Hyland TL August 2017
Follow Us
ITA MEMBERSHIP

INSURANCE TECHNOLOGY NEWS

INSURANCE TECHNOLOGY NEWS

Sapiens Announces Catholic Life Insurance’s Expanded Use of StoneRiver Solutions for Life and Annuities

Staff Writer | December 04, 2017

Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that its fully owned subsidiary StoneRiver, Inc. has expanded the relationship with its client Catholic Life Insurance (Catholic Life), one of the top 10 fraternal benefit societies in the nation.

 

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.”

 


Featured articles

Hyland MR

MT TL

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

WEB EVENTS

ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News