Arrowpoint Capital has partnered with insurance software solution provider Sapiens to upgrade its reinsurance capabilities to version 8 of the cloud-based Sapiens ReinsurancePro solution.

ReinsurancePro is a SQL Server/Java technology hosted system deployed over the cloud. It is said to enable faster processing and streamlined functionality.

Furthermore, the upgraded version is expected to help the company to reduce operational costs. It has also terminated the risk of obsolete technology supporting a key application.

Previously, the company used a mainframe COBOL-hosted system.

Arrowpoint Capital accounting systems manager Stewart Edgerton said: “Arrowpoint Capital views Sapiens as a long-term and strategic vendor with extensive reinsurance knowledge and experience.

“Its team understands the North American market and offers modern reinsurance technology over the cloud, which has empowered Arrowpoint Capital with improved flexibility and agility. This latest version of Sapiens ReinsurancePro is intuitive to use and offers innovative features.”

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Sapiens Americas Reinsurance head Matthew Simmers said: “Sapiens is pleased to move Arrowpoint’s hosted solution to version 8 of Sapiens ReinsurancePro in the cloud.

“The solution continues to evolve, from architectural and functional standpoints. One of our roles as a managed services provider is to make the transition to the latest version as seamless as possible, so customers can benefit from the solution’s new features.”

Sapiens reinsurance solutions enable insurers to manage their entire lifecycle and all types of reinsurance contracts for property and casualty. This includes contract management, technical accounting, reinsurance claims management, financial and regulatory, and reporting.