Tokio Marine Management (TMM), the New York-based management company of the U.S. insurance operations of Tokio Marine & Nichido Fire Insurance Co. (Tokyo) has selected Sapiens' (Rehovot, Israel) RapidSure Policy Administration and Reinsurance systems to enhance the carrier's legacy environment and enable greater speed-to-market, according to a vendor statement. Implementation is underway, and the systems are due to go into production before the end of 2011.
Once installed, Sapiens insurance software solutions will provide policy processing capabilities for TMM's 12 lines of personal and commercial business, and support for TMM's reinsurance business. The phase of implementation now underway will replace key policy booking functionality within TMM's existing legacy environment, according to Sapiens. The vendor reports that TMM anticipates significant cost savings with the Sapiens systems and a one-year return on investment.
"We were extremely impressed with the Sapiens products as well as the Sapiens team," comments Charlie Kuwabara, CIO, TMM. "When we were evaluating available solutions, we knew we also had to choose a vendor partner who had the ability to deliver to our aggressive timeline. Sapiens' proven ability and global experience combined with their modern technology architecture and rich functionality made for a winning combination."
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