COLORADO SPRINGS, Colo., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announced today that Financial Independence Group, Inc. (FIG), a financial and insurance marketing organization, will be using the FireLight® e-applications solution as their strategic solution for Department of Labor (DOL) Fiduciary rule compliance. Their selection to leverage FireLight for their technology solution culminated from the platform’s comprehensive capabilities and flexibility to serve financial institutions (FI) in an efficient, compliant capacity while meeting specific FI designed requirements.
“We believe that technology is essential to comply with the DOL Fiduciary rule. We believe in applying the best of class technology to our business and have found the FireLight platform by Insurance Technologies exceeds that standard,” said Brian Williams, chief operating officer, FIG Marketing. “It’s essential that our industry modernize operations leveraging technology, otherwise we face the threat of irrelevance.”
As an existing FireLight client with fixed and fixed indexed annuities on the platform, FIG will implement several FireLight DOL sales components into its existing e-application workflow for a streamlined and familiar sales process for their agents. FIG will be providing their agents a compliant sales process that allows them to quickly capture client needs, execute DOL disclosure and signature requirements, and submit a complete documented package for FI review, approval and submission.
Meeting DOL disclosure requirements can be an onerous task for a firm of FIG’s size. By leveraging the FireLight real-time fees and expense repository feature, FIG will create a dynamic disclosure process for their agents within FireLight to meet vital DOL transaction disclosure requirements. FireLight provides FIG the flexibility to define their specific best interest advice model and ensures it is followed in a compliant capacity. With robust FireLight admin system access, FIG will be able to define the questions, rules, and workflow for their firm to create a compliant, repeatable and recorded sales process.
“FIG has been very forward-thinking in defining and establishing their approach to managing the DOL Fiduciary rule requirements,” said Katherine Dease, vice president of product management, Insurance Technologies. “FIG has been a leader in the IMO space particularly when it comes to their products, service and technology. We are very pleased to be a part of their best in class technology solution.”
FIG has developed strategic relationships with over 40 insurance carriers to offer its agents and clients a diverse product portfolio of annuity, life and long term care products. To support its agents and members in offering commission-based insurance and financial products as part of their product portfolio, including fixed indexed annuities, under the Department’s Best Interest Contract Exemption, or BICE, earlier this year FIG filed for exemption to be classified as a financial institution status with the DOL.
By implementing FireLight as their DOL compliance support solution along with obtaining FI status, FIG will continue to provide strong strategies, tools, resources and support to their agents, and partner independent and general insurance agents and brokers as they comply with the upcoming DOL Fiduciary rule and meet client needs.
About Financial Independence Group, Inc. (www.figmarketing.com)
Financial Independence Group, Inc. (FIG) is one of the nation's oldest and largest independently owned and operated marketing organizations with over 10,000 licensed agents, including independent and general insurance agents and brokers. FIG specializes in annuities, life, and long term products and is currently working in 49 states with office locations in North Carolina and Arizona. Since 1976, FIG has been representing some of the most competitive and financially stable insurance companies in the industry. We provide our agents with training and marketing services, and facilitate the flow of materials and information to them from the financial companies selling products. To learn more about FIG or would like to become a member contact us at info@figmarketing.com
About Insurance Technologies (www.insurancetechnologies.com)
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.