Simplifying Annuity In Good Order Submissions for Advisors
Asset Marketing Systems move their digital-first journey forward with FireLight e-Application.
Client Success Story
Asset Marketing Systems
Asset Marketing Systems Insurance Services, LLC (AMS) is a distributor of insurance products with an expertise in Fixed Index Annuities, Fixed Annuities, Life and Long-Term Care Insurance.
CHALLENGE:
Paper-based processes
SOLUTION:
FireLight e-Application
RESULT:
- Improved workflow and efficiency, automating many manual steps
- Eliminated suitability review turnaround time
- Increased advisor satisfaction and adoption
- Lowered costs associated with mailing paper applications
- Sped up processing time of applications to carrier from hours to minutes
- Reduced NIGO applications by 91%.
- Increased digital applications to 87% of business through FireLight
Asset Marketing Systems (Asset) is an insurance marketing organization (IMO) committed to meeting their advisors’ needs and embrace innovation. They foster a culture that values seamless information sharing and exceptional client service.
To provide the resources that allow advisors to spend less time managing paper files and applications and more time to do what they do best and help their clients, Asset set out to change how they support annuity sales. They needed a secure, streamlined digital solution that would improve their internal processes, making it as easy as possible for advisors to submit in good order annuity and life insurance business and highlight Asset’s digital-first mindset.
From Manual to Magical
Paper forms made it hard to ensure applications were complete and correct before submission. Applications had to be sent back for corrections causing further delays. Asset’s aim was to remove NIGO submissions and eliminate delays to make room for better client service.
With a desire to move to digital as much as possible for security and efficiency, they needed single-sign-on (SSO) from their advisor portal. This feature would streamline the process and make it easier for advisors to access and process business. Additionally, the intuitive nature of electronic applications would make the solution easy to understand, enhancing the advisor-client sales experience. The entire process needed to be simple and make it convenient to do business with Asset.
They also needed a system that could track delivery and confirm receipt of applications, while also integrating with their back-office setup to provide all necessary information to clients and advisors. Additionally, their legal and compliance teams required a digital signature process to create an audit trail and reduce errors by ensuring all required signatures were obtained.
Asset was ready for digital transformation. This would put them in a good position to adapt to a modern sales process to keep supporting advisors and meet client expectations without missing a beat.
Streamlined Success and Satisfied Advisors
After considering their options, the IMO chose Hexure’s FireLight sales automation platform. This solution would cut overhead expenses and delays while enhancing efficiency and delivering a good user experience.
“We post a 24-hour turnaround time from receiving physical application, scrubbing it, and either letting advisor know of NIGOs or passing it to carrier. But in FireLight, it is just a matter of getting the notification, doing a high-level review, and sending it to the carrier, which takes 5 minutes.” explained Mia Dempsey, Director of New Business at Asset Marketing Systems.
FireLight was their ideal solution with its easy interface, powerful features and advisor training resources. After implementation, FireLight nearly eliminated manual processing and suitability review turnaround time and made their process more efficient.
Benefits Received:
Streamlined workflows
By moving from a paper-based process to a digital application, Asset was able to greatly improve their workflows and efficiency. Asset now process on average 87% of their annuities through FireLight.
Improved advisor experience
FireLight’s easy-to-use interface provided a friendly and familiar application and e-signature process for advisors. This made the digital transition a smooth experience, increasing advisor satisfaction and adoption.
Ensured in-good-order applications
FireLight helped eliminate NIGOs by presenting requirements to the advisor as they filled out the digital forms. This led to getting applications in good order 91% of the time.
Plus, the system’s detailed audit trail makes sure all applications are securely tracked and processed fast. This also boosts the company’s commitment to compliant client service.
Scaling New Heights and Continuous Improvement
Asset plans to use FireLight to further scale by expanding it into their other lines of business. The firm is also excited about taking advantage of more of FireLight’s features; for example, the ability to copy applications for easier resubmission. This will further improve their efficiency.
Dempsey is grateful for the transformative impact of FireLight. “The ease of use and the excellent customer service from the Hexure team have been invaluable to us. FireLight has truly changed our processes and made it much easier for our advisors to submit applications.”
Asset will maintain their future-focused mindset as they remain dedicated to continuous improvement. They positioned themselves well to thrive as the landscape becomes more digital.
"FireLight has truly changed our processes and made it much easier for our advisors to submit applications."
Control Your Process
Want to take control of your e-application workflows? Hexure can help with FireLight self-management admin system.
