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StoneRiver Insurance Solutions - Property & Casualty, Life, Health & Annuity



 



Sapiens Acquires North American P&C Solution Provider Adaptik

Wed, 07 Feb 2018 16:55:50 +0000

  Acquisition is the latest step in Sapiens' journey to offer the U.S. insurance market a modern, modular, fully integrated property and casualty insurance platform Holon, Israel – February 7, 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 it has entered into a definitive agreement to acquire Adaptik. This acquisition will enable Sapiens to provide North American property and casualty (P&C) carriers with an enhanced platform, which will improve Sapiens’ competitive position and enable it to increase its market share in the North American insurance market. Pennsylvania-based firm Adaptik offers P&C insurers policy administration and billing capabilities, for commercial, personal, specialty and workers’ compensation lines of business. “We see this acquisition as a major step in Sapiens’ North American strategy and market positioning,” said Karlyn Carnahan, head of the Americas, Property Casualty, Celent. “By bringing together the strengths of the Adaptik and StoneRiver products, Sapiens is able to offer a strong portfolio of solutions that is well- tuned for the North American market. The additional resources provided by Sapiens will strengthen their competitive marketplace position and allow them to continue to add key capabilities as their clients focus on expanding their digital strategies.” Roni Al-Dor, Sapiens president and CEO said, “The acquisition of Adaptik creates synergy with Sapiens’ strong current capabilities. It will enable us to offer a truly modern, comprehensive property and casualty digital insurance platform. This platform will be formed by combining three powerful core components: Adaptik Policy,  Adaptik Billing and  Stream® Claims, accompanied by Sapiens’ existing solutions for data and analytics, digital engagement and distribution, and cloud operation. “We continue to expand in the North American insurance space, a key market for Sapiens’ planned growth. To service lower-tier insurance carriers, we acquired  Maximum Processing and its Stingray system, followed by the acquisition of  StoneRiver, Inc. in early 2017, for the mid- to upper-tiers,” added Al- Dor. “Now, enhanced by the Adaptik acquisition, those transactions enabled Sapiens to establish a stronger presence in the U.S., while extending our reach with capabilities that are specifically fit to market across the life and annuities (L&A) and P&C markets. “As part of the Sapiens organization, the Adaptik team and clients will have access to extensive resources and a global network of relationships,” said John Pettit, Adaptik’s co-founder and CEO. “By incorporating our solutions as part of a leading software platform, our policy administration and billing capabilities will be future-proofed and fully integrated. We look forward to transitioning into the Sapiens organization as seamlessly as possible to ensure uninterrupted service for our customers.” “In addition to its product portfolio, Adaptik’s established, in-production customer base, along with its experienced and talented team, made for an attractive proposition for Sapiens,” continued Al-Dor. “P&C providers seeking flexible product configuration will be well-served by our newly constituted P&C platform, offered as a single suite, or as standalone components. Carriers can also choose between a full cloud-based deployment, or the traditional on-premise option. This flexibility will enable carriers to best satisfy their specific financial and operational needs.” Highlights of the Sapiens’ P&C platform for North America include: Pre-defined insurance products and business content An insurance data repositor[...]



Sapiens Announces that Equitable Life of Canada Selects StoneRiver’s LifeSuite®

Tue, 09 Jan 2018 16:28:31 +0000

LifeSuite to provide modern platform for insurer’s underwriting transformation with process automation and faster quality decision making Holon, Israel and Denver, CO –  January 9, 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 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.” About Equitable Life of Canada Canadians have turned to Equitable Life since 1920 to protect what matters most. The company works with independent advisors across Canada to offer individual insurance, savings and retirement, and group benefits solutions to meet its customers’ needs. But Equitable Life is not the typical financial services company. The company has the knowledge, experience and ability to find solutions that work for its customers. Equitable Life is friendly, caring and interested in helping. And the company is owned by its participating policyholders, not shareholders. So it can focus on its customers’ interests and provide them with personalized service, security and wellbeing.  For additional information visit www.equitable.ca. For the full Press release visit: http://www.sapiens.com/news-and-events/press-releases/ Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Corporate Communications Sapiens [...]



Sapiens Announces that Ohio Bureau of Workers’ Compensation Completes First Year Under StoneRiver’s PowerSuite® Enterprise

