HOLON, Israel and DENVER, April 25,
2017 /PRNewswire/ --
StoneRiver's
e-application and automated underwriting systems to modernize
and streamline new business processing
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector,
announced today that its fully owned subsidiary StoneRiver, Inc.
entered into an agreement with Catholic Order of Foresters (COF) of
Naperville, IL. COF has selected
StoneRiver's LifeApply® (electronic application and
signature) and LifeSuite® (case flow and automated
underwriting) software solutions.
(Logo:
http://photos.prnewswire.com/prnh/20160803/395300LOGO )
The StoneRiver solutions will enable COF to modernize its entire
new business process, including automation of many tasks with
anticipated benefits such as significantly decreased turnaround
times and increased placement rates. Additionally, COF is
considering leveraging the systems to expand its market presence by
functioning as a business process outsourcer (BPO) for other
fraternal societies.
After an extensive vendor and solution search, COF selected
StoneRiver and its solutions, due to superior functionality, client
references, depth of experience with fraternal societies and
technical expertise.
With LifeApply and LifeSuite, COF anticipates a significant
number of process improvements, new capabilities and cost savings,
resulting in higher agent satisfaction, faster turnaround times and
more consistent underwriting decisions, as well as:
- Simplification of the new business acquisition process
- Reduction in "not in good order" applications
- Electronic signatures
- Automated ordering of underwriting requirements data
- Automated/immediate approval on qualified insurance plans
- Configuration of COF-specific rules and processes
- Straight-through processing and systems integration
"Catholic Order of Foresters is dedicated to bringing needed
products and services to the Catholic Community. By streamlining
our processes with StoneRiver's advanced technology, we will be
able to expand and better serve our membership," said Steve Stanley, chief underwriter, Catholic Order
of Foresters.
"We welcome Catholic Order of Foresters to our client community
and appreciate the trust they have in our people and solutions,"
said Roni Al-Dor, president and
chief executive officer, Sapiens. "COF is a great example of a
mid-sized carrier looking to leverage technology to better serve
its customers and agents, gain more efficient processing, and
improve overall cost effectiveness."
About Catholic Order of Foresters
Catholic Order of Foresters is a trusted 133-year-old Catholic
life insurance benefit society dedicated to providing members with
financial security and opportunities for spiritual, social and
charitable growth. Visit catholicforester.org for more
information.
About StoneRiver, Inc.
StoneRiver delivers the industry's widest range of
value-oriented technology solutions and services to insurance
carriers, agents and broker-dealers. This versatile product group
encompasses front-office, policy, claims, rating, underwriting,
billing and reinsurance automation for all major business lines.
Hundreds of companies of all sizes rely on StoneRiver software and
processing solutions to achieve a competitive edge. Customer
satisfaction and client success are the continuing goal, and are in
large part achieved by maintaining and valuing strong, long-term
customer relationships.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector.
Sapiens offers core, end-to-end solutions to the global general
insurance, property and casualty, life, pension and annuities,
reinsurance and retirement markets, as well as business decision
management software. The company has a track record of over 30
years in delivering superior software solutions to more than 400
financial services organizations. The Sapiens team of over 2,500
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com