DENVER, COLO., June 1, 2015 (GLOBE NEWSWIRE) -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that Patriot Life Insurance Company has gone into production with StoneRiver's LifeSuite® 8.0, the latest release of the automated underwriting system that drives straight-through automation and operational efficiencies.
Patriot Insurance selected LifeSuite to better support its corporate goal of reducing manual new business processing and enabling remote underwriting. As a member of Frankenmuth Insurance, Patriot Life Insurance also has established growth plans through leveraging Frankenmuth Property & Casualty agents. LifeSuite is a powerful vehicle to help accelerate that expected growth.
In addition, StoneRiver's LifeSuite will help minimize manual workarounds through flexibility and advanced functionality. The process before LifeSuite was, at times, rigid and required additional steps by the agent. Agent satisfaction is a critical success metric and area of excellence for Patriot Life, and the carrier anticipates that LifeSuite will provide faster turnaround times, more consistent underwriting decisions and higher agent satisfaction.
This initiative will further demonstrate the powerful ability of LifeSuite to interface to a Policy Administration System (PAS) and eApplication solution as an enabler for Patriot Life to grow its business and accomplish Straight-Through Processing (STP). The PAS and eApplication are non-StoneRiver offerings, but the workflow will be better optimized through integration with LifeSuite.
Commenting on the LifeSuite selection, Marty Dinehart, Patriot Insurance Company's Vice President of Operations, noted, "Being familiar with LifeSuite in the market, and undertaking an expansive selection process, we came to the conclusion that LifeSuite offered the best combination of advanced functionality and market presence to meet our underwriting needs. These needs include being poised to empower our agents and home office with a modern solution."
Jim Woodward, StoneRiver's SVP - Life Carrier Solutions, added, "We have garnered significant interest and praise from carriers regarding our LifeSuite Automated Underwriting System. In this instance, Patriot's other solutions providers even recommended us. We are proud to be selected by Patriot as a signal of their faith in StoneRiver. Maintaining our track record of successful implementations is a contributing factor in the adoption of LifeSuite in the marketplace."
LifeSuite is an award-winning, web-based new business and automated underwriting system that drives straight-through automation. LifeSuite streamlines the entire new business process from application receipt through coverage approval, providing the most efficient and consistent automated underwriting solution available. LifeSuite's suite of tools helps maximize an organization's effectiveness, facilitating decreased time to issue, increased growth and reduced policy acquisition costs.
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, and reinsurance 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.
About Patriot Life Insurance Company
Patriot Life Insurance Company is a new entry into the life insurance market. Founded in 2010, Patriot Life Insurance Company is a member of Frankenmuth Insurance. As such, Patriot Life and its policyholders benefit from the support and technology of a company with nearly 150 years industry experience.
The life insurance products marketed by Patriot Life Insurance Company are sold through a network of nearly 4,000 Independent Insurance Agents. Our network of agents is dedicated to serving policyholders with the most appropriate coverage for their individual needs.
CONTACT: Emily Mertz Director of Marketing StoneRiver, Inc. 303-729-7500