StoneRiver, Inc. Announces Billing Stream™ 1.1 with Agency Bill Support

Solution manages P&C carriers’ needs for both direct and agency billed policies   Oakland, CA, June 6, 2011 – The administrative burden of reconciling agency statements can be lightened with Billing Stream v 1.1, recently released to market by StoneRiver, Inc. This comprehensive all-lines billing solution for property-casualty carriers features strong direct bill features, and now offers agency bill capability that provides:

• Reduction of the administrative burden that a P&C carrier faces by automatically reconciling agency statements imported from external agency management systems while allowing for manual reconciliation when necessary
• More flexibility with configurable credit terms for each agent and with the option to put policies on installment plans
• Increased agency/agent satisfaction with an ability in a multi-tier hierarchy to provide statements and reconciliation at the preferred level for agencies and agents

 Another source of higher agent satisfaction is payment flexibility that allows statements to be paid by manual check, electronic funds transfer or credit card. The new version supports both Account Current and Producer Bill methods and allows the carrier to vary agreements between agency and direct bill, including the authorized lines of business and commission schedules.   “As a customer advisory board member and long-term partner with StoneRiver, I am encouraged by the value StoneRiver’s Stream products will deliver through the advanced user experience and improved accessibility of data and technical architecture to the  insurance domain,” said Paul D. Luongo, President and CIO, STG / A Plymouth Rock Company.    “Billing Stream offers value for any P&C carrier needing direct bill, agency bill or both,” said Rodney Griffin, SVP of Product Management at StoneRiver, Inc. “The solution has the capacity to streamline work and accommodate how policyholders and business partners want to operate. Billing Stream is a powerful opportunity for a carrier to create a brand that stands for convenience.”

In addition, the Billing Stream solution maximizes real-time processing and supports standard direct bill functionality, including single policy- and account-level billing, and multiple payment options, such as electronic funds transfer, credit cards, mortgagee billing, and payroll deduction.
About the StoneRiver Billing Stream Solution With a strong understanding of insurance billing that extends over 25 years and more than 100 P&C carriers, StoneRiver developed Billing Stream to help carriers at an important touch point with clients and business partners. Billing Stream supports rich direct bill and agency bill capabilities for all P&C lines of business on a service-oriented architecture. Given StoneRiver’s market-leading expertise, the P&C billing solution also includes strong Workers’ Compensation capability.
About the StoneRiver Stream Solutions The StoneRiver Stream solution set redefines the core system life cycle with the debut of the first, truly sustainable system. This all P&C lines solution set delivers an evergreen platform, pairing rich, time-tested business functionality with an advanced, open platform that encourages renewal and growth. With market leading offerings for billing, distribution, customer management and soon – policy, claims, and reinsurance, StoneRiver provides carriers a state-of-the-art, strategic core operational solution. StoneRiver Stream changes the way carriers do business by giving them the power to change the business itself.
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. 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.