StoneRiver, Inc., a trusted insurance technology partner with solutions across multiple business lines, today announced that it is bringing key StoneRiver systems built on Microsoft Azure to its customers: property and casualty systems Stream Suite™ andPowerSuite®, as well as life systems Life Portraits® Illustrations, LifeApply® e-application, and LifeSuite®Automated Underwriting System.
StoneRiver's cloud-based software will enable agility, flexibility, and lower total cost of ownership, versus traditionally-provisioned insurance systems. Along with using Microsoft Azure for infrastructure behind StoneRiver's core systems, StoneRiver plans to take advantage of cloud-based business intelligence and advanced machine learning in Microsoft Azure to help carriers drive dramatically improved operational efficiencies.
In a world of low interest rates and correspondingly low returns on reserves, machine learning and advanced business intelligence will enable forward-looking insurance customers to optimize payouts, identify fraudulent behavior, and understand their business at a level of detail never before possible.
"We are pleased to work with Microsoft to take advantage of Microsoft Azure -- analytics, machine learning, and mobile platforms," said Tom Chesbrough, senior vice president, StoneRiver. "Together we will be among the first movers in bringing rapidly advancing technology to market that will allow our clients to compete strongly."
"We are excited that StoneRiver has selected Microsoft Azure as the cloud platform for its core insurance systems," said Tony Jacob, managing director, Worldwide Insurance at Microsoft. "We see growing demand for carriers in both life and non-life for more agile core systems that also take advantage of the cost benefits of our hyper-scale cloud investments."
StoneRiver delivers the industry's widest range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. This versatile product group encompasses front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Hundreds of companies of all sizes rely on StoneRiver software and processing solutions to achieve a competitive edge. Customer satisfaction and client success are the continuing goal, and are in large part achieved by maintaining and valuing strong, long-term customer relationships.