Insurance technology provider StoneRiver has introduced a new version 8.0 of LifeSuite Automated Underwriting, which offers latest set of product advancements, MIB enhancements and integration to Milliman RxRules.
MIB Group is the life and health insurance industry’s resource for underwriting information, risk assessment and analytical services, while Milliman provides actuarial and related products and services.
LifeSuite is a web-based new business and automated underwriting system, which streamlines the entire new business process from application receipt through coverage approval.
StoneRiver SVP Life Carrier Solutions Jim Woodward said: "We are excited to release this new LifeSuite version with MIB enhancements and Milliman integration. I believe it’s safe to say our clients are excited too, as many upgrades are underway."
The new LifeSuite 8.0 can be integrated to Milliman RxRules that interprets applicants’ Rx data to identify potential medical conditions and severity.
Based on the identified conditions, RxRules applies the client’s underwriting guidelines to provide consistent and efficient underwriting decisions for fully underwritten and simplified issue cases.
The other features of the new LifeSuite 8.0 includes enhanced MIB Code interrogation, MIB Plan-F reports, automated MIB Code filtering requests, MIB WEB-edit, validate and translate (EVT) code backs and underwriter review message organizer.
LifeSuite’s new version will automate and enhance overall capabilities for requesting, processing and responding to MIB data, an often repeated and critical first step for accurate risk assessment in life underwriting workflows.
In addition, it will help to create and manage rules for prescription histories, enhancing the sale-to-issue process.
Image: StoneRiver has introduced a new Version 8.0 of LifeSuite Automated Underwriting. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.