OAKLAND, Calif., Oct. 16, 2013 /PRNewswire/ -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that Woodmen of the World, a not-for-profit fraternal insurance organization, has reported the results of its successful implementation of StoneRiver's LifeSuite automated underwriting system.
Woodmen of the World began the transformation of its underwriting environment with the goal of creating a more productive and efficient environment while maintaining its superior customer service.
In production since 2012, Woodmen of the World has closely tracked the project's progress, enabling the company to measure and document the impressive results to date, which include:
- Utilization of straight-through processing for 25% of total volume, including over 70% of cancer policies and 44% of EZ (simplified issue) policies.
- Automated generation and review of requirements for 100% of case load.
- Processing of evidence has been reduced from 3-5 days to 1 day, translating to fewer cancellations and inquiry calls, and improved retention.
- Agents are now able to view all necessary requirements for a policy within a single communication.
- Reduction of manual touch points through automation resulted in improved quality and less rework.
- Use of business controlled rules has eliminated technical work orders and improved time to market.
"This project has exceeded all of our expectations. The entire organization as well as the StoneRiver team were dedicated to the success of the project, enabling us to achieve our impressive results," said, Lee Janecek, Chief Underwriter with Woodmen of the World. "This effort has demonstrated to our organization the value of modernizing our operating environment with new and more powerful technology. As a result, we are currently working to integrate a new workflow system and have two additional business cases in process."
Jim Woodward, StoneRiver's, Senior Vice President of Life Carrier Solutions, added, "We congratulate Woodmen of the World on the success of the project and the outstanding business results they have been able to achieve. StoneRiver is pleased to have played a role in the success of the effort through both our product offering and our highly skilled and dedicated team of insurance professionals. We look forward to continuing to work with Woodmen of the World as they expand their modernization initiatives."
LifeSuite is a web-based software solution for new business and automated underwriting, and provides a powerful rules engine that delivers streamlined, efficient, effective and consistent underwriting decisions, ACORD compliant interfaces, and dynamic collaborative communication exchanges.
About Woodmen of the World
Woodmen of the World was founded in 1890 as a not-for-profit. We give back to our member-customers and the communities we live in. Today, Woodmen of the World offers insurance protection and financial security. More than 700,000 Woodmen of the World member-customers across the country share a commitment to family, community and country. To learn more about Woodmen of the World, visit woodmen.org.
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.