StoneRiver Announces Web Quote and Template Underwriting Capability

Columbia, SC - 6 May 2009

StoneRiver, a leading provider of technology and strategic solutions for the insurance industry, has announced the availability of Web Quote and Template Underwriting as an optional extension to its powerful PowerSuite® Enterprise workers’ compensation solution. Web Quote has been designed for both agents and insureds to use and offers a rules-governed, full straight-through processing capability from initial quote through full issuance of workers’ compensation policies.

Unlike some systems, the StoneRiver solution eliminates unnecessary information that agents currently have to sift through. Instead, StoneRiver chose to integrate the agent or insured into the underwriter workflow and notification processes so underwriters can track progress and respond to any further requests. “This approach smoothes the communication between agents and underwriters, ensures process confidentiality where appropriate, and dramatically reduces the integration costs and maintenance requirements of other solutions,” noted Rodney Griffin, senior vice president of product management for StoneRiver.

“A number of vendors offer bolt-on, front-end web quotation capabilities. These vendors’ systems, to some degree, duplicate many of the processes inherent in a full underwriting and policy administration solution. Consequently, the maintenance burden, initial implementation development, and maintenance costs for the many back-end interfaces and touch points all increase,” Griffin continued.

“Web Quote makes full use of services within PowerSuite, ensuring 100 percent consistency of results,” commented Bob Gurley, product management. “The solution includes workflow and email capabilities along with a rules-based underwriting scoring mechanism to auto-underwrite applications.”

Carrier-defined questions allow Web Quote to properly evaluate the risk based on the defined profile. Even if a quotation “breaks out of the underwriting box,” the case is not abandoned. Data entry is completed and referred to an underwriter for further processing. The user interface is designed for an untrained insured or agent to master with ease while offering the ability for companies to add their own branding.

“The capability is easy to configure and adds a whole new distribution channel opportunity for both direct and agency based writers,” Gurley added.

PowerSuite now offers a comprehensive set of beyond-the-firewall capabilities including Certificates of Insurance, Web Payroll reporting, Web Payments, Remote Auditor, First Report of Injury and Web Claim tracker.

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