Phoenix Life Insurance Company has selected and will deploy FireLight, an e-application business-fulfillment solution from Insurance Technologies LLC, for its entire life and annuity product offering.
“The automation of Phoenix’s electronic fulfillment process is expected to simplify the application process, increase speed to market and reduce operational and issuance expenses, thereby making it easier for its agents to process business with Phoenix Life," said David Fenimore, EVP & CIO, Insurance Technologies.
Firelight is intended to deliver an electronic needs-analysis and e-application process that automates suitability review, and supports a drop-ticket style sales approach, Insurance Technologies said in a press release. FireLight includes e-signature features that will support Phoenix’s mobile distribution strategies and enable straight-through mobile processing for all lines of business for its distribution partners.
“With a variety of evolving annuity products available today, it is critical for advisors to effectively communicate with their clients to provide the right products that align with their unique needs,” said Mark Fitzgerald, national sales manager for Saybrus Partners, Phoenix’s distribution company.
Phoenix currently illustrates annuity products with ForeSight, a point-of-sale illustration platform also from Insurance Technologies. Phoenix intends to offer front-office, straight-through processing capabilities by integrating the illustration-to-application process. Phoenix’s distribution partners would then be able to illustrate and initiate business submissions through a simplified e-application data flow process, Insurance Technologies said.
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