Stonewood Insurance Companies Select Tropics Breeze to Expand Its Workers’ Compensation Business
Sarasota, FL – March 11, 2014 – Stonewood Insurance Companies, headquartered in Raleigh, NC, and Tropics Software Technologies (Tropics), a national software company specializing in workers’ compensation software systems, announced that Stonewood has selected Tropics Breeze to expand its workers’ compensation insurance business to more than 20 states through its subsidiaries, Stonewood National Insurance Company, Stonewood General Insurance Company and Stonewood Insurance Company. Tropics will install its latest generation of its workers’ compensation processing software, Tropics Breeze, and convert the existing book of business of Stonewood. Additionally, Tropics will configure and prepare the system for issuing and managing policies, billing and A/R, and adjudicate claims in the additional states.
“Simply being good at the business of workers’ compensation insurance, or any other specialty line of insurance, is no longer sufficient. We intend to generate above average results in this space, and we believe that a basic requirement is to employ a state of the art processing system. Tropics has been our systems provider for the last decade and has been a great partner for us,” said Steve Hartman, President and CEO for Stonewood Insurance Companies. “Breeze is flexible, scalable, and reflects an efficient marriage of straight through processing capabilities, policy administration services, and data management. Our move to their newest web-enabled system, Breeze, is an evolution of our capabilities, and we believe it will materially impact our long term ability to grow our business and to generate sustainable profit margins in excess of industry averages.”
The Tropics modern .NET and web-based Breeze system will fully automate all aspects of Stonewood’s workers’ compensation processing through its efficient insurance processing modules. The advanced and configurable rating engine enables the companies to rapidly expand to the target states. Further efficiencies will also be realized through the integrated workflow, document management, email messaging, and contact management services.
“I am very excited about being a vendor and partner for Stonewood Insurance Companies’ expansion in the workers’ compensation market,” said Mike Mobar, President and CEO of Tropics Software Technologies. He added that, “The new generation of our workers’ compensation product, Tropics Breeze, is culmination of 20 years of Tropics Software experience in workers’ comp automation and application of the latest web technologies. We look forward to making this a successful venture for both companies as we have done it over 30 times for other carriers in the last 20 years.”
About Tropics Software Technologies: Tropics Software Technologies is a national software company specializing in workers’ compensation systems. They provide integrated, web-enabled policy, claims and billing systems. Tropics offers a comprehensive set of configurable modules, based on a common foundation of automated work and document management, which boosts business efficiency.
About Stonewood Insurance Companies
Stonewood Insurance Companies, headquartered in Raleigh, NC, is the specialty admitted insurance company platform for James River Group, and its ultimate parent Franklin Holdings LTD of Bermuda. Stonewood is comprised of Stonewood National Insurance Company, Stonewood General Insurance Company, Stonewood Insurance Company, and Stonewood Insurance Management Company, Inc. The Stonewood companies share with James River Group and its subsidiaries a group rating from A.M. Best of A- IX. The companies have licensure in 48 states for property/casualty insurance and 28 states for workers’ compensation.