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Insurance Technologies, LLC (Colorado Springs, Colo.), a provider of sales and regulatory automation solutions for the insurance and financial services industries, has formed an integration partnership with Cooperative Technologies (Atlanta), a provider of back-office 1035 exchange solutions. The strategic partnership will enable Insurance Technologies FireLight clients to pull surrendering carrier data into the FireLight e-application platform, automating and simplifying the replacement, exchange, and transfer sales processes for advisors, according to a statement from Insurance Technologies.
Integration between the Insurance Technologies FireLight and Cooperative Technologies 1035YellowPages solutions provides access to ceding carriers’ detailed replacement contact information and processing requirements by line of business, for thousands of annuity, life, mutual fund, bank, brokerage and pension administrators processing centers, the vendor statement explains. Advisors are able to select the ceding carrier processing center location within FireLight and prefill the ACORD 951 eForm with ceding carrier information. The signature requirements for the ceding processing center are incorporated into the signature workflow to dynamically drive the e-signature workflow on the exchange, replacement, and transfer forms. When the ceding company requires the forms to be wet signed, an instruction page can be generated to guide the advisor on the workflow to print, have the client wet sign the forms, and upload the wet signed forms as part of the package.
“This integration partnership with Cooperative Technologies provides the industry a revolutionary way of handling replacement processing electronically,” comments Katherine Dease, VP, FireLight product management, Insurance Technologies. “Because the surrendering carrier defines the acceptance of e-signature on replacement forms, it has been an industry challenge to create a consistent process for advisors.”
“With this integration, FireLight pulls in the processing center rules and dynamically manages the replacement workflow, streamlining the replacement process for advisors,” Dease adds. “FireLight clients have been eagerly awaiting this platform enhancement and we could not be more excited to be able to offer this to our clients.”
Decreasing NIGO Replacement Submissions
The vendor asserts that the integration will decrease not-in-good-order (NIGO) replacement submissions related to incorrect or missing ceding carrier information and incorrect ACORD 951 eForm signing requirements, expediting policy issuance while decreasing time and cost. FireLight provides the ability for carriers to leverage behind-the-scenes rules to create an e-signature workflow or initiate a wet sign process based on the 951 eForm ceding carrier acceptance indicator, according to Insurance Technologies.