StoneRiver, a provider of technology and strategic solutions for the insurance industry, announces that Montgomery, Ala.-based Alfa Life Insurance Company (Alfa) has reported immediate improvements in their new business processes with the use of LifeSuite, a Web-based new business and automated underwriting system from StoneRiver – Insurance Solutions (previously Fiserv Insurance Solutions).
A long-time client, Alfa has aligned the StoneRiver Life Portraits ES e-app system to collect application data and seamlessly deliver it to LifeSuite and on to the administration system.
“Now, in less than a minute, the application is received, an MIB ordered, the file assigned to an underwriter’s work basket and the application logged in a pending status in the admin system,” remarked Jody Carroll, director of information technology at Alfa.
Going into this project, Alfa had three key business drivers. “Coming from a very manual, labor intense environment, we needed to have our underwriters focus on underwriting, rather than shuffling thru the entire file. Additionally, our previous system allowed only serial processing, and to meet our business objectives, we needed a system that would allow a case to be worked by multiple people. We also needed to take larger strides towards a paperless process. The workflow and tools available in LifeSuite, combined with the application delivery features of Life Portraits ES, have allowed those expectations to be met, and even exceeded in some areas,” Carroll concluded.
“I appreciate the ability to watch business in real time on a daily basis. I can actually watch pending issues drop during the day.” expressed Allen Foster, vice president of life underwriting, POS and reinsurance at Alfa. “When agents see the difference in time-to-issue between electronic processing and paper, they all want electronic.”
“We are extremely pleased to see the positive results of their well planned and executed implementation,” said Gary Anderson, SVP, insurance operations for StoneRiver. “We look forward to sharing future successes as our long standing relationship continues with Alfa Life.”
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