|[December 18, 2012]
SCOR Global Life Americas and StoneRiver, Inc. Offer New Solution to Accelerate Underwriting Cases for Simplified Issue Life
CHARLOTTE, N.C. --(Business Wire)--
SCOR Global Life Americas, a leading life reinsurer in the U.S. market,
and StoneRiver, Inc. have teamed up to offer an innovative solution for
the rapid underwriting of simplified issue life insurance products.
The solution integrates Velogica®, SCOR's automated underwriting engine,
and LifeSuite® Results Manager, StoneRiver's case management solution.
Velogica's underwriting algorithm 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.
LifeSuite Results Manager provides an array of capabilities including
the electronic capture of application data, submission of application
data to Velogica and the presentation of underwriting evidence and
results in an easy-to-use dashboard.
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
Drans, 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
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.
About SCOR Global Life Americas
SCOR Global Life Americas, headquartered in Charlotte, NC, is the second
largest life reinsurer in the US market based on volume of new business
written. The company provides reinsurance solutions to companies in the
US, Canada and Latin America. SCOR Global Life Americas offers broad
capabilities in risk management as well as value added services that
help life insurers develop competitive products and enter new markets
with speed and efficiency. SCOR's patented process commercialized as
VELOGICA® offers new opportunities for effectively and
efficiently underwriting middle market business.
SCOR Global Life Americas is part of the SCOR Group, the fifth largest
reinsurer in the world with major Hubs in Paris, Zurich, Cologne,
London, Singapore and New York. Visit www.scor.com
for more information.
About StoneRiver, Inc.
StoneRiver delivers the industry's widest range of technology solutions
and services to insurance carriers, agents and broker-dealers. This
versatile product group encompasses front-office, policy, claim, rating,
underwriting, billing, reinsurance, financial and compliance solutions
for all major business lines. Thousands of companies rely on StoneRiver
software and processing solutions to achieve a competitive edge, with 18
of the top 25 insurance carriers leveraging the use of a StoneRiver
system. Visit www.stoneriver.com
for more information.
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