OAKLAND, Calif., Aug. 15, 2012 /PRNewswire/ -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that the Ohio Bureau of Workers' Compensation (BWC) has selected StoneRiver's workers' compensation PowerSuite solution to replace its legacy environment. The contract is valued at US$52 million and includes an initial two-year performance period as well as seven one-year renewal options.
The largest exclusive state insurance fund system in the United States, BWC is responsible for the administration, adjudication and payment of all workers' compensation policies and claims in the State of Ohio. The StoneRiver solution will be used for all BWC core processing, including, claims, policy, and premium billing. In addition to the StoneRiver core processing system, BWC will also utilize StoneRiver's Insurance Integration Platform (IIP), an advanced service-oriented platform to provide easier business process automation, integration, scalability, and a rich user interface framework.
The StoneRiver solution will enable BWC to:
- Deploy a modern user interface to optimize the delivery of functionality and information to staff;
- Reduce ongoing support costs;
- Effectively manage ongoing change relative to both cost and time; and
- More easily continue to provide outstanding customer service.
"As one of the nation's largest workers' compensation carrier with rigorous long-term needs, BWC chose to evaluate several systems," said BWC Administrator/CEO Steve Buehrer. "StoneRiver demonstrated the ability to deliver on our aggressive goals, as well as an understanding of the need to achieve our objectives in a timely, cost efficient manner."
StoneRiver President, Gary Sherne, noted, "This is a significant win for StoneRiver and validates our leadership position in the workers' compensation solutions market. We have a long track record of success in workers' compensation. We appreciate BWC's commitment to StoneRiver and look forward to a long and mutually beneficial relationship."
PowerSuite provides P&C insurers, administrators, and state funds a web-based workers' compensation system designed to further business objectives for optimizing operational efficiency, improving customer satisfaction, lightening the administrative burden and increasing profitability. With PowerSuite companies have the option of implementing the policy and claims modules separately or together. PowerSuite is a comprehensive solution delivered in completely browser-based J2EE technology that can be deployed in whole or in part to support workers' compensation insurance providers. It's a fully modular software platform and able to accommodate a wide range of insurance environments.
About Ohio Bureau of Workers' Compensation (BWC):
BWC is a non general-revenue fund state agency that provides workers' compensation insurance for 250,000 Ohio employers and covers approximately two-thirds of Ohio's workforce. With approximately $2.1 billion in annual premium and assessment income, BWC is the largest state-fund system in the United States and one of the top 10 underwriters of workers' compensation insurance in the nation.
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.