Insurance Technologies' Snapshot

Archives of previously featured Insurance Technologies' Snapshot pieces.

Check out our recent announcements on our products and product enhancements, customer implementations, technology advancements and award recognitions:

Harnessing the Power of Electronic Exchange Processing
December, 2013

Conducting business electronically is now the expectation of the general population. It's no longer a "nice to have" for some; it's expected by the public majority. With the advent of mobile technology, increased online consumerism, and a growing demographic of digital natives it would behoove an aging industry to keep up with its own future.
Recently I was able to log into my previous employer's "limited elections" 401(k) website, initiate a transfer and move my paltry savings into a completely new account without ever touching a pen and paper. The entire process was fast and easy. Most importantly, I had the expectation going into the process that I could do it electronically. If my 401(k) provider's website had provided me with a form, which then required a wet signature, and me to actually mail it in, I would have wondered, "Why?"

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What is your mobile strategy?
October 3, 2012

With the proliferation of tablet computers, this is a question that can keep development managers up at night. In a short two years, we have moved from a single platform (PCs) and a couple of browsers to a fractured device environment that spans both type and form factor.

Tablet usage in the US today is approximately 54.8 million devices, or approximately 23% of all Internet users.

Analysts are predicting the tablet growth rate to continue or increase each year with 2011 having a 256% growth rate over 2010 and a projected total market of approximately 500 million tablets by 2015. These numbers simply underscore the importance of targeting a long term mobile strategy that can support and enhance the way business is done and not one that limits and complicates business. 

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Expanding our industry expertise and client services with Actuarial resources
February 9, 2012

Insurance Technologies understands that the quality of the service we are able to provide to our clients is directly related to the quality of the people we have working for us. Therefore, we employ intelligent and creative people from a variety of backgrounds to bring diverse strengths and experiences to our company and our clients. We strongly believe that client services are a major cornerstone to the success of all our implementations.

A more recent development in our staffing and services has been the addition of Actuarial professionals. In 2010, Insurance Technologies expanded our industry expertise and services by bringing on FSA and ASA resources for Client Services, Product Development and Insurance Technologies clients. Our Actuaries on staff bring an average of 26 years of actuarial experience to our team and to our clients.

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Insurance Technologies brings comPADible technology to the insurance and financial services industry
October 5, 2011
Insurance Technologies is excited to be attending the IRI and LIMRA Annual Conferences in October where we will be showcasing the mobile capabilities of our Sales Illustration, Annuity Sales & Research, and Electronic Application solutions on the iPad. Insurance Technologies has received a great deal of demand from current clients and prospects about the ability to offer their products through mobile devices such as the iPad.

Since its release in April 2010, the Apple iPad has become a mobile device sensation. Scott Forstall, SVP iOS Software announced at the 2011 World Wide Developer Conference, that Apple had sold over 25 million iPads in the first 14 months of release. Not only is the iPad an attractive piece of hardware, but it is fast becoming the mobile computing business tool of choice for agents and financial advisors. The adoption rate of this platform among financial professionals is very strong:

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Prepared for upcoming FINRA Rules 2090 and 2111
July 27, 2011
Insurance Technologies continues to monitor new and upcoming regulations within the financial service industry in order to enhance our product offerings to help our clients with compliance. Two new regulations proposed in 2010 by the Financial Industry Regulatory Authority (FINRA) that Insurance Technologies is watching are FINRA Rules 2090 (Know your Customer) and 2111 (Suitability). These new SEC approved FINRA rules are scheduled to be effective in 2012 and will have a strong impact on Broker Dealers. FINRA Rule 2090 and Rule 2111 were created to govern suitability and know your customer obligations to ensure investor protection, fair dealing with customers and promote ethical sales practices. It is important for Broker Dealers to prepare for these upcoming rules and start implementing the necessary procedures to prepare their Advisors. Insurance Technologies continues to collaborate with current Broker Dealer clients to identify the best practices to meet these regulations. Please contact us, to learn how Insurance Technologies sales solutions can assist your company in meeting these upcoming FINRA rules.

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FireLight®, at the ACORD LOMA Conference
June 1, 2011
Insurance Technologies announces full production deployment of their electronic application and forms platform, FireLight®, at the ACORD LOMA Insurance Systems Forum conference May 22-24, 2011. FireLight is an electronic fulfillment solution that expands beyond the ordinary electronic application systems offered to the financial services industry. This flexible, one stop electronic application solution for all lines of business manages the application data collection process improving point-of-sale effectiveness and compliance management. With built-in intelligent business rules, application data population and reflexive questioning tools, FireLight can logically add or remove forms from the application package generating more in good order application submissions while reducing operation and issuance cost. FireLight also provides familiar carrier forms layout interface, which makes FireLight an easily adopted solution generating a smooth application process for the home office, agent and customer.

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