DENVER, May 5, 2015 (GLOBE NEWSWIRE) -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, announces that Cove Risk, a Massachusetts and New Hampshire based third party administrator of self-insurance groups providing workers' compensation services to the northeastern United States area, has implemented StoneRiver's CompSuite® software upgrade. CompSuite is a comprehensive, full-featured system for mono-line administration of Workers' Compensation policies and claims. Core components include policy administration with billing, claims management, case management, and bill review. The implementation of CompSuite policy and claims allows Cove Risk the ability for improved interfaces, enhanced workflow solutions, and taking current releases for ongoing improvement of the product.
Cove Risk's previous hardware and third party systems required an upgrade to a newer structure to modernize its environment. The upgrade to CompSuite positions Cove Risk to take advantage of StoneRiver's automated EDI and CMS reporting systems. Future plans include addition of StoneRiver's web portal CiCenter. While a complete overhaul of all hardware and software was required, the transition plan allowed uninterrupted business functions throughout the upgrade.
According to Catherine Geoffroy, Executive VP and CFO, "On the policy issuance side the renewal process was streamlined to be more efficient allowing dramatic improvements in processing time. We feel that we are better suited to meet the needs of our current book of business and their ongoing needs for information. We can stay a lean company while providing increased services to the members of the groups." Jackie Janowiak, SVP Workers' Compensation, stated, "It is always gratifying to work together with our clients on various improvements to their systems by providing modernized technology. Our long-term relationship with Cove Risk is invaluable. We thank them for the loyalty and partnership."
About Cove Risk
Cove Risk Services, LLC is the exclusive administrator for six self-insurance groups that provide workers' compensation coverage to more than 4,000 businesses throughout Massachusetts and New Hampshire. A self-insurance group is an association of employers that provides workers' compensation coverage to its members. Each self-insurance group is composed of employers in the same industry and state, focusing on businesses with favorable risk profiles. Cove Risk serves progressive, safety-conscious businesses and our track record is second to none.
About StoneRiver
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 are the continuing goals, and are in large part achieved by maintaining and valuing strong, long-term customer relationships. www.stoneriver.com