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FAST (Edison, N.J.), a provider of componentized software for the life and annuity industry, and Insurance Technologies (Colorado Springs, Colo.), a sales automation software vendor for the financial services industry, have announced a strategic partnership. Through the partnership the companies will integrate FAST’s componentized life insurance platform and Insurance Technologies’ SaaS electronic application solution, FireLight.
The initial phase of the integration project will enable a straight-through sales process between an insurance carrier and its distributors via a real-time two-way data communication channel. The result will be reduced data entry, improved NIGO rates, and will increase e-App user adoption, according to a FAST statement.
The integration between the two platforms will offer a real-time forms and data auto-fill solution that leverages pre-existing client data in the carrier’s policy administration system, the vendors say. Through this new process, producers will enter small bits of information about the client into FireLight, which will dynamically validate the data against the carrier’s existing client database. If a client match is found in the administration system, the information the carrier has stored on the contact will automatically prefill the e-App, thereby decreasing data entry and expediting the data capture process. Producers will have the capability to change any pre-filled field as needed. Defined rules within FAST’s Insurance Components will automatically accept new data captured in FireLight and match up client records in order to maintain client centricity in FAST, the vendor statement explains.
“Producers have been asking for ways to streamline and expedite the e-App process for years,” comments David Fenimore, CEO of Insurance Technologies. “The ability to have their client’s application prepopulate with pertinent information directly from the carrier is a huge step forward. The integration with FAST provides real-time access to quality data that has not been available in this fashion before, and we are excited about the possibilities this offers the industry.”
Better Experience for Producer and Consumer
“Insurance Technologies offers the perfect path with FireLight for integration with the FAST set of componentized insurance solutions. Their e-App platform offers a simple to use interface and has garnered great adoption throughout our industry,” comments Tom Famularo, CEO of FAST. “We are now just scratching the surface of opportunities to help provide a better experience for both the producer and consumer with this partnership.”
FAST reports that later phases of system integration are scheduled to include policyholder service capabilities with the same pre-filled forms options, an ability to share product definitions and rules, and integration with Insurance Technologies’ ForeSight illustration platform.