StoneRiver - A Sapiens Company: Policy Administration Made Flexible

Thomas Chesbrough, SVP, Marketing, P&C Sales & Client Services, StoneRiver - A Sapiens CompanyThomas Chesbrough, SVP, Marketing, P&C Sales & Client Services
The insurance industry is changing at a rapid pace. Prospective policyholders want their insurance carrier to operate business the way that is convenient to them. Whether it’s a change of residential address or coverage for a new product under an existing policy, customers expect to have them done through self-service applications. Whether the experience is good or bad, the prospects might share it with friends over social media. This is keeping insurers up at night as they consider how best to address customer wants and meet new business needs like doing a quote in less than 15 minutes. In addition, more and more carriers are looking at different types of pricing. Some are embracing usage based pricing not only for personal auto but also for things used at home. Set against such a dynamic backdrop is StoneRiver, with strong expertise in the insurance domain. StoneRiver has successfully integrated several web services needed to underwrite and support policies to create a highly responsive system which streamlines policy administration processes.

StoneRiver offers an administration platform for all lines of business called Stream Suite™ and for workers’ compensation-only, there’s PowerSuite®. Both allow insurers to leverage microservices with plug-and-play integration that offers flexibility and ability to change as the market evolves. Being highly configurable out-of-the-box, both simplify the integration of third party services, “Both Stream Suite and PowerSuite deliver deeply proven functionalities facilitating companies in smoother and faster administration of policies,” says Thomas Chesbrough, SVP, Marketing, P&C Sales and Client Services, StoneRiver. “With a majority of the features required for administering policies built into Stream Suite and PowerSuite, companies only need to integrate the specifics for their internal processes and workflow,” mentions Bob Gurley, VP, StoneRiver.

PowerSuite’s capability to support the early release of products has been leveraged by a number of companies handling workers’ compensation.

Bob Gurley, VP, StoneRiver - A Sapiens CompanyBob Gurley, VP
Built from the ground up, specifically for workers’ compensation, PowerSuite caters to several complex areas such as state funds and federal coverage. “PowerSuite caters to more areas than all other platforms in the market, which is a differentiator for us,” opines Gurley.

The functionally rich and field-tested PowerSuite has been leveraged by myriad state insurance fund companies. This association with several states has led to PowerSuite featuring an “entire range” of requirements enabling companies across the U.S. and Canada to use PowerSuite seamlessly, which is a second differentiator for StoneRiver. “We pride ourselves for having more state fund companies than any other vendor, including the largest state fund in U.S.,” states Chesbrough.

Chesbrough mentions the instance of BrickStreet Insurance Company, formerly known as West Virginia State Fund that became a private entity. When BrickStreet sought to expand its business operations across multiple states, a uniform system for policy administration was required to support their existing and new users across the U.S. Further, the company had specific needs regarding the ability to modify rate structure to suit market rates, besides the ease and flexibility of the application to scale. With StoneRiver on board, BrickStreet was able to leverage all the capabilities of PowerSuite and handle its operations across several new states with ease.

BrickStreet is only one of StoneRiver’s success stories. StoneRiver intends to maintain its high standards of service and partner with its clients for scripting success. In view of the growing demand for self-service application portals, the company is addressing additional user control and experiences. By making all the right moves, StoneRiver is well on its path to emerge as the numero uno provider of insurance technology solutions.