Phoenix Life Expands Use of Insurance Technologies’ Solutions
Staff Writer | December 17, 2014
Insurance Technologies announces that Phoenix Life Insurance Company expands its use of ForeSight and FireLight to illustrate and process whole life, term life and annuity insurance products.
Phoenix Life has used ForeSight, a point-of-sale illustration platform, since 2005 to illustrate its annuities including Indexed Annuity and Single Premium Immediate Annuity (SPIA) products. The recent ForeSight expansion included Phoenix’s whole life and term life products and included a mobile quoting app which allows Phoenix producers to run simplified term life illustrations from their smart phones. This capability provides Phoenix producers the mobility and speed to provide clients product information when needed.
To further automate and streamline the sales process for their producers, Phoenix Life utilizes Insurance Technologies’ other core offering, FireLight, an e-application business fulfillment platform. The integration of the two products allows Phoenix producers to illustrate life and annuity products with ForeSight then process the orders with FireLight. Agent, client and product data within ForeSight seamlessly feeds into FireLight, expediting the application completion and submission process.
FireLight provided Phoenix the ability to create a multi-party paperless automated workflow, speeding issuance of contracts. With FireLight, Phoenix is able to process business through multiple workflows to meet various field sales practices. Workflows were designed to incorporate agent, case manager and tele-interviewer processes within the same system, transforming the way Phoenix sells and processes business with their clients.
“More insurance companies like Phoenix Life Insurance Company are looking for ways to consolidate multiple lines of business into a streamlined approach creating consistency, efficiency and cost savings,” says David Fenimore, CEO at Insurance Technologies. “Insurance Technologies is pleased to offer Phoenix integrated illustration and e-applications solutions for all product lines that are customizable to meet their individual process, making it an excellent complement to the products Phoenix offers and their business strategies.”
“After implementing ForeSight for our annuity and SPIA products, we recognized how powerful the illustration capabilities are and were eager to utilize ForeSight for our whole life and insurance products,” says Don Griswold, second vice president of product and operational delivery at Phoenix Life. “ForeSight and FireLight provide us with a competitive advantage by maximizing our distribution tactics and facilitating our sales processes. The implementations and enhancements were timely and efficient, which we have come to expect with Insurance Technologies.”
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