(Photo credit: Snežana Trifunović.)
Catholic Order of Foresters (COF) a 133-year-old Catholic life insurance benefit society based in Naperville, Ill., has selected StoneRiver (Denver) solutions LifeApply for electronic application and signature, and LifeSuite, for case flow and automated underwriting.)
The StoneRiver solutions will enable COF to modernize its entire new business process, including automation of many tasks with anticipated benefits such as significantly decreased turnaround times and increased placement rates, according to a statement from parent company Sapiens International Corporation (Holon, Israel). COF is considering leveraging the systems to expand its market presence by functioning as a business process outsourcer (BPO) for other fraternal societies, the vendor reports.
COF selected the StoneRiver solutions after a rigorous procurement process based on the vendor’s superior functionality, client references, depth of experience with fraternal societies and technical expertise.
“Catholic Order of Foresters is dedicated to bringing needed products and services to the Catholic community,” comments Steve Stanley, chief underwriter, Catholic Order of Foresters. “By streamlining our processes with StoneRiver’s advanced technology, we will be able to expand and better serve our membership.”
Range of New Capabilities
COF anticipates a range of new capabilities, process improvements and efficiencies, which the company anticipates will in turn drive higher agent satisfaction, faster turnaround times and more consistent underwriting decisions. Among the benefits to COF from the Sapiens/StoneRiver solutions are:
- Simplification of the new business acquisition process
- Reduction in “not in good order” applications
- Electronic signatures
- Automated ordering of underwriting requirements data
- Automated/immediate approval on qualified insurance plans
- Configuration of COF-specific rules and processes
- Straight-through processing and systems integration
“We welcome Catholic Order of Foresters to our client community and appreciate the trust they have in our people and solutions,” comments Roni Al-Dor, president and CEO, Sapiens. “COF is a great example of a mid-sized carrier looking to leverage technology to better serve its customers and agents, gain more efficient processing, and improve overall cost effectiveness.”