Phoenix Life Insurance leverages StoneRiver's LifeSuite
Aug 28, 2013 (MarketLine via COMTEX) --
StoneRiver, Inc., a provider of insurance technology solutions, has announced that Phoenix Life Insurance Company is leveraging StoneRiver's LifeSuite.
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: perform a quick, automated assessment of risk during a point-of-sale telephone interview process; promptly gather information from providers for MIB, Rx, and MVR; interpret the collected data via the LifeSuite Rules Engine to determine eligibility; and deliver an underwriting decision to the applicant during a single phone call.
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."
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