FireLight® Provides Carriers and Distributors Various System Features and Flexible Workflow Capabilities to Support Compliance with NY Reg 187 Requirements
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:
- Workflow options for firms to address the requirements ahead of the sale in a pre-sale activity, at the time of the sale within the application or in a post-sale activity
- Collecting, evaluating and recording clients’ need profiles prior to any product recommendation
- Leveraging the data capture through the pre-sale transaction to filter products available to meet the clients’ needs
- Meeting the regulation requirements by dynamically generating the product guides and disclosures
- e-Signature to record the client has reviewed the product suitability information and reviewed the disclosures
- Workflow options for suitability reviews, including heightened suitability and suitability scoring for automated suitability
- Back office workflow support to ensure all data is collected and disclosed for paper submissions
- Creation of a defensible audit trail for your firm's defined process
“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.
For more information about Insurance Technologies, visit www.insurancetechnologies.com and follow the company on Twitter, LinkedIn and Facebook.
Insurance Technologies Contact: Kristin Wills | [email protected] | 719.442.6400
