StoneRiver's LifeSuite Helps Phoenix Life Insurance Perform Automated Risk Assessments

By Nathesh
TMCnet Contributor

StoneRiver’s LifeSuite, which is life insurance software for automated underwriting in life, health and annuities, is going to help the Phoenix Life Insurance Company perform fast, automated risk assessments during point-of-sale telephone interview processes.

Along with deploying LifeSuite, Phoenix is also implementing a new business process in production and here on the insurance company will be able to easily deliver an underwriting decision to the applicant during a single phone call and promptly gather information from providers for MIB, Rx and MVR.

Don Griswold, second vice president of products and operational delivery at Phoenix, commented, “When we shifted our focus from the high-touch high-net-worth market to the middle market, we needed to develop new products and capabilities and higher levels of automation that are expected with this type of clientele. We turned to StoneRiver and its LifeSuite solution to provide automated underwriting and process flexibility.”

According to StoneRiver, LifeSuite is a Web-based new business and automated underwriting system that drives straight-through automation. With it, one can easily systemize business processes ranging from application receipt through coverage approval, providing the most efficient and consistent automated underwriting solution available.

LifeSuite comprises of a suite of tools that are designed to help an organization maximize effectiveness, facilitating decreased time to issue, increased growth and reduced policy acquisition costs.

Phoenix acknowledged that with LifeSuite it was able to gather the applicant’s information and provide an eligibility decision at point-of-sale – a level of service and automation that both the insured’s and agents are looking for.

Some of the additional notable features of LifeSuite are: automated underwriting with straight-through processing support for eligible cases; equal success for both simplified issue and fully underwritten products; case management dashboard with real-time updates; Rich Internet Application (RIA) for an enhanced user experience with an intuitive, more efficient, faster workflow platform; and more.