StoneRiver, a provider of technology and strategic solutions for the insurance industry, has designed the next generation of property & casualty solutions with a core objective in mind. The vendor reports it is focusing on helping carriers reduce complexity with IT integration while delivering the richest functional capability on the market. Easier integration, it says, will increase carrier flexibility and significantly reduce maintenance cost.
The market-changing project has been in progress for 18 months, operating under the development name of Project Ignition.
“The internal project name reflects the spark that has enabled a new way of using technology,” said Rodney Griffin, SVP of product management at StoneRiver.
Project Ignition incorporates major changes both from technical and functional standpoints and includes short- and long-term deliverables. The multi-corporation, multi-company, all-lines solutions encompassed by Project Ignition will operate on an advanced, model-driven service-oriented architecture (SOA) that embeds a full enterprise service bus in the solutions.
The rich functional footprint from the current leading systems will roll forward and new features will be added, reports the company. The applications that will serve as the core components for business management include:
* Policy STAR: Multi-line policy
* FAB Billing: Enterprise billing and collections
* Claims Workstation: Multi-line claims
* PowerSuite Policy: Workers’ comp policy processing
* PowerSuite Claims: Workers’ comp claims processing
* URS: Reinsurance management
By the end of the year the StoneRiver Insurance Integration Platform (IIP) will be in place. StoneRiver has prioritized its billing and all-lines policy administration, client and distribution services solutions as the first to make the transition to the new architecture.
“In September, clients will see the dynamic new user interface and learn more about our Insurance Integration Platform at the StoneRiver Summit, our annual client conference,” commented StoneRiver’s Insurance Solutions President, Gary Sherne. “Carriers have faced high integration costs for some time. We are building this new generation of solutions upon the foundation of our current functionally strong and leading offerings. The new offerings will continue to emphasize configuration tools and business rules, while introducing true plug-and-play services for the first time in policy administration solutions on a model-driven SOA.”
The StoneRiver Summit hosts user groups and continuing education tracks for property & casualty, life & annuity, workers’ comp, reinsurance, and financial & compliance customers.
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