Over the past 24 months, the Financial Institutions Industry Standards (FIIS) team has established the scope and framework for standards over a key set of life insurance processes in the financial institutions space. The six key FIIS workgroups have captured need, developed concept, and prepared short and long term plans necessary for the ultimate implementation of processing and data standards.
With the focus on financial institutions established and the framework in-place to move forward, four of the FIIS workgroups will become part of the overall efforts of the Life Brokerage Technology Committee (LBTC). The 4 workgroups are: Pending Case Update; Application Submission Process; Policy Delivery (eDelivery); and Pre-Sale Technology Integration.
LBTC is well entrenched in the life insurance community and is well known for its successes with technology advances associated with the marketing, sale, and servicing of insurance in independent as well as other distribution channels. “While it was critical to establish work groups with key players in the space and an exclusive focus on financial institutions, the teams are now at a point where their direction is clear and they will benefit greatly from the broader work product and synergies that LBTC brings,” said Carol Rando, who initiated FIIS in support of PLAN (Professional Life Advisors Network) and the financial institutions marketplace as a whole. The work groups will remain in-tact, with the same team leaders and focus, and will transition under the overall umbrella of LBTC. “We are thrilled to expand our focus firmly into the financial institutions space, and recognize the groundwork in place and tremendous synergies to be leveraged as we progress into this predominantly uncharted space,” said Ken Leibow, steering committee chairperson of LBTC.
