Insurance Technologies Partners with Cooperative Technologies
Staff Writer | October 25, 2016
Insurance Technologies announces the integration partnership with Cooperative Technologies, a 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,” says 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.”
“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,” says 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.”
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