COLORADO SPRINGS, CO, August 8, 2012 – Insurance Technologies, LLC, a provider of innovative sales and regulatory automation solutions to the insurance and financial services industry, announced today the launch of VisibleChoice® 3.0. The latest version of Insurance Technologies’ annuity sales and suitability solution for broker-dealers and advisors includes new features to simplify and streamline the annuity sales process.
Chip Kispert, Founder of Beacon Strategies, a broker-dealer focused research firm, said, “Customer suitability and ‘know your client’ demands are not new, but the implementation of FINRA Rules 2090 and 2111 last month have significantly increased the burden of oversight responsibilities on broker-dealers. These new rules expand upon existing FINRA requirements by mandating the capture and analysis of a multitude of new demographic, economic and investment factors from clients to ensure the suitability of investment choices.”
“Based on their deep industry knowledge, Insurance Technologies has developed VisibleChoice, which offers broker-dealers and their advisors a sophisticated, automated due diligence and suitability review for variable annuity products,” said Marshall Levin, Partner of Beacon Strategies. “VisibleChoice effectively guides broker-dealers through the information gathering tasks, performs necessary data management and analysis, and provides standardized, uniform suitability review and documentation. This is an elegantly integrated set of services that no other vendor comes close to providing to support the compliance requirements for the sale of variable annuities.”
VisibleChoice 3.0 new features include:
· Comprehensive Annuity Sales and Suitability Capabilities: Delivers annuity data access for the entire industry and integrated suitability modules that broker-dealers and advisors can use to reduce compliance risk and increase sales suitability and productivity. It also includes enhanced management reporting, which provides broker-dealer home offices with valuable sales and comparison intelligence such as product usage and business replacement percentages.
o Provides broker-dealers and advisors with the ability to perform direct comparisons for all annuity types, filtering important criteria such as rating, class, and risk tolerance so advisors can recommend the most suitable annuity option for each client. With easy to understand Annuity Summary Reports, advisors can quickly and effectively communicate complex product information to clients, which increases transparency and understanding for the customer.
o Helps advisors meet the home office suitability forms process requirements in an automated manner through VisibleChoice Suitability®, a rules based suitability forms platform. VisibleChoice Suitability provides broker-dealer home offices with a flexible platform that can be integrated into existing business processes and systems to assist advisors in managing compliance with FINRA rules 2090 “Know Your Customer” and 2111 “Suitability”.
· Mobile Access: Now advisors can access VisibleChoice 3.0 from multiple devices, which helps them to make their practices more portable. Version 3.0 enables e-signatures and paperless suitability reviews and allows firms to create an electronic audit trail on their annuity product comparisons and recommendations. Bringing key functions such as annuity product reviews, completion of the suitability process and electronic signing of documents to a remote format allows advisors to meet with more clients and close business on the spot. This leads to stronger client relationships, more efficient bookkeeping and better management of compliance requirements.
Del Lang, VP, VisibleChoice® Product Management at Insurance Technologies, said, “We are excited for the launch of VisibleChoice 3.0 and the enhanced features it offers for suitability, management reporting and mobile usage. Our goal is to provide fresh and innovative solutions that help our clients better serve their customers; and this product fills an important due diligence and suitability need. VisibleChoice 2.0 had five times the adoption rate of the previous version, and we look forward to building on that success.”
Based in Colorado, Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industry, supplying Carriers, Broker-Dealers, Bankers and Advisors the accurate sales tools allowing them more time to develop new sales opportunities. Our product suite manages the sales process across distribution channels thus providing Straight-Through Processing (STP) resulting in more in good order applications. ForeSight™ is a mobile point-of-sale platform that illustrates all business lines across diverse distribution channels. VisibleChoice® is a multi-carrier annuity sales and suitability solution that compares side-by-side product features and benefits thus reducing compliance risk and increasing suitability. FireLight® is a low cost, flexible and easy to deploy mobile business fulfillment platform that automates any existing sales process across all lines of business.
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