Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announced today that Phoenix Life Insurance Company expands its use of ForeSight and FireLight to illustrate and process whole life, term life and annuity insurance products.
Phoenix Life has used ForeSight, a point-of-sale illustration platform, since 2005 to illustrate its annuities including Indexed Annuity and Single Premium Immediate Annuity (SPIA) products. The recent ForeSight expansion included Phoenix’s whole life and term life products and included a mobile quoting app which allows Phoenix producers to quickly and easily run simplified term life illustrations from their smart phones. This revolutionary mobile capability provides Phoenix producers the mobility and speed to provide clients product information when needed.
To further automate and streamline the sales process for their producers, Phoenix Life utilizes Insurance Technologies’ other core offering, FireLight, an e-application business fulfillment platform. The integration of the two products allows Phoenix producers to illustrate life and annuity products with ForeSight then process the orders with FireLight. Agent, client and product data within ForeSight seamlessly feeds into FireLight, expediting the application completion and submission process.
FireLight provided Phoenix the flexibility and functionality needed to create a multi-party paperless automated workflow, speeding issuance of contracts. With FireLight, Phoenix is able to process business through multiple workflows to meet various field sales practices. Workflows were designed to incorporate agent, case manager and tele-interviewer processes within the same system, transforming the way Phoenix sells and processes business with their clients.
David Fenimore, Chief Executive Officer at Insurance Technologies, commented, “More insurance companies like Phoenix Life Insurance Company are looking for ways to consolidate multiple lines of business into a streamline approach creating consistency, efficiency and cost savings. Insurance Technologies is pleased to offer Phoenix integrated illustration and e-applications solutions for all product lines that are customizable to meet their individual process, making it an excellent complement to the products Phoenix Life Insurance Company offers and their business strategies.”
Phoenix Life Insurance Company also uses the mobile functionality of ForeSight and FireLight, which allows producers to work from their tablet devices. Both ForeSight and FireLight offer “disconnected” capabilities enabling producers to work away from their desks and assist clients in nontraditional or rural arenas when needed.
“After implementing ForeSight for our annuity and SPIA products, we recognized how powerful the illustration capabilities are and were eager to utilize ForeSight for our whole life and insurance products. ForeSight and FireLight provide us with a competitive advantage by maximizing our distribution tactics and facilitating our sales processes. The implementations and enhancements were timely and efficient, which we have come to expect with Insurance Technologies,” said Don Griswold, Second VP of Product & Operational Delivery, at Phoenix Life Insurance Company.
