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.
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.