(Photo credit: Balcer.)
Equitable Life of Canada (Waterloo, Ontario) has selected StoneRiver’s LifeSuite web-based insurance underwriting and new business case management system, according to a statement from Sapiens, StoneRiver’s parent company.
Equitable Life’s goal is to transform its underwriting process with enhanced automation, improving their ability to make fast, consistent, and high-quality decisions, according to the Sapiens announcement. The insurer’s selection decision was influenced by LifeSuite’s combination of an underwriters’ workbench and a highly flexible underwriting rules engine, according to the vendor, with StoneRiver’s automated underwriting expertise—especially for the Canadian insurance market—a contributing factor, according to Sapiens.
“We need a system that is able to provide the automation and quality decision making required to streamline our underwriting process,” comments Karen Mason, senior VP, Individual business, Equitable Life. “Our underwriters are an invaluable asset and maximizing the value of their time and expertise is critical. Leveraging this technology to streamline the process will allow our underwriting team to focus their efforts and talent on more complex cases and decision making.”
Equitable Life will enjoy the following through licensing of LifeSuite, according to Sapiens:
- Straight-through processing for eligible cases;
- Reduced policy acquisition costs;
- Enhanced case management with real-time updates;
- Automated requirements processing;
- Elimination of unnecessary or duplicate evidence orders;
- Rapid deployment of new products and system changes; and
- Auditable results.
“This is a great win for us and further solidifies our already strong position with automated underwriting,” comments David Pidgeon, head of life insurance, Sapiens StoneRiver North America. “More and more insurers are making underwriting transformation a priority—enabling better decisions, significant time and cost savings, and optimal application of the highly valued expertise of underwriters. The StoneRiver and Equitable Life joint implementation team is already hard at work to deliver the project with production use scheduled for next year.”