May 25, 2010
Colorado Springs, CO
COLORADO SPRINGS, CO (May 25, 2010) – Insurance Technologies LLC, the premier provider of sales illustration and point-of-sale software for the insurance industry, announces the recognition of a distinguished ACORD Early Adopter Award for XML Transactions at the 2010 ACORD LOMA Insurance Systems Forum in Las Vegas, NV.
Once a year ACORD recognizes member partners who have demonstrated exemplary effort in enhancing, implementing, and advocating ACORD data standards. The award honors those companies whose infrastructure platforms enhance the utilization or eases the implementation of ACORD standards. Utilizing these standards, Insurance Technologies implemented ACORD transactions that enable straight-through processing for use by agents, advisors, brokers, and insurance carriers. Both VisibleChoice®, a multi-carrier Annuity Sales platform and ForeSight™, a multi-product Illustration Sales suite were recognized by this award for their successful use of the ACORD 103 XML Transactions to pass information gathered in the product comparison application and illustration system to order entry systems for further processing.
The award also recognized Insurance Technologies for their successful implementation of ACORD 111 XML Transactions to process information collected in a customer’s regression test tool and passed to the ForeSight illustration system to generate calculation engine results and return them to the regression testing application for comparison. This expedited their ability to certify the ForeSight production application and increase speed to market.
Insurance Technologies’ products support ACORD standards for streamlined workflows and delivering complete selling power for their clients. From needs analysis, asset allocation and sales concepts to illustrations, hypos, and application processing, ForeSight is the premier illustration system continuously chosen by top carriers over its competitors for its robust features, ease of use, and simplicity. VisibleChoice, Insurance Technologies’ latest multi-carrier annuity sales platform with over 800 active annuity products, allows advisors the ability to rapidly compare, illustrate, and sell all annuity products.
“We are honored by the recognition for our continued commitment to allow our products to easily integrate with other front and back office applications through the use of ACORD standards. This is a tremendous accomplishment for our entire company,” said David Fenimore, EVP, Engineering & CIO for Insurance Technologies. “Most importantly, we share this award with our clients who inspire us to continually develop innovative solutions.”
“I congratulate Insurance Technologies not only for earning a 2010 ACORD Award but also for their many achievements and continued leadership over the past years. Their work and innovations continue to show the industry how vital ACORD data standards implementations are for improving communication, integration, and business processes,” said Lloyd Chumbley, VP, Standards Technology.
About ACORD (www.acord.org)
ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit standards development organization serving the insurance industry and related financial services industries. ACORD’s mission is to facilitate the development of open consensus data standards and standard forms. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and industry associations worldwide. ACORD works with these organizations towards a goal of improved data communication across diverse platforms through implementation of standards. ACORD maintains offices in New York and London.
About Insurance Technologies (http://www.insurancetechnologies.com)
Based in Colorado Springs, Colorado, Insurance Technologies LLC offers point-of-sale illustration software to the insurance and financial services industries. Insurance Technologies award-winning product, ForeSight™, supports all product types, including Life, Annuities, Critical Illness, DI, and LTC – all on a single mobile platform. Our latest innovation VisibleChoice® is a multi-carrier annuity sales platform designed to leverage multiple annuity products and features. Together, they improve point-of-sale effectiveness and help close more sales quickly.