Penn National Insurance Partners with Sapiens to Optimize Reinsurance Processes
Penn National Insurance Partners with Sapiens for Greater Reinsurance Modernization and Automation
Rochelle Park, N.J., June 6, 2023—Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Penn National Insurance, a super-regional P&C mutual insurance company, has selected Sapiens ReinsurancePro solution as a part of its multiyear legacy modernization and automation initiative. Penn National Insurance will also use Sapiens cloud services for a seamless and secure hosting experience.
Penn National Insurance needed a next-generation solution to improve efficiencies in several divisions, most notably its reinsurance administration, and respond more quickly to reinsurance opportunities. Their decision to choose Sapiens’ cloud reinsurance system was prompted by its outstanding functionality, 24/7 platform access, and Sapiens’ cloud services. ReinsurancePro also enables Penn National Insurance to automate reinsurance contract requirements from an infrastructure and planned cost perspective. Penn National Insurance is an existing Sapiens customer and uses the StatementPro annual statement filing solution. Their ReinsurancePro implementation is expected to be completed by January of 2024.
“Implementing Sapiens ReinsurancePro will help us modernize our reinsurance processes and better manage the increasing volume and complexity of future transactions,” said Jacquelyn Anderson, Penn National Insurance Senior Vice President, CFO and Treasurer. “The solution will also help us respond quickly to new reinsurance structures within a competitive cost structure.”
“A simplified and streamlined reinsurance administration platform will help strengthen Penn National Insurance’s long-term financial performance,” said Jamie Yoder, Sapiens North America President & General Manager. “Sapiens looks forward to providing Penn National Insurance with the tools to build on their recent industry gains and pursue their goals.”
Created and designed exclusively for the reinsurance market by some of the industry’s leading experts, 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 reinsurance processes, including auditing requirements and statutory compliance. More than 100 insurers worldwide use Sapiens’ reinsurance solutions.
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn.
About Penn National
Penn National Insurance (www.pennnationalinsurance.com), founded in 1919, in Harrisburg, Pa., helps people feel secure and makes life better when bad things happen. The company provides property-casualty insurance in 12 states, through a network of more than 1,200 independent agency operations. In 2022, the company wrote $853 million in direct premiums, had $2 billion in total assets, maintained a $798 million policyholder surplus and had an A.M. Best Financial Rating of A- (Excellent). As a mutual insurance carrier, the company operates solely in the best interest of our policyholders and received a Superior Rating for Personal Lines Claims Customer Experience from Ward’s for four consecutive years.
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