COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, reports strong financial results for 2018 with exceptional growth across all product offerings.
FireLight®, a multi-carrier sales platform, continues to see remarkable growth, becoming the fastest growing order entry solution based on total firms, producer access and production volume. In 2018, FireLight grew its carrier client base by over 15%, while increasing its distributor client base by over 30%. FireLight added 17 new distributors, increasing its primary distributor client base to over 70 with hundreds of affiliated distribution firms using FireLight under the parent firms. In addition, FireLight brought on seven new insurance carriers in 2018. FireLight overall transaction growth exceeded 70% in 2018 – an average growth of 55% annually over the past four years. FireLight continues to see transaction growth across all lines of business, seeing the most increase in the life product space.
“Our carriers are seeing the true value and cost savings they get with FireLight,” said Doug Massey, executive vice president of sales and relationship management, Insurance Technologies. “They love the fact that they can completely control their business rules and business process and use a single set of rules across their entire organization for front office, back office, captive, independent and consumer channels. We are excited our carrier clients are committed to running 100% of their business production through FireLight.”
In 2018, FireLight experienced several platform enhancements to offer new sales components and features to carriers and distributors. These new platform sales capabilities include, but are not limited to, Wizard Designer, Pre-Sale Functions, Illustrations, e-Delivery, FireLight Embedded and additional pre-fill data integrations.
“In 2018, we pushed the capabilities and feature offerings of FireLight to the next level. With our carriers’ and distributors’ needs in mind, we spent 2018 developing new offerings to make FireLight a truly seamless experience that is capable of managing the entire sales process from beginning to end,” said David Fenimore, CEO, Insurance Technologies.
ForeSight®, a market-leading insurance illustration software solution, also saw growth throughout the year by adding four new carriers. Most of the expansion was in support of life insurance products while annuities growth still remained strong. In 2018, ForeSight added compare and composite illustration capabilities to better support the way agents sell insurance and support their clients.
“Following an excellent year, we see steady interest for strong growth in 2019. This is a testament to the company’s commitment to invest in the development of innovative, solid products with the intent to provide true value to its clients and the industry. Insurance Technologies is committed to continuing its development efforts in 2019 to further expand both the FireLight and ForeSight solutions to bring additional value to our clients,” said Fenimore.
About Insurance Technologies
Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to illustrations and e-application to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.