OAKLAND, Calif., Aug. 20, 2013 /PRNewswire/ -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that Phoenix Life Insurance Company is leveraging StoneRiver'sLifeSuite. The new system has been in production since March 2013, after a successful and on-time nine month implementation project.
Prior to the LifeSuite implementation, all Phoenix processes for life underwriting were completed manually. With LifeSuite and a new business process now in production, Phoenix is able to:
Commenting on the success of the LifeSuite implementation, Don Griswold, Phoenix's Second VP, Products and Operational Delivery, said, "When we shifted our focus from the high-touch high-net-worth market to the middle market, we needed to develop new products and capabilities and higher levels of automation that are expected with this type of clientele. We turned to StoneRiver and its LifeSuite solution to provide automated underwriting and process flexibility."
Griswold continued, "With LifeSuite we are able to gather the applicant's information and provide an eligibility decision at point-of-sale -- a level of service and automation that both insured's and agents are looking for. The StoneRiver team has been great to work with."
Jim Woodward, StoneRiver's SVP Life Carrier Solutions, added, "We are extremely pleased with the success of this project, especially given the relatively short timeline. Our teams worked together very well and shared a common goal focused on Phoenix's business objectives and priorities. We look forward to continuing our work with the Phoenix team."
LifeSuite is an award-winning, web-based new business and automated underwriting system that drives straight-through automation. LifeSuite streamlines the entire new business process from application receipt through coverage approval, providing the most efficient and consistent automated underwriting solution available. LifeSuite's suite of tools helps insurance organizations maximize effectiveness, facilitating decreased time to issue, increased growth and reduced policy acquisition costs.
About Phoenix Life Insurance CompanyPhoenix Life Insurance Company is the principal operating subsidiary of The Phoenix Companies, Inc., a boutique life insurance and annuity company serving customers' retirement and protection needs through select independent distributors. Visit www.phoenixwm.com for more information.
About StoneRiver, Inc.StoneRiver delivers the industry's widest range of technology solutions and services to insurance carriers, agents and broker-dealers. This versatile product group encompasses front-office, policy, claim, rating, underwriting, billing, reinsurance, financial and compliance solutions for all major business lines. Hundreds of companies rely on StoneRiver software and processing solutions to achieve a competitive edge. StoneRiver promotes client success by streamlining complex business processes. Visit stoneriver.com for more information.
SOURCE StoneRiver, Inc.