Knightsbridge Technology Group Launches GenSphere Reinsurance System

NEW YORK, June 7, 2016 – Knightsbridge Technology Group (KTG), a leading provider of reinsurance software solutions for the global property and casualty reinsurance market, today launched its GenSphere Reinsurance System (GRS).  GenSphere is a comprehensive, fully integrated business and accounting solution designed exclusively for Property and Casualty reinsurance companies.

“We created GRS from the ground up as a product to solely meet the day-to-day needs and requirements of reinsurance companies,” said Joe Plasencia, President and CEO of Knightsbridge Technology Group.  “A lot of other reinsurance system offerings are based on a modified insurance system retrofitted for reinsurance.”

The GenSphere Reinsurance System (GRS) supports all property and casualty reinsurance activities on a single integrated IT platform, with end-to-end financial and statutory compliance.  GRS enables the processing of all reinsurance business to be streamlined into one customizable platform that will help bridge the gap between accounting requirements and the detailed business needs of any reinsurance company.

“The need has always been there,” says Plasencia.  “In the past reinsurers have had to make do with ineffective and costly reinsurance systems.  Integration among underwriting, claims and technical accounts handling within other reinsurance systems has always been extremely rudimentary and duplication of data is often required.  Data analysis and monthly/quarterly closing are often extremely time consuming and resource intensive exercises for most reinsurers.  GenSphere gives reinsurers comprehensive data analysis and quicker monthly/quarterly closing cycles in a proven, fully integrated and streamlined system, with full regulatory compliance.  The integration within GenSphere also lessens the number of business resources required to run the system.”

GRS provides many benefits including improved efficiency, support for multi-company and multi-currency processing, a dramatic reduction in manual processing and external calculations while also delivering accurate premium calculations and a consolidated view of a company’s liabilities. GRS is a progressive and easy to use platform that is cost and time efficient, transparent, supports OFAC (Office of Foreign Asset Control) compliance requirements and affords a secure and accurate operational environment.

“Our system is fully integrated and streamlines workflow for underwriting, claims, and processing of technical accounts. With comprehensive interfaces to financial and document management systems, the GenSphere Reinsurance System is an extremely powerful and cost effective solution in comparison to what is currently available from other providers,” said Plasencia.  “We believe GenSphere is the best reinsurance software system in the marketplace.”

ABOUT KNIGHTSBRIDGE TECHNOLOGY GROUP

Knightsbridge Technology Group (KTG) is a leading global provider of innovative reinsurance software systems and solutions.  KTG takes a cutting edge approach to crafting software and services that meet the diverse requirements of its clients, while enabling it to respond to their local needs.