built-in automation of contracts, calculations and processes provides flexible and full financial control of the reinsurance processes, including auditing requirements and statutory compliance. More than 100 insurers worldwide use the vendor’s reinsurance solutions.
Physicians chose Sapiens’ cloud reinsurance system for its outstanding functionality, accessibility of the platform 24/7 from any place, and Sapiens’ managed services package. Sapiens wide range of managed services allow insurers to focus on the main business while leveraging professional support of a team with extensive knowledge and expertise, Sapiens says.
“Hearing success stories from other Sapiens’ customers, Sapiens stood out as a clear leader for the advanced functionality of the system and its high-quality professional team,” comments Kristin Kenny, CFO, Physicians Insurance. “We have high confidence that the scalable reinsurance solution and Sapiens’ team will be able to support our needs through implementation and beyond. We anticipate that the benefits of the system will be significant.”
Simplify and Streamline
“Reinsurance contracts are complex by nature, and traditionally have been bottlenecked by manual or outdated processing,” said Roni Al-Dor, Sapiens president and CEO. “Sapiens ReinsurancePro enables Physicians Insurance to simplify and streamline their reinsurance administration platforms. With our capacity for tracking policy and claims transactions, ReinsurancePro automates complex accounting tasks and is flexible enough to change with new terms and conditions. We are pleased to empower Physicians on this transformative journey.”