Colorado Springs, Colo. —
Financial advisors and registered representatives who today may use several software systems to close a sale can now use VisibleChoice to see all relevant product features and speed their time to sell suitable annuities.
VisibleChoice, supports broker-dealers’ ability to compare the features of several annuity products at once, creates on-demand illustrations of selected products, and supports straight-through processing for improved compliance and suitability. The product captures and tracks data throughout the sales process to generate a suitability review at the end of the pre-sales cycle. A full suitability report is then generated and made available for signature and attached to the application package. This suitability analysis report is a key tool in generating productivity gains for the broker-dealers, and rapid compliance with components to FINRA Rule 2821.
“VisibleChoice will save us a huge amount of time—time that we currently spend just learning the ins and outs of each complex annuity,” says Mark DeGregorio of
The new sales platform enables financial advisors to select and compare multiple annuity products at once, so they can illustrate the annuity that is best-suited for their client’s needs. With one summary view within VisibleChoice, broker-dealers can compare product features such as income benefits, share classes and withdrawal benefits. This helps increase the productivity and efficiency of advisors who sell annuities, as well as reduces some risks associated with selling annuities by increasing suitability monitoring.
“Increased transparency and visibility into products across multiple carriers is essential to both brokers and consumers. The ability to make informed choices and compare products fairly will help ensure that consumers are buying products suitable to their investment needs.” says Rachel Alt-Simmons of
“VisibleChoice helps broker-dealers generate more revenue through more efficient and suitable annuity sales. Advisors now have the information to sell all appropriate annuities to their clients,” says David Fenimore, EVP of Engineering & CIO for Insurance Technologies, Colorado Springs, Colo.
Supporting automated order entry integration and accelerated transactions in pre-sales, VisibleChoice integrates with leading order entry and electronic application technologies to enable electronic application submittal. And, with its interface and single data repository, VisibleChoice also supports 1035 Exchanges by helping broker-dealers to determine if the guidelines are met to leverage the 1035 Exchange provision.
Source: Insurance Technologies Inc.
