StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, and SCOR Global Life Americas, have teamed up to offer an innovative solution for the rapid underwriting of simplified issue products.
The solution integrates Velogica®, SCOR’s automated underwriting engine, and LifeSuite® Results Manager, StoneRiver’s case management solution.
As part of this strategic alliance, StoneRiver developed a new product called LifeSuite Results Manager. Harnessing Velogica’s automated underwriting engine, LifeSuite Results Manager provides carriers with enhanced case management capabilities, for stronger market growth. LifeSuite Results Manager also provides an array of business functions including the electronic capture and submission of application data to Velogica and the presentation of underwriting evidence and results in an easy-to-use dashboard.
Velogica’s underwriting engine interprets details from multiple sources – MVR, MIB reports and prescription drug histories – and correlates the data with information collected on the application. Velogica’s complex algorithm enables an underwriting recommendation in real time. In 95 percent of all cases, Velogica has made an underwriting recommendation without the involvement of an underwriter, and 90 percent of the time, it delivered the result in under a minute.
By combining Velogica and LifeSuite Results Manager, carriers can now quickly implement a single, cost effective and comprehensive solution for middle market life insurance business.
SCOR and StoneRiver already have an established relationship. “We have worked together for a number of years creating customized term life programs for carriers in the fully underwritten life market,” said Dave Dorans, Senior Vice President of SCOR’s Value Added Services. “Besides being the consummate technical experts, the StoneRiver team understands how life insurance is sold and administered – and that makes all the difference. We are highly optimistic about what we can do together.”
Jim Woodward, Senior Vice President of StoneRiver Life Carrier Solutions, said, “Understanding the industry’s attention and focus on reaching the middle market is what drew StoneRiver and SCOR together. In looking at the automated underwriting engines available, we quickly concluded that Velogica provides the most comprehensive and sophisticated solution.” Woodward added that with almost one million applications processed to date, “their experience is unmatched in the marketplace.”
While companies still can purchase Velogica and the LifeSuite Underwriting System independently, the collaborative solution can lower costs and integration efforts for life insurers who want to enter or expand their participation in the middle market.