LB Group Chooses Sapiens International's Insight for Reinsurance Solution

By Deepika Mala
TMCnet Contributor

LB Group, a mutual insurance group based in Copenhagen, Denmark, recently selected Sapiens International’s Insight for Reinsurance solution.

Sapiens International Corporation N.V. is a global provider of innovative insurance software solutions and a member of the Formula Group. Its Reinsurance solution will help LB manage its reinsurance programs, and enhance risk control in line with Solvency II directive.

Officials said that LB, upon completion of the implementation, will assume better management and control of the reinsurance program, including accounting procedures.

With the help of the solution, LB will also be able to improve its ability to produce risk profiles, with capability of risk accumulation. The company will also demonstrate improved information for management.

In a release, commenting on the selection of Sapiens, LB Group's Jan Kamp Justesen said, “We have selected Sapiens thanks to the rich business functionality of its solution - Insight for Reinsurance - underpinned by Sapiens' domain expertise and understanding of the unique business needs. Sapiens' proven ability in providing reinsurance solutions, combined with their modern technology architecture and rich functionality, made them the best fit for LB Group.”

Raj Ghuman, VP of Sales and Operations - Sapiens Europe noted, “We are proud to have LB Group as our customer, and appreciate their recognition of our reinsurance solution and the value of our dedicated and skilled staff. LB Group joins a growing and impressive portfolio of customers that have chosen Insight for Reinsurance, and we look forward to helping LB Group derive the highest possible value from this solution.”

In related news, to improve its legacy environment and enable rapid time to market, Tokio Marine Management, Inc. has selected Sapiens' RapidSure Policy Administration and Reinsurance solutions.

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 upon completion of the implementation. Within TMM's existing legacy environment, the phase of implementation now underway will replace key policy booking functionality.