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FireLight Solution Provides DoL Fiduciary Rule Support

Staff Writer | October 12, 2016

Insurance Technologies announces solution enhancements to its e-application SaaS solution, FireLight, to support financial institutions and advisors in complying with the Department of Labor (DOL) fiduciary rule requirements. The new enhancements will provide FireLight clients broader solution capabilities including capturing client needs, product filtering, and DOL required disclosure processes.

The flexibility of FireLight and new system enhancements will enable financial institutions to integrate DOL requirements and workflows into their sales process, delivering a sales process to advisors. With an agile workflow and built-in e-signature capabilities, required disclosures and contracts, including the Generic Disclosure, Best Interest Contract, PTE 84-24 Disclosure and Transaction Fee Disclosure, can be incorporated into a financial institution’s approved sales workflow meeting the individual firm’s fiduciary defined sales processes. With the FireLight administration tool, firms have the control to meet their individual sales strategies. Firms can collect client needs and execute DOL required documentation in stand-alone instances or as part of a complete application sales process.

“Solving for the DOL Fiduciary Rule is just part of the new landscape and we are very excited to offer a built-in defensible workflow for our clients,” says Katherine Dease, vice president of product management. “The additional DOL support functionality in FireLight will offer clients a streamlined solution to build an unbiased and recordable process, supporting financial institutions or agents in the post-DOL environment in supporting recommendations made in the best interest of the client.”

The new needs determination and product filtering capabilities in FireLight will create an entire workflow that is recordable, reviewable, and electronically signed by the client and financial institution. System flexibility allows compliance departments to determine the question set required for the needs determination, which will ensure the agent captures information to provide a best interest recommendation. 

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