StoneRiver Announces the LifeApply™ Solution

ORLANDO, Fla., May 17, 2012 /PRNewswire/ -- At the ACORD LOMA Insurance Systems Forum, StoneRiver Inc., the trusted insurance technology partner with solutions across multiple business lines, today announces LifeApply™, its next generation electronic application designed to help Life carriers decrease time-to-issue and policy acquisition costs. 

A key component of an enterprise suite of products, StoneRiver's LifeApply offers Life, Health and Annuity carriers a powerful new tool to simplify the new business acquisition process, reduce expenses and help ensure that applications are received "in good order."

With a long history of successful delivery of electronic applications, StoneRiver's LifeApply leverages the features and functionality of previous offerings combined with a newly designed and optimal user experience. Carriers now have the choice of implementing LifeApply as a standalone e-application or as a component of more comprehensive solution that includes seamless integration with Life Portraits® Sales Illustrations and LifeSuite® Underwriting system.

Utilizing feedback from StoneRiver's deep client base, along with close attention to market trends, LifeApply is an accelerator to value for StoneRiver's new business and underwriting platforms (Life Portraits Sales Illustrations and LifeSuite Underwriting). LifeApply utilizes ACORD transactions and is specifically designed to reduce carrier time for sales-to-issuance. LifeApply leverages bi-directional messaging such as the ACORD L&A 103 New Business Submission Transaction for fast and compliant integration.

Highlights of LifeApply include:

• Benefits
  • Significantly improves time-to-market
  • Simplifies the new business acquisition process
  • Reduces new business acquisition expenses
  • Ensures applications received are 'in good order'
  • Speeds new business processing and reduces 'not takens'
  • RIA user interface enhances the end-user experience and increases user adoption across all distribution channels
  • Operates fully while connected to the web or as a disconnected standalone process
  • Provides a wider range of browser options for increased end-user availability
  • Provides greater flexibility and control through e-Application forms and configurable rules management tools

• Features and Functions
  • Full LOB support (life, health, annuity)
    • Short and long form
  • Implementation solutions
    • Multi-company branding
    • Multiple sales channels
  • Rules-based logic
  • Field underwriting support
  • Multiple E-signature vendor support
  • ACORD compliant data transactions
  • Can be deployed as a stand-alone application or in conjunction with Life Portraits® Sales Illustration and / or LifeSuite® Underwriting applications
  • Modern system components

• Ease-of-use for experienced and new agents
  • Users are guided through the application process collecting data via an interview process or self directed, moving from section to section as required
  • Client data may be pre-populated from outside sources such as a CRM, needs analysis, or illustration systems
  • Pre-defined responses are available for selection via drop down lists, radio buttons and other input options
  • The reflexive capabilities of the UI can dynamically display additional questions and forms as needed to collect required data

"LifeApply presents a cost effective and impactful option for carriers due to our extensive history and customer-based interaction. StoneRiver is a vendor of choice for processing business through electronic applications," says Gary Sherne, President for StoneRiver, Inc. "At StoneRiver, we understand that agent adoption is critical to success. Our intensive focus on driving agent adoption while delivering business value to carriers has brought stand-alone LifeApply to fruition."

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.