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Application Outsourcing Arrangement uses ID3 for Unique UL Product
Cedar Rapids, IA, July 7, 2010 – Today StoneRiver announces that Trustmark’s flagship Universal Life product, which provides Living Benefits for Long Term Care, is now administered using StoneRiver’s life administration system, ID3, in an outsourced environment. Trustmark Insurance Company, located in Lake Forrest, Illinois, has enhanced its national presence by using ID3 for its universal life products sold in New York.
“ID3 was chosen as a solution to support our Trustmark Life Insurance Company of New York business,” explained Matt Whalen, VP of Operations. “Our products have some rather unique features, and we were able to work with StoneRiver to modify the system to meet our needs. Their data center provides significant support and service, and will facilitate the growth of our life business in NY.”
“Trustmark’s Universal LifeEvents® is highly valued in the market,” said Dave Rarey, Trustmark’s Regional Sales Director for the New York region. “The plan offers a 35-year-old a nearly 50 percent higher death benefit during the working years than traditional universal life. Long Term Care benefits continue through retirement to address that unmet need. Trustmark is now able to offer this product to employees in New York State.”
“Trustmark had a need for a system to support a new Universal Life product with unique features,” stated Doug Huffman, VP, Life Carrier Solutions at StoneRiver. “With the proven stability and reliability of ID3, we are pleased that Trustmark not only selected us to fulfill its administrative requirements but also to provide a secure data center environment.” ID3 provides Life Insurance carriers with access to mission critical business processes for policy administration, including new business, billing, reinsurance, policy accounting and claims.
About Trustmark Life Insurance Company of New York
Trustmark Life Insurance Company of New York is an affiliated company of Trustmark Insurance Company. Trustmark Insurance Company has been serving the insurance market for nearly a century, specializing in voluntary benefits, including Life, Critical Illness, Disability, and Accident. All plans are underwritten by Trustmark Insurance Company, a Trustmark Company. Through its subsidiaries and operating divisions, the Trustmark Companies offer a full line of health, life, and benefit administration products and services to groups and individuals. Trustmark is based in Lake Forest, Illinois. To learn more, visit trustmarksolutions.com.
About StoneRiver
StoneRiver delivers the industry’s widest range of technology solutions and services to insurance carriers 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. Hundreds of companies rely on StoneRiver software and processing solutions to achieve a competitive edge. StoneRiver promotes client success by streamlining complex business processes. Visit stoneriver.com for more information.
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For more information contact:
Lori Soppe, VP, Public Relations
StoneRiver
319-398-0548
lori.soppe@stoneriver.com