Phoenix Life Insurance Co. has selected LifeSuite from StoneRiver Inc. The new system has been in production since March 2013, after a nine-month implementation project.
LifeSuite is a Web-based automated underwriting system that drives straight-through automation, according to StoneRiver.
StoneRiver says that, prior to the LifeSuite implementation, all Phoenix processes for life underwriting were completed manually. With implementation complete, Phoenix can perform quick, automated assessments of risk during a point-of-sale telephone interview process; gather information from providers for MIB, Rx and MVR; interpret the collected data via the LifeSuite Rules Engine to determine eligibility; and deliver an underwriting decision to the applicant during a single phone call.
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