November 9, 2009
Colorado Springs, CO
COLORADO SPRINGS, CO (November 9, 2009) – Insurance Technologies LLC, the leading provider of point-of-sale illustration software to the insurance and financial services industries, announces the successful deployment of ForeSight™ 5.0 for the Allianz Life Insurance Company of North America. ForeSight 5.0 is Insurance Technologies’ flagship point of sale and illustration system for Life, Annuities, Critical Illness, Disability Income and Long-Term Care. It won the Windows in Financial Services 2008 Innovator Award.
In today’s business climate, Allianz is aggressively finding ways to make doing business with Allianz more attractive to agents thru increased ease of doing business. This strategic direction will allow Allianz to increase its competitive advantage quickly.
Allianz has been using the ForeSight system since 2005 to ensure accuracy in its Life calculations. “Since the products are complex, and we are illustrating guarantees, it is critical to illustrate values that are accurate and repeatable,” says Jason Linn Allianz’s VP of Product Innovation. “Insurance Technologies and ForeSight 5.0 ensure that our results meet both of these criteria.”
“This was a very important project for Allianz and the Insurance Technologies’ staff delivered on time and in budget”, said David Fenimore Insurance Technologies’ CTO, “it was a complex project with multiple complex Life products that the ForeSight 5.0 framework is adept at supporting.”
“With the introduction of the ‘Summary Values’ section, users are able to see how each parameter they modify alters the premium needed or death benefit available,” says Linn. “The field capabilities are expanded to let the user create very specific funding patterns, death benefit changes, illustrated rates and rider selections quickly and easily. We’ve also seen marked improvement in the speed at which the values are calculated and the actual report is rendered into PDF format.”
“Users being able to quickly create a variety of situations have had the biggest impact,” adds Linn. “They are able to move quickly through the fields and from one page to the next, all the while seeing the results on screen. Our internal users are spending less time talking about how to install and use the software and more time selling product. At some point we will look at bringing our Fixed and Variable annuities into the ForeSight 5.0 system.”
About Insurance Technologies (www.insurancetechnologies.com)
Based in Colorado Springs, Colorado, Insurance Technologies LLC offers point-of-sale illustration software to the insurance and financial services industries. Our latest product innovation VisibleChoice® is a multi-carrier annuity sales platform designed to allow Brokers to effectively and quickly evaluate multiple annuity products and features. VisibleChoice together, with Insurance Technologies’ ForeSight™ product line will improve distribution effectiveness and help close more sales quickly.
About Allianz (www.allianz.com)
The Allianz Group is one of the leading integrated financial services providers worldwide. With nearly 155,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.