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RiverStone Management Limited (Brighton, Sussex) has selected Sapiens International Corporation’s (Holon, Israel) reinsurance system to replace its existing broker’s ledger for reinsurance business. The company is a member of the RiverStone Europe group, a division of Riverstone Group, a Manchester, N.H.-based group of insurance, reinsurance and service companies specializing in the management of legacy and run-off insurance business portfolios which provide claim resolution, reinsurance recovery and dispute resolution services.
The vendor reports that the maturity and flexibility of the Sapiens Reinsurance product offering were key to RiverStone’s decision. RiverStone also cited Sapiens’ ongoing, successful relationship with the RiverStone U.S. entity as a contributing factor to the selection, according to Sapiens.
“Our familiarity with Sapiens and its proven capabilities helped ease the decision-making process,” comments Alan Dennison, head of systems operations and development, RiverStone. “One of the standout features of Sapiens Reinsurance is the ability to tailor the solution to support specific business needs. We expect to improve our operational effectiveness and efficiency, which will translate to significant cost savings.”
Implementing the required components to support all accounting needs of both inwards and outwards reinsurance business emphasizes the modular nature and advanced architecture of Sapiens Reinsurance, asserts Raj Ghuman, VP, sales and operations, Sapiens. “This approach will enable the smooth deployment of additional functional reinsurance components, as dictated by RiverStone’s evolving business needs,” he says. “Sapiens continues to expand our footprint in the UK, an area of strategic importance for the company.”
The vendor describes Sapiens Reinsurance as a comprehensive business and accounting solution designed to support the entire range of reinsurance contracts and activities for all lines of business. A state-of-the-art software product, the vendor continues, Sapiens Reinsurance enables carriers to handle all reinsurance activities on a single platform. By incorporating fully automated functions adapted conveniently for companies’ business procedures, Sapiens Reinsurance provides flexible and full financial control of the reinsurance processes, including full support for all auditing requirements and statutory compliance, the vendor description concludes.