StoneRiver, formerly Fiserv Insurance, reports that Web Quote and Template Underwriting features are now available an optional extension to its PowerSuite Enterprise workers compensation solution.
Web Quote has been designed for both agents and insureds to use and offers a rules-governed, full, straight-through-processing capability from initial quote through full issuance of workers compensation policies.
The StoneRiver solution eliminates unnecessary information that agents typically must sift through. Instead, StoneRiver chose to integrate the agent or insured into the underwriter workflow and notification processes so underwriters can track progress and respond to any further requests.
This approach smoothes the communication between agents and underwriters, ensures process confidentiality where appropriate, and dramatically reduces the integration costs and maintenance requirements of other solutions, noted Rodney Griffin, SVP of product management for StoneRiver. A number of vendors offer bolt-on, front-end Web quotation capabilities. These vendors systems, to some degree, duplicate many of the processes inherent in a full underwriting and policy administration solution. Consequently, the maintenance burden, initial implementation development, and maintenance costs for the many back-end interfaces and touch points all increase.
Carrier-defined questions allow Web Quote to properly evaluate the risk based on the defined profile. Even if a quotation breaks out of the underwriting box, the case is not abandoned. Data entry is completed and referred to an underwriter for further processing. The user interface is designed for an untrained insured or agent to master with ease, while offering the ability for companies to add their own branding.
PowerSuite now offers a set of beyond-the-firewall capabilities, including certificates of insurance, Web payroll reporting, Web payments, remote auditor, first report of injury and Web claim tracker.
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