Sapiens Announces that Equitable Life of Canada Selects StoneRiver’s LifeSuite®
Staff Writer | January 09, 2018
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 Equitable Life of Canada (Equitable Life) has selected LifeSuite®, an award-winning, web-based automated insurance underwriting and new business case management system from Sapiens’ fully owned subsidiary StoneRiver, Inc.
Equitable Life’s goal is to transform its underwriting process with enhanced automation, improving their ability to make fast, consistent, and high-quality decisions. Key to the insurer’s selection of StoneRiver was LifeSuite’s combination of an underwriters’ workbench and a highly flexible underwriting rules engine. StoneRiver’s experience enabling automated underwriting, especially in the Canadian insurance market, was also a contributing factor.
Karen Mason, Senior Vice President of Individual with Equitable Life, said, “We need a system that is able to provide the automation and quality decision making required to streamline our underwriting process. 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.”
Capabilities and anticipated business benefits from Equitable Life’s deployment of LifeSuite will include:
- 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
- Auditable results
“This is a great win for us and further solidifies our already strong position with automated underwriting,” said David Pidgeon, Sapiens StoneRiver North America head of Life. “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.”
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