Mon, 11 Dec 2017 14:28:50 +0000

Holon, Israel and Denver, CO –  December 11, 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.’s client, the Ohio Bureau of Workers’ Compensation (OBWC), has just completed its first year using StoneRiver’s PowerSuite® Enterprise workers’ compensation solution. OBWC provides insurance to approximately two-thirds of Ohio’s work force, so the implementation dealt with processing complexity, high volume and multiple integrations. The StoneRiver enterprise solution deployed includes the PowerSuite Policy and PowerSuite Claims offerings to provide BWC with improved automation and efficiencies for its workers’ compensation policy administration, billing and claims management. Commenting on the project with StoneRiver, Shadya Yazback, BWC’s chief of enterprise services, noted, “PowerSuite is our primary claims and policy management system, helping us handle millions of transactions annually.” During its first year operating under the PowerSuite® system, OBWC created 122,000 claims, and processed 2.8 million medical invoices, 6.4 million policy transactions and made 1.1 million indemnity payments totaling $935 million. “The Ohio Bureau of Workers’ Compensation was a significant implementation for us given the size, number of locations and users, and the multiple integrations involved. We couldn’t be more pleased with the results and look forward to continuing to partner with the bureau,” said Gary Anderson, head of P&C North America for Sapiens. About the Ohio Bureau of Workers’ Compensation Since its founding in 1912, the Ohio Bureau of Workers' Compensation (OBWC or BWC) has provided medical and compensation benefits for work-related injuries, diseases and deaths. BWC is headquartered in Columbus, Ohio, but operates claims offices in 12 locations around the state. BWC provides insurance to about two-thirds of Ohio's work force. The remaining workers receive coverage through a self-insurance program for large, financially stable employers who retain the financial risk for their companies’ workers’ compensation claims. BWC employs approximately 1,800 people. About Sapiens and StoneRiver, Inc. StoneRiver, Inc., a fully owned subsidiary of Sapiens International Corporation (NASDAQ and TASE: SPNS), delivers a range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. These include front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines.    Sapiens is a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector. We offer integrated core software solutions and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers’ compensation and financial and compliance markets. Our portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens’ digital platform features customer and agent portals, and a business intelligence platform. With a 30-year track record of delivering to more than 400 organizations, Sapiens’ team of over 2,500 operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information: www.sapiens.com.   Investor and Media Contact Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Corporate Communications Sapiens International Mobile: +1-201-250-9414 Phone: +972-3-790-2026 Email: Yaffa.cohen-ifrah@sapiens.com [...]



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

Mon, 04 Dec 2017 14:11:56 +0000

In production StoneRiver ID3 client adds LifeApply and ID3 ACORD Transaction Server Holon, Israel and Denver, CO – December 4, 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.” About Catholic Life Insurance Catholic Life Insurance is among the top 10 largest fraternal benefit societies in the nation. More than 84,000 families rely on Catholic Life for protection and security. Its assets exceed $1 billion and insurance-in-force surpasses $2 billion. The company offers life insurance, IRAs, annuities and fraternal benefits to individuals and families throughout Texas, Arizona, Florida, Louisiana, Oklahoma, Mississippi and New Mexico. The company also offers volunteer opportunities that enhance its members' lives and benefit the communities in which they live. Although the common bond for most members is the Catholic faith, Catholic Life is independent of any Catholic institution and welcome people of all beliefs and religions. For additional information visit www.cliu.com. About Sapiens and StoneRiver, Inc. StoneRiver, Inc., a fully owned subsidiary of Sapiens International Corporation (NASDAQ and TASE: SPNS), delivers a range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. These include front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Sapiens is a leading global provider of software solutions for the insurance industry, with a growing prese[...]



6 Question to Ask about Business Intelligence Software

Fri, 17 Nov 2017 21:29:23 +0000

With new business challenges rapidly emerging, your company needs to review actionable data to make the best decisions. If you are considering Business Intelligence software, here are six questions to consider. Thanks for your interest. Please contact us at solutions@stoneriver.com if you would like more information.

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Sapiens Announces RLI’s Selection of the StoneRiver Stream Billing System

Wed, 01 Nov 2017 13:44:39 +0000

Holon, Israel and Denver, CO – November 1, 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. entered into an agreement with RLI Corp., a Peoria, Illinois-based specialty insurer serving diverse, niche property, casualty and surety markets, for the StoneRiver Stream® Billing system to consolidate its current billing systems. The billing system will be deployed in the cloud for even greater efficiency. “After an extensive evaluation of available billing software, RLI selected Stream Billing largely due to its flexibility, mature workflow capabilities and cloud deployment option,” said RLI Corp. Senior Vice President, CFO Tom Brown. “RLI has utilized StoneRiver’s Universal Reinsurance System (URS) since 1998 and we look forward to expanding our partnership with StoneRiver by implementing Stream Billing as our enterprise-wide billing solution.”  With Stream Billing, RLI will be able to provide a consistent customer billing experience across its diverse products; operate more efficiently with a rules-based payment application feature; provide online inquiry for information on billing, premium, and cash activities; and support various payment options, including credit card and electronic funds transfer. “We are proud to add RLI to the Stream Billing user community,” said Gary Anderson, head of P&C, North America for StoneRiver and Sapiens. “Once in production, RLI’s Stream Billing implementation will deliver enhanced efficiencies and new options for RLI’s policyholders and agents.” Stream Billing is a component of Stream Suite™, a scalable, highly configurable property-casualty set of processing solutions for policy administration, billing, claims management, customer management and distribution management that enables ongoing evolution. Carriers can address emerging business needs more easily because of the underlying Insurance Integration Platform, which enables easier interfaces while still allowing software upgrades. About RLI RLI Corp. (NYSE: RLI) is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s subsidiaries are rated A+ “Superior” by A.M. Best Company. To learn more about RLI, visit www.rlicorp.com. About Sapiens and StoneRiver, Inc. StoneRiver, Inc., a fully owned subsidiary of Sapiens International Corporation (NASDAQ and TASE: SPNS), delivers a range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. These include front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Sapiens is a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector. We offer integrated core software solutions and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers’ compensation and financial and compliance markets. Our portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens’ digital platform features customer and agent portals, and a business intelligence platform. With a 30-year track record of delivering to more than 400 organizations, Sapiens’ team of over 2,500 operates through our fully[...]