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Equitable Life of Canada, one of the country’s largest mutual life insurers, has deployed Sapiens’ (Holon, Israel) UnderwritingPro for Life & Annuities (formerly known as StoneRiver LifeSuite) modernize its new business processes, including task automation. The Waterloo, Ontario-based carrier plans to significantly decrease turnaround times via UnderwritingPro, a web-based solution for automated underwriting and new business case management.
“After an extensive vendor and solution search, we selected Sapiens UnderwritingPro for its superior functionality, client references, depth of experience with Canadian life insurance companies and technical expertise,” comments Karen Mason, SVP, Individual Insurance, Equitable Life. “The ability to configure UnderwritingPro for our specific rules and processes, as well as the straight-through processing and system integration, will streamline our business.”
Higher Advisor Satisfaction and Faster Turnaround Times
Equitable Life anticipates a significant number of process improvements, new capabilities and cost savings, resulting in higher advisor satisfaction and faster turnaround times, according to a Sapiens statement. Process improvements include automated ordering of underwriting requirements data and immediate approval on qualified insurance plans.
“Sapiens is pleased that our robust underwriting solution continues to help North American carriers modernize their businesses,” comments Roni Al-Dor, president and CEO, Sapiens. “It’s been a pleasure working with Equitable Life, one of the true leaders in the competitive Canadian market.”
Sapiens UnderwritingPro for Life & Annuities is part of Sapiens Platform for Life & Annuities. UnderwritingPro is designed to speed new business processes for insurance carriers and their channels, offering an intuitive user interface with critical updates and task assignments provided on a real-time dashboard. The solution enables underwriters and case managers to work on multiple cases simultaneously, the vendor says.