Phoenix Achieves Competitive Advantage by Extended Use of Insurance Technologies Software

The Hartford-based L&A carrier is now using the vendor’s flagship products, ForeSight and FireLight to illustrate and process whole life, term life and annuities.

(The Phoenix Companies’ building in Hartford. Image courtesy of The Phoenix Companies.)

Phoenix Life Insurance Company, a Hartford-based life and annuity carrier and division of The Phoenix Companies, has expanded its use of Insurance Technologies’ (Colorado Springs, Colo.) ForeSight and FireLight applications to illustrate and process whole life, term life and annuity insurance products.

Don Griswold, 2nd VP, Operations and Delivery, Phoenix Companies.

Don Griswold, Second VP, Operations and Delivery, Phoenix Companies.

“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 VP of Product & Operational Delivery, at Phoenix Life Insurance Company. “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.”

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 includes Phoenix’s whole life and term life products and includes a mobile quoting app which allows Phoenix producers to quickly and easily run simplified term life illustrations from their smart phones, according to an Insurance Technologies statement.

(Related: Q&A: Phoenix Companies CIO Talks Life Distribution Trends)

Phoenix’s use of Firelight—an e-application business fulfillment platform—enables the carrier to process orders illustrated through ForeSight. The integration of the two applications enables agent, client and product data within ForeSight to be fed seamlessly into FireLight, expediting the application completion and submission process, according to the vendor.

Flexibility and Functionality

FireLight also provides Phoenix with the flexibility and functionality needed to create a multi-party paperless automated workflow, speeding issuance of contracts, Insurance Technologies asserts. The application enables the carrier to process business through multiple workflows to meet various field sales practices, the vendor says.  Phoenix implementation of FireLight included the design of workflows to incorporate agent, case manager and tele-interviewer processes within the same system, Insurance Technologies reports.

Phoenix has also adopted the mobile functionality of ForeSight and FireLight, which allows producers to work from their tablet devices. Both ForeSight and FireLight offer “disconnected” capabilities enabling producers to work away from their desks and assist clients in nontraditional or rural arenas when needed.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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