SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): January 31, 2003
FINANCIAL INDUSTRIES CORPORATION
(Exact name of Registrant as specified in charter)
Texas 0-4690 74-2126975
(State or other jurisdiction (Commission file number) (I.R.S. employer
of incorporation) identification no.)
6500 River Place Blvd., Building One
Austin, Texas 78730
(Address of principal executive offices)
Registrant's telephone number, including area code: (512) 404-5000
_______________________________
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is included with this Report:
Exhibit 99 Press release dated January 31, 2003 issued by Financial
Industries Corporation
Item 9. REGULATION FD DISCLOSURE
On January 31, 2003, Financial Industries Corporation ("Registrant") issued a
press release announcing that it plans to implement a number of technology
projects consistent with the company's new strategic direction program aimed at
improving operational efficiency and increasing investment income. The
technology improvements consist of a New Business and Underwriting Automation
Project, an Interactive Voice Response(IVR) Project, and migration to one new
business computer system throughout the company, all of which will reduce
operating expenses, increase productivity and enhance customer service
capabilities.
NOTE: The information in this report (including the exhibit) is furnished
pursuant to Item 9 and shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to
the liabilities of that section. This report will not be deemed an
admission as to the materiality of any information contained herein that is
required to be disclosed solely by regulation FD.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FINANCIAL INDUSTRIES CORPORATION
Date: January 31, 2003
By: /s/ Eugene E. Payne
Eugene E. Payne
Chief Executive Officer
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Exhibit 99
(BW) (Financial Industries Corporation) (FNIN) Financial Industries Corporation
Announces Technology Component of New Strategic Direction
AUSTIN, Texas - (BUSINESS WIRE) - January 31, 2003 - Financial Industries
Corporation (FIC) (Nasdaq: FNIN) today announced that it plans to implement a
number of technology projects consistent with the company's new strategic
direction program aimed at improving operational efficiency and increasing
investment income. It is estimated that the new technology investment will have
a net savings of approximately $1.58 million over the course of the next five
years.
"For 2003, FIC has scheduled three major technology improvements that will
reduce operating expenses, increase productivity, and enhance customer service
capabilities," said the head of FIC's new management team, Chairman, President,
and CEO, Eugene E. Payne. "We are excited about what these improvements will
mean for our sales and marketing capabilities, as well as the positive impact
they will have on our bottom-line."
A New Business and Underwriting Automation Project includes several initiatives
to enhance the New Business/Underwriting processing environment:
o The Document Imaging and Workflow project will allow each department
to substantially reduce paper work, improve business processing
turnaround time, expedite work scheduling between departments and
reduce resources.
o The Personal Digital Assistance Program (PDA) will allow agents to
enter all application information into a handheld PDA and transmit the
data with electronic signature directly into the Home Office new
business system.
o The Automate Policy Assembly Process will allow New
Business/Underwriting to print policy forms at time of issuance,
reducing manual production processes and decreasing turnaround time by
up to a full day.
o The Automate Sales Illustrations will eliminate the current
requirement to manually input all of the data from the issue system
into the sales illustrations software.
An Interactive Voice Response (IVR) Project will allow policyholders and agents
to obtain policy information directly from the Home Office computer system via
voice, fax, callback and email - 24 hours a day, 7 days a week.
In 2003, the company will also commence its migration to one new business
computer system consistent throughout the company.
"There are numerous additional technology initiatives currently under evaluation