The first segment of the financial services industry to fully appreciate the value of Finetre automation – and to establish Finetre’s order-entry technology as its standard – was the nation’s insurance carriers. Today, virtually every major insurance company that provides variable annuities – nearly 40 in all – leverages the AnnuityNet Platform for some portion of their operations. Collectively, these companies have launched over 1,000 annuity products on AnnuityNet. And it was this same carrier community that requested that Finetre provide the same kind of support for term and permanent life insurance – so today, we also offer LifeSpeed.
AnnuityNet enables insurance carriers to realize higher sales and greater efficiencies in two ways:
- Facilitate easy and efficient communication of product information to distributors/vendors via Foundry; and
- Achieve higher rate of In Good Order applications via the AnnuityNet wizard.
AnnuityNet enables carriers to efficiently introduce and update products and compliance rules electronically, then to transmit them instantaneously to the automated offices of distributors/brokerages. This information is incorporated into the order-entry process and suitability questionnaire and can be accessed by sales reps any time, anywhere via the Internet and AnnuityNet’s wizard.
Automatic scoring and adjudication occurs during the order-entry process, resulting in applications that are submitted quickly, accurately and fully. This virtually eliminates the Not in Good Order) problem that plagues manual origination processes. Many carriers report receiving 98% in-good-order applications.
For the equivalent of electronic processing of life insurance, Finetre leveraged its core competence to provide LifeSpeed.
LifeSpeed fully automates the life application process and puts both Parts A and B of an application into a convenient, easy-to-use format. LifeSpeed provides insurance companies a complete automated solution for the sale and associated processing of their life products. Because the application is error-checked and validated against carrier product rules – in real time – at the point of sale, carriers receive error-free, electronic applications – which reduces the costly overhead of processing paper forms and managing Not In Good Order business.
Finetre relies on its vast insurance carrier client base to maintain the high degree of accuracy provided on its rules-based platform. Several times a year, these clients are invited to meet at Finetre-sponsored forums to discuss potential feature enhancements to AnnuityNet that will benefit the industry. In particular, the Wizard Advisory Group is a special carrier forum created to help guide development of Finetre enhancements made to the Baseline Wizard – the portion of the AnnuityNet Platform that controls edit and data capture features related to carrier business and product rules.
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