Sapiens International's subsidiary StoneRiver has expanded the relationship with its client Catholic Life Insurance (Catholic Life).
Already an in-production user of StoneRiver's ID3® policy administration system for life, health and annuity lines of business, Catholic Life has 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 best 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," said Catholic Life President Michael Belz.
"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."
Additional benefits Catholic Life anticipates from the expanded StoneRiver environment include:
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.
All Catholic Life lines of business will be supported, including: term life, whole life, universal life, annuities, final expense, and its 'Just for Kids' product. The implementation will include integration with Catholic Life's agent portal, illustration and other third party software.
"We worked very closely with Catholic Life on the project to carefully define the timeline and success measurement criteria," said David Pidgeon, North America head of Life 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."