Allianz Life Insurance Company of North America (Minneapolis) has deployed ForeSight 5.0, Colorado Springs, Colo.-based Insurance Technologies' flagship point of sale and illustration system for life, annuities, critical illness, disability income and long-term care, the vendor announced in a press release.
Allianz has leveraged versions of ForeSight since 2005 to ensure accuracy in its life insurance calculations. "Since the products are complex, and we are illustrating guarantees, it is critical to illustrate values that are accurate and repeatable," Jason Linn, VP of product innovation at Allianz, said in the press release.
The latest version of the system features a Summary Values section that allows users to see how each parameter they modify alters the premium needed or death benefit available. In addition, ForeSight 5.0 offers expanded field capabilities through which users can create specific funding patterns, death benefit changes, illustrated rates and rider selections.
Since deployment, Allianz has seen "marked improvement" regarding the speed at which values are calculated and PDF reports are rendered, according to Allianz. "Users being able to quickly create a variety of situations have had the biggest impact," Linn stated. "They are able to move quickly through the fields and from one page to the next, all while seeing the results on screen."