StoneRiver’s LifeApply provides better capabilities and flexibility to respond to carrier’s business needs
StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that National Western Life Insurance Company, a provider of high quality insurance products, has selected StoneRiver’s LifeApply® electronic application as its sole solution across all distribution channels.
While National Western Life has been processing electronic applications for several years, the carrier wanted a solution that could better respond to its business needs rather than continuing within the functional constraints and inflexibility of the current e-Application solution. The goal was to find a solution that would provide greater self-sufficiency, enabling the company to better respond to market and product changes with less reliance on the technology vendor.
After a thorough review of available offerings, StoneRiver’s LifeApply solution was chosen due to the system’s robust capabilities, attractive cost of ownership, flexible hosting options, as well as StoneRiver’s industry reputation in delivering high quality technology solutions.
Anticipated benefits from the StoneRiver LifeApply solution include:
- Reduction in policy submission and issuance costs;
- Vastly improved speed to market;
- The ability for National Western Life to play a key role in the system’s configuration;
- Multiple connection and device options;
- Multiple language capabilities; and
- An enhanced feature and functionality set for agents.
Commenting on the LifeApply selection, Paul Martinsen, National Western Life’s VP and CIO, noted, “We chose StoneRiver because of their strong life insurance industry knowledge in addition to the robust ability of LifeApply to allow our IT to play a more key role in its maintenance. We look forward to using LifeApply, which we believe will help control our eApp expenses and speed up the product maintenance cycles.”
Jim Woodward, StoneRiver’s SVP - Life Carrier Solutions, added, "We have garnered significant interest from carriers of all sizes with the recent Project Accelerate upgrades to our E-Application, Automated Underwriting, and Illustration systems and are extremely pleased that National Western Life has chosen us. This is an especially gratifying win for StoneRiver since we are replacing an incumbent electronic application solution. We feel National Western Life’s replacement decision validates the superiority of our solution for the life insurance electronic application submission challenge."
LifeApply is StoneRiver’s newest multi-device enabled electronic application software, geared toward helping carriers address critical business drivers like decreasing time-to-issue and reducing policy acquisition costs, all in an extremely intuitive and easy-to-use package.