DENVER, Aug. 14, 2014 (GLOBE NEWSWIRE) -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that Gleaner Life Insurance Society has selected StoneRiver's Life Portraits®. StoneRiver's unique ability to deliver a complete straight-through processing solution – Illustrations to e-Application to Automated Underwriting – was critical in the decision.
Gleaner Life Insurance Society (Gleaner) aligned key growth with insurance product and technology initiatives for 2014 with StoneRiver's unique value propositions in the Life markets. Primarily Gleaner required a new web-based illustration software solution, but they also wanted to rearchitect their existing product portfolio to include both Annuities and Life products. The top priority is migrating Gleaner's new Term Portfolio onto the Life Portraits web illustration software solution. Gleaner then plans to move existing Gleaner Annuity products into the StoneRiver environment. The final stage in the process will be to transition Gleaner's newly developed Universal Life to StoneRiver's Life Portraits for new business processing.
By selecting StoneRiver's Life Portraits, Gleaner will focus on providing an improved web-based user experience to its agents, as compared to its previous system. In addition, Gleaner intends to accomplish the following:
• Retain and recruit talented agents based on technology advancements
• Improve general market competitiveness
• Cut costs through the reduction of paper-based processing
• Improve efficiency and ease-of-use through advanced technology
• Make and tracking changes
• Offer more personalized products and services to members for continued loyalty building
"Gleaner Life is very focused on assisting members," said Wally Taylor, Senior Vice President Insurance Operations. "I was familiar with StoneRiver's strengths in accelerating results for Life insurance companies and was impressed with the time they took to understand Gleaner's Business and IT drivers and articulate a strong value proposition based on our objectives."
StoneRiver President and CEO Gary Anderson noted, "This is a significant win for StoneRiver and validates our leadership position in the Life point-of-sale rapid automation market. We have a long track record of success in Life and Annuity automation. We genuinely appreciate Gleaner's commitment to StoneRiver and look forward to a long and mutually beneficial relationship."
About Gleaner Life Insurance Society
Gleaner Life Insurance Society is a not-for-profit faith-based organization that assists its members in achieving their financial goals through a broad range of life insurance and annuity solutions. Members are entitled to a variety of member benefits including scholarship opportunities and discounted family friendly events. As a fraternal organization, Gleaner provides volunteer opportunities through its local service clubs (arbors) and supports outreach programs that make a difference in the lives of its members and the communities where they live and serve.
About StoneRiver, Inc.
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 is the continuing goal, and is in large part achieved by maintaining and valuing strong, long-term customer relationships.