Great Bay Insurance Selects Sapiens for Its Cloud-Based Transformation Project for Reinsurance and Financial Management

By AIT News Desk On May 19, 2020

The North American provider will utilize the fully integrated financial & compliance and reinsurance offerings to modernize and automate their processes

Sapiens International Corporation,, a leading global provider of software solutions for the insurance industry, announced today that Great Bay Insurance, a New Jersey-based, coastal-residential homeowners insurance group that is part of The Great Bay Insurance Group, has selected the cloud-based Sapiens ReinsurancePro, Sapiens FinancialPro and Sapiens StatementPro solutions to transform its financial & compliance and reinsurance management.

Faced with an excess of manual data entry and tracking; a lack of integration across financial, accounting and reporting systems; and software not specifically designed for insurance enterprises, Great Bay sought a pre-integrated suite. Sapiens ReinsurancePro will reduce the administrative burden of reinsurance reporting, while FinancialPro and StatementPro will address the accounting and compliance requirements insurers cope with on daily basis.

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“Sapiens possesses the necessary product solutions to address our array of accounting, finance and reporting needs, and offer significant business benefits,” said Tim Byrne, president and CEO, Great Bay Insurance. “Great Bay envisions more effectively-managed and efficient finance, accounting and reporting functions, thanks to Sapiens’ comprehensive and integrated solutions.”

Mr. Byrne also cited the “flexibility, collaboration and coordination of the Sapiens team” as contributing factors in Great Bay’s selection. Implementation of the financial & compliance solutions is already underway.

“One of Sapiens’ differentiators is our ability to meet the end-to-end needs of our clients,” said Roni Al-Dor, president and CEO, Sapiens. “The pre-integration between our offerings is attractive to insurers looking to transform. They can quickly automate processes and make large-scale changes, without disrupting the core business. Sapiens is pleased to partner with Great Bay Insurance and we look forward to years of fruitful collaboration.”

Sapiens ReinsurancePro manages the entire range of reinsurance contracts and activities for all lines of business. Automated customized functions – with built-in automation of contracts, calculations and processes – provide flexible and full financial control of the reinsurance processes, including auditing requirements and statutory compliance.

Sapiens FinancialPro is accounting software designed for insurers to meet their unique requirements for cash, statutory and GAAP reporting. With StatementPro, quarterly and annual statement preparation is faster and simpler with one-click navigation between statements, pages and form validations, transforming the filing process by offering one-step filing.