Insurance Technologies and Cooperative Technologies Partner to Automate and Simplify Replacement Processing

COLORADO SPRINGS, Colo., Oct. 25, 2016 (GLOBE NEWSWIRE) -- Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announced today the integration partnership with Cooperative Technologies, a premier provider of back-office 1035 exchange solutions. This strategic partnership enables 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.

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. 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. 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,” said Katherine Dease, vice president of FireLight product management, Insurance Technologies. “With this integration, FireLight pulls in the processing center rules and dynamically manages the replacement workflow, streamlining the replacement process for advisors. 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.”

This integration decreases 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.

This added capability within FireLight assists advisors in completing exchanges in good order, while expediting the transfer process and policy issuance. Insurance Technologies FireLight clients with a Cooperative Technologies 1035YellowPages order entry agreement are able to activate and leverage this functionality in FireLight based on their defined workflows and distribution relationships.

“Cooperative Technologies has long had a presence in insurance back-office operations with our CT1035 Exchange solutions. We and our partners have known that making 1035YellowPages information available to financial advisors at the time of sale would have a positive impact on streamlining sales, by significantly reducing not-in-good-order replacements, and providing the e-Signature and other automation triggers that support straight-through-processing,” stated Vaughan Lund, president of Cooperative Technologies. “We are delighted to partner with Insurance Technologies who, as an industry leader, is moving replacement automation forward for our mutual clients.”

To learn more about FireLight, contact info@insurancetechnologies.com or call 719-442-6400, and to learn about 1035YellowPages, contact solutions@cooperativetechnologies.com or call 470-344-0104.

About Cooperative Technologies (www.1035YellowPages.com/www.CooperativeTechnologies.com)
As the premier provider of 1035 exchange / replacement solutions, Cooperative Technologies works closely with industry partners, delivering robust, proven, standards-based, interactive applications that support 1035 automation. Our exchange solutions fast-track replacements by cutting out time-sinks and overhead costs. 1035YellowPages® includes turnkey website and integrated web-service access to robust, ceding carrier data and automation rules. CT1035 Exchange® leverages ceding carrier, state and in-house rules in a customizable, replacement workflow system that provides automation and detailed reporting. In addition, Cooperative Technologies CT ListBill® reconciliation system streamlines list bill administration.

About Insurance Technologies (www.insurancetechnologies.com)
Based in Colorado Springs, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Our product suite supplies carriers and distribution partners accurate tools to automate and accelerate the sales process allowing more time to develop new sales opportunities. ForeSight® is a mobile point-of-sale illustration platform that supports all aspects of the insurance sales process for multiple lines of business across diverse distribution channels with customized user experience and content branding options. FireLight® is a device-agnostic, user-friendly, easy to deploy e-application business fulfillment platform that automates any existing sales process across all lines of business facilitating straight-through processing.

Insurance Technologies Contact: Kristin Wills VP, Marketing 719-442-6400 kwills@insurancetechnologies.com Cooperative Technologies Contact: Cheri DeBoer-Stinson Director, Business Development 470-344-0104 cstinson@cooperativetechnologies.com

Source: Insurance Technologies