With its formal transition from Fiserv Insurance Solutions effective as of Monday, March 2, 2009, Columbia, S.C.-based StoneRiver is bringing to the insurance technology market a new brand and logo; strong capitalization, a diversity of businesses and solutions, and a commitment to growth. And while it may not appear to the casual observer to be the best of times to be mapping a growth strategy in financial services, StoneRiver's senior management believes its history and resources make the company well equipped to partner with insurance companies looking for ways to provide better service in a more accurate, efficient and secure manner.
In fact, according to Eddie Jones, StoneRiver's senior vice president for marketing and communications, the combination of corporate independence, financial strength and solutions mix will enable the company to execute on a "long-term strategic view. We have the capital and the strategic fortitude to really look forward and invest, even in trying times."
Although Jones declined to offer specifics about where StoneRiver sees its growth opportunities or potential areas of investment, he did report that, "We have several major capital investments, both from new projects, new architectures, additional lines of businesses for BPO operations, several major things like that."
And, while acknowledging, "It's fair to say, it's a bit of a challenging time out there," Jones also emphasized there are opportunities for vendors that have the resources to respond. "There appears to be a very committed approach to making strategic investments and continuing with those that are underway," he says of insurers' current IT activities. "We haven't seen a redirect or lessening of commitment for really important technology projects that are focused on making a difference for their ability to operate, provide solutions to their end customers in a timely fashion, and provide better service to their end customers and their distribution channels."
The products and services that comprise StoneRiver previously were marketed as Fiserv Insurance Solutions, Emerald Publications, RegEd, FSC, National Flood Services, Third Party Solutions (TPS), P2P Link and Direct Comp RX. The new brand identity came about as a result of the acquisition of a majority share of the company by Trident IV, a private equity fund managed by Stone Point Capital LLC; Brookfield, Wis.-based Fiserv is the minority owner with a 49 percent interest. Fiserv itself just unveiled a reorganization and rebranding.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio