April 2, 2019
Colorado Springs, CO
COLORADO SPRINGS, CO, April 2, 2019 – Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announces that FireLight® Sales Platform provides carriers and distributors various features and flexible workflow capabilities that support complying with the New York Insurance Regulation 187, now called the Suitability and Best Interests in Life Insurance and Annuity Transactions.
Effective August 1, 2019, the Suitability and Best Interests in Life Insurance and Annuity Transactions Regulation requires insurers and producers to comply with new requirements for any annuity contract transaction. Six months following, insurers must comply with the new requirements for life.
The challenge for insurers and producers will be in providing a fully-defensible record of their Best Interest recommendations. FireLight gives insurers and distributors the flexibility and speed-to-market needed to process requirements for the new regulation within a single sales process across multiple lines of business and product types. To seamlessly integrate suitability requirements into their sales processes, FireLight can be used for:
“As more regulatory changes focusing on Best Interest begin to take form, it’s important that carriers and distributors have the tools and resources they need to stay compliant with all the necessary requirements,” said Katherine Dease, vice president of product management, Insurance Technologies. “Using FireLight not only streamlines the entire pre-sale to sale workflow, but it also creates a fully-defensible workflow with a complete audit of all data collected, providing them with the information they need to support the sale being in the best interest of the clients. FireLight provides carriers and distributors the flexibility to incorporate their defined suitability processes and disclosures within their unique sales processes, whether that is in the pre-sale process or at time of application for new business, and post-sale transactions for inforce business.”
About Insurance Technologies
Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to illustrations and e-application to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.