DENVER, Aug. 11, 2014 (GLOBE NEWSWIRE) -- In March 2014 StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, surveyed life carriers in the U.S. to determine the current level of point-of-sale decisioning (POSD) implementation across carriers, the appetite for POSD, and the varied approaches and methodologies used. POSD enables faster underwriting decisions so agents can tell prospective insureds whether their application has been accepted at the point of sale.
Components within the POSD process include sales illustration/needs analysis, electronic applications, and automated underwriting (AUS). Forty percent of respondents have some POSD technology currently implemented; however, only 8 percent had seamlessly connected illustration, e-application and automated underwriting components as part of their POSD. Nearly a third are discussing, planning or implementing POSD.
"Tier 4 and tier 5 carriers, those with DWP of $299 million or less, clearly see the opportunity and are leading in POSD implementation," said Jim Woodward, Senior Vice President, Life Carrier Solutions.
Within tier 4, 43 percent reported either having a project underway or having POSD as part of their current process. Tier 5 companies reported even stronger adoption with 60 percent having a project underway or having POSD processes already.
Carriers reported that the number one driving force behind POSD is pressure from the field force. Other compelling reasons for implementing POSD included reducing case turn-around times and improving case/workflow.
Carrier implementation expectations of one to two years were nearly identical to reported actual experience. However, StoneRiver has delivered highly complex implementations in fewer than 9 months.
While many factors can affect the ROI on a POSD implementation, 88 percent of respondents reported a positive ROI within three years.
For complete survey results visit the website.
About StoneRiver, Inc.
StoneRiver delivers the industry's widest range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. This versatile product group encompasses front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Hundreds of companies of all sizes rely on StoneRiver software and processing solutions to achieve a competitive edge. Customer satisfaction and client success is the continuing goal, and is in large part achieved by maintaining and valuing strong, long-term customer relationships. Visit www.stoneriver.com for more info.
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