Equitable Life of Canada has selected StoneRiver’s LifeSuite platform to overhaul its underwriting process with enhanced automation and improve decision making capability.
LifeSuite is a web-based automated insurance underwriting and new business case management system. The platform clubs an underwriters’ workbench and a underwriting rules engine.
Sapiens, the parent company of StoneRiver, claims that the platform will enable the insurer to carry out straight-through processing for eligible cases; slash policy acquisition costs; and also enhance case management with real-time updates.
It will also enable the insurer to automate requirements processing; eliminate unnecessary or duplicate evidence orders; quickly deploy new products and system changes; and generate auditable results.
Equitable Life senior vice president of individual Karen Mason said: “We need a system that is able to provide the automation and quality decision making required to streamline our underwriting process.
“Our underwriters are an invaluable asset and maximising the value of their time and expertise is critical. Leveraging this technology to streamline the process will allow our underwriting team to focus their efforts and talent on more complex cases and decision making.”