OAKLAND, Calif., Dec. 18, 2012 /PRNewswire/ -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced Government Personnel Mutual Life Insurance Company (GPM Life) has selected StoneRiver's LifeSuite (automated underwriting) and LifeApply (electronic application) for implementation. The StoneRiver solutions will enable GPM Life to modernize and automate its environment for more efficient processing, expansion of distribution channels and markets, and revenue growth.
Starting with an RFP process, GPM Life quickly narrowed the choice to StoneRiver, in large part due to StoneRiver's client references, history of successfully working with midsize carriers, depth of knowledge of the life insurance industry, and technical expertise.
With LifeSuite and LifeApply, GPM Life anticipates a significant number of process improvements, new capabilities, and cost savings including:
- Electronic application
- Automated underwriting
- Improved time-to-market
- Simplified and faster new business process with reduced expenses
- Process and forms flexibility with configuration tools and rules
- Integration with third-party vendors
"We were very impressed with StoneRiver's expertise and attention to our needs and priorities," said Peter J. Hennessey IV, senior vice president of insurance operations with GPM Life and the executive sponsor for the project. "In addition to offering the solutions we needed to automate our operation and seamlessly support our growth, StoneRiver's customer service has been exemplary; working with us side by side to evaluate our existing processes, make recommendations, and provide us an implementation roadmap."
"We welcome GPM Life to the StoneRiver client community and appreciate the recognition of not just the value of our products, but also the value of our staff," commented Gary Anderson, StoneRiver president and CEO. "GPM Life is an ideal example of a midsized life insurer who has traditionally been underserved when it comes to cost effective technology and automation. We see this market as an ideal market for our suite of life solutions, especially with LifeApply for electronic applications, which extends automation and makes the new business acquisition process easier. One of our key goals is to help life insurers like GPM Life level the playing field through technology and process improvement to enable them to compete more effectively in the market."
The GPM Life project is already underway having completed an implementation study to lay the groundwork for a successful project plan and achievable timeline. LifeSuite is targeted for production use in mid-2013, with LifeApply planned for the following quarter.
LifeSuite is a leading web-based new business and automated underwriting system that builds upon over a decade of experience in the marketplace. LifeSuite streamlines your entire new business process from application receipt through coverage approval, providing the most efficient and consistent automated underwriting solution available today.
LifeApply is StoneRiver's newest web-based electronic application software, geared toward helping carriers address critical business drivers like decreasing time-to-issue and reducing policy acquisition costs, all in an extremely intuitive and easy-to-use package.
About GPM Life
Government Personnel Mutual Life Insurance Company (GPM Life) is dedicated to providing customers, both policyholders and agents, with excellent performing life insurance products, supported by competent underwriting and administrative services. This is all backed by a company that continues to grow in size and financial strength.
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.