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StoneRiver Blog





 



Differentiators for an Effective Group/Voluntary PAS

Wed, 08 Nov 2017 06:00:00 +0000

My previous blog post highlights the challenges insurers are facing in the group life and annuities marketplace, such as the fact that most insurers have a special system dedicated to basic group processing that does not meet their current needs.

life insurance, Pension and Annuity



Big Schedule F Changes Ahead

Tue, 23 May 2017 21:34:52 +0000

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Sue Peirce
AVP - Reinsurance Operations
StoneRiver

In April Connie Jasper Woodroof, our liaison to NAIC, presented information about the main new column for 2016—the Reinsurer Designation Equivalent column—and the proposed 2018 Schedule F reporting format.

 




Today’s Forecast? 100% Chance of Transformation

Fri, 03 Mar 2017 16:53:47 +0000

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Insurers have all gotten the message: Maintaining the status quo isn’t an option. Change is necessary or they face being ‘irrelevant’ in the future.  Where are insurance companies when it comes to transitioning to a new way of conducting business? A panel of industry experts (Karen Furtado of Strategy Meets Action, Rob McIsaac and Don Metz of Novarica, and moderator Nathan Golia of Insurance Networking News) shared their comments at StoneRiver’s 2016 Executive Council. Some carriers have made great progress, while others lag behind.

Business Intelligence, life insurance



4 Key Claim Intake Capabilities of a Modern Claim System

Wed, 11 Jan 2017 06:00:00 +0000

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My previous post touched on the 6 Ways a Modern Claim System Should Empower a Carrier. Claim intake is a critical part of the process, so it pays to investigate that part of the claims operation to discover the benefits of a more modern system compared to one deployed in the 2003 – 2010 timeframe.

Business Intelligence, automation, efficiency



6 Ways a Modern Claim System Should Empower a Carrier

Fri, 16 Dec 2016 20:06:24 +0000

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From 2003 – 2010, many new claim systems were deployed that included some configuration capabilities and maybe even some workflow. However, strong claim systems of the early 2000’s have hit snags doing business today, causing carriers to consider next steps. Should they invest the time and effort in a version upgrade and endure what is, in effect, the deployment of a new system?

Consumer expectations have exploded in the past five years, and the pace of change has exposed the earlier systems’ limitations. Claim administration systems today need to focus on empowering:

insurance technology, claims



Where do we go from here?

Fri, 07 Oct 2016 18:52:07 +0000

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The Life insurance industry has been hit by regulatory and compliance changes that have impacted how insurers do business. In addition, Life insurers face the same set of customer demands as every other industry. Millennials’ preferences for how they conduct business are impacting the behavior of all generations.

compliance, survey, life insurance



Hurricane Preparedness

Mon, 23 May 2016 18:52:22 +0000

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Hurricane Preparedness Week (May 15-21) has flown by. It’s a good time—especially for coastal residents—to think about how to prepare for a land-falling tropical storm or hurricane. For insurance carriers, the week is also a good time to prepare for and evaluate their exposure, since the majority of reinsurance catastrophe covers are up for renewal July 1. Now is the time to plan.

reinsurance



Gain Insight into Your Payables

Thu, 21 Apr 2016 19:48:26 +0000

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In an organization every functional area is expected to reduce operational costs and create programs that contribute to the bottom line. StoneRiver’s Joe Floss has created an article discussing how to Boost Your Bottom Line and Gain Insight into Your Payables. In the article he says that from a traditional operations perspective, much of the incremental efficiency gains have been captured in payment processing through automation efforts and increased use of ACH (Automated Clearing House) payments.




Current State: Catastrophe Bonds and Alternative Markets

Thu, 07 Apr 2016 20:05:37 +0000

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Re/insurance companies continue to benefit from a flow of new capital primarily driven by investments in insurance-linked securities (ILS), sidecars, hedge fund-backed reinsurance companies and collateralized reinsurance vehicles, chiefly by means of catastrophe bonds issuance.

reinsurance, insurance technology



That’s a Wrap!

Tue, 15 Mar 2016 16:35:25 +0000

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Insurance industry veterans know that accounting staff responsible for preparing a carrier’s annual statement draw a sigh of relief after March 1, the deadline for filing. Many of them face a year-end crunch of manually assembling information from different places, systems, and spreadsheets. There’s also a scramble to secure Schedule F funding, in forms of letters of credit, trust fund and other collateral. The scramble for reducing or eliminating the Schedule F penalty is paramount.

reinsurance, automation