OAKLAND, Calif., Jan. 30, 2013 /PRNewswire/ -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced it has been named the winner of a Celent XCelent Award in Celent's recently published North American New Business and Underwriting Systems, Life, Health, and Annuities ABCD Vendor View.
StoneRiver's LifeSuite has been named an XCelent Award winner in the Breadth of functionality category. "In Celent's second review of new business and underwriting systems available to insurers in North America, the report includes profiles of 15 new business and underwriting systems in use for Life and Annuity products.
The report uses Celent's ABCD Vendor View, which is Celent's standard representation of a vendor marketplace, designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services.
"We congratulate StoneRiver on its XCelent Award win for receiving the highest breadth of functionality score for LifeSuite. In addition to weighing the number of lines of business the system is used for, we reviewed the system based on the functionality demanded by life insurers and the system's ability to support integration with most, if not all, third party data providers," commented Karen Monks, senior analyst with Celent's Insurance Group and author of the report.
Monks continued, "Insurers continue to have strong interest in automating new business and underwriting functions as critical components in reaching a level of straight-through processing (STP) for new business. Celent believes that these initiatives are necessary to help the insurers address growth, service, and distribution mandates and allow for cost per policy issued reductions."
Commenting on the Celent XCelent Award, Gary Anderson, StoneRiver President and CEO, said, "We are very pleased with the XCelent Award recognition and appreciate Celent's continued research and insight into the insurance market, which helps us better understand what insurers are looking for today and in the future. We have put a great deal of effort into our LifeSuite offering. The current version includes new features, functionality, and a superior new user experience all of which best support the industry's goals for straight through processing. Based on our high marks for functionality, the industry is telling us that we are successfully listening and responding to insurer needs. We will continue to make LifeSuite even better to keep StoneRiver and our LifeSuite clients on the forefront of high quality, efficient and cost-effective insurance processing."
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.
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.