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Security Financial Life: Powered by Insurance Technologies ForeSight™
Company Overview...
Security Financial Life (formerly Security Mutual Life) was founded in 1895 and is domiciled in Lincoln, Nebraska. Licensed to sell in 49 states, the District of Columbia and Guam, Security Financial Life offers a wide variety of life insurance products and other financial services designed to solve complex financial problems for individuals, families, businesses and professional clients. Security Financial Life is a wholly owned subsidiary of Security Mutual Life Nebraska Holding Co., a mutual insurance holding company.
Situation Analysis...
Security Financial Life (SFL) previously used several legacy DOS-based illustration systems and wanted to upgrade to a Windows-based system. They needed to quickly and efficiently transfer current products to the new system, while still providing illustration service for agents with little downtime. Security Financial Life needed an illustration software vendor offering:
- A Windows based platform
- Engine Wrapping
- Co-Development
How Insurance Technologies ForeSight™ Solved the Problem...
Typical issues plaguing many carriers include using older development tools and illustration systems. Adding more products and users may cause the system to run slower or not work as efficiently. SFL required a new system that could allow additional products to be added without interfering with its existing operation. To keep current with new technology, SFL chose Insurance Technologies' Insurance Technologies ForeSight™ software for its illustration system. The Insurance Technologies ForeSight™ system offers a broad architecture, providing full functional support for a wide range of products. The ability to wrap SFL's existing engines for use on a Windows platform allowed them to keep current data accurate, providing the capability to add new products without interruption.
SFL currently uses Insurance Technologies ForeSight™ on the desktop. Co-development is customized and flexible, allowing SFL to choose additional resources where it sees value. SFL chose to use IT resources to wrap its existing engines, while Insurance Technologies ForeSight™ training allowed for SFL employees to now develop its current engines.
"Co-development was the chief reason for selecting Insurance Technologies," said Dan Cerny, Vice President, Security Financial Life. "Other vendors who did not offer co-development didn't fit in with our culture at Security Financial Life."
SFL chose Insurance Technologies ForeSight™ for its broad architecture and to stay current with technology trends. Insurance Technologies' flexible co-development opportunities provided SFL with the choice to use external resources to successfully implement its products. The standard development tools setup in Insurance Technologies ForeSight™ enables internal SFL programmers to find and retain talent for future projects. As more products become available to SFL, they can easily add to the system without slowing efficiency or increasing system downtime.
Results/Benefit/Proof...
- Security Financial Life successfully implemented Insurance Technologies ForeSight™ Enterprise as a desktop application to support term, universal life, annuities and dividend-paying products such as whole life.
- Security Financial Life sends Insurance Technologies ForeSight™ software to over 300 field agents.
- Through successful co-development, Security Financial Life and Insurance Technologies have created a positive working environment between two organizations.
- Delivers feature-rich illustrations to agents via the Insurance Technologies ForeSight™ system
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