FireLight® E-Application Solution Provides Financial Institutions Department of Labor Fiduciary Rule Sales Support Capabilities

October 12, 2016
Colorado Springs, CO

COLORADO SPRINGS, CO, October 12, 2016 – Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announces solution enhancements to its e-application SaaS solution, FireLight®, to support financial institutions and advisors in complying with the Department of Labor (DOL) fiduciary rule requirements. The new enhancements will provide FireLight clients broader solution capabilities including capturing client needs, product filtering, and DOL required disclosure processes.

The flexibility of FireLight and new system enhancements will enable financial institutions to integrate DOL requirements and workflows into their sales process, delivering an intuitive and judicious sales process to advisors. With an agile workflow and built-in e-signature capabilities, required disclosures and contracts, including the Generic Disclosure, Best Interest Contract, PTE 84-24 Disclosure and Transaction Fee Disclosure, can be incorporated into a financial institution’s approved sales workflow meeting the individual firm’s fiduciary defined sales processes. With the FireLight administration tool, firms have the control to meet their individual sales strategies. Firms can collect client needs and execute DOL required documentation in stand-alone instances or as part of a complete application sales process.

“Solving for the DOL Fiduciary Rule is just part of the new landscape and we are very excited to offer a built-in defensible workflow for our clients,” said Katherine Dease, vice president of product management. “The additional DOL support functionality in FireLight will offer clients a streamlined solution to build an unbiased and recordable process, supporting financial institutions or agents in the post-DOL environment in supporting recommendations made in the best interest of the client.”

The new needs determination and product filtering capabilities in FireLight will create an entire workflow that is recordable, reviewable, and electronically signed by the client and financial institution. System flexibility allows compliance departments to determine the question set required for the needs determination, which will ensure the agent captures information to provide a best interest recommendation.

FireLight e-application solution delivers comprehensive back office support with suitability and financial institution review queues and complete audit trail and reporting to create a recordable and compliant sales process for clients. FireLight architecture provides robust integration capabilities for data and sales support documentation along with multiple transaction disclosure fulfillment options, allowing financial institutions to provide their advisors a streamlined sales experience.

FireLight manages and simplifies the application data collection process for any line of business and product type on a single platform, generating in good order new business and post issue processing, expediting contract issuance. To learn how FireLight can support your DOL fiduciary rule compliance strategies, contact [email protected] or call 719-442-6400.

About Insurance Technologies

Based in Colorado Springs, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Our product suite supplies carriers and distribution partners accurate tools to automate and accelerate the sales process allowing more time to develop new sales opportunities. ForeSight® is a mobile point-of-sale illustration platform that supports all aspects of the insurance sales process for multiple lines of business across diverse distribution channels with customized user experience and content branding options. FireLight® is a device-agnostic, user-friendly, easy to deploy e-application business fulfillment platform that automates any existing sales process across all lines of business facilitating straight-through processing.

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