RiverStone Group Selects Sapiens for Reinsurance Solution

The vendor will manage implementation of its Sapiens Reinsurance solution, to be completed by year-end, enabling RiverStone to augment its management and control of its reinsurance program.

The RiverStone Group has selected Sapiens to provide and implement Sapiens Reinsurance software, which the vendor describes as a comprehensive reinsurance business solution designed to support the optimization of RiverStone's entire range of reinsurance contracts worldwide. A vendor statement characterizes RiverStone as the preeminent manager of runoff insurance portfolios, including very old long-tail claims and reinsurance contracts that required Sapiens' specialized system solutions.

Upon completion of the implementation, which is expected by end of 2012, RiverStone will augment its management and control of its reinsurance program, including accounting procedures, according to Sapiens. The new system automates reinsurance allocation and calculation - ensuring accuracy and control; implements workflow - enabling control of business processes, automated triggers and reminders; enables comprehensive audit and command of all activities, ensuring secure information and process control; and provides a single repository for all information, providing support for reporting, management information, statutory requirements and compliance, the vendor says.

"We are proud to have RiverStone Resources as our customer, and appreciate their recognition of our reinsurance solution and the value of our dedicated and skilled staff," comments Ron Karam, President, Sapiens North America Insurance Division. "RiverStone joins a growing and impressive portfolio of customers that have chosen Reinsurance for its workflow capabilities and flexibility to address challenges in unique business cases, like runoff insurance portfolios. We look forward to helping RiverStone derive the highest possible value from this solution."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio