(Image source: Catholic Life homepage.)
Catholic Life Insurance (San Antonio), one of the nation’s top ten fraternal benefit societies, has expanded its relationship with StoneRiver (Denver), a wholly owned subsidiary of Sapiens (Holon, Israel). Already deployed on StoneRiver’s ID3 policy administration system for life, health and annuity lines of business, the insurer recently expanded its portfolio of StoneRiver solutions with the addition of LifeApply to enhance the application and submission process, and ID3 ACORD Transaction Server (ATS) to better support ACORD standard transactions.
“We have been extremely pleased with our StoneRiver system, and it was time to take the next step as we are always looking for ways to further increase efficiencies and enhance services to our members,” comments Michael Belz, President, Catholic Life. “Focusing on the future and leveraging the latest that technology has to offer are key to staying ahead and meeting our business goals. With the addition of LifeApply and ATS we will be able to streamline our application process and ensure that applications are in good order. We anticipate these improvements will add to a higher volume of business and a greater level of automation, speed, and efficiency.”
Among the additional benefits that Catholic Life anticipates from the expanded StoneRiver environment are the following:
- Reduced time to issue a certificate of insurance;
- Automated generation of required forms for agents;
- Ability to process commission payments more quickly;
- Enhanced and simplified workflow from submission to navigation to illustrations; and
- Overall reduction in operational expenses due to new efficiencies.
Sapiens reports that all Catholic Life lines of business supported through the expansion, including: term life, whole life, universal life, annuities, final expense, and the insurer’s ‘Just for Kids’ product. The implementation will include integration with Catholic Life’s agent portal, illustration and other third-party software, according to the vendor.
On Track for Go-Live
“We worked very closely with Catholic Life on the project to carefully define the timeline and success measurement criteria,” comments David Pidgeon, head of Life, North America, for StoneRiver and Sapiens. “At this point, the project is well underway and we are on track to meet Catholic Life’s target in-production date with full roll-out planned for early 2018.”
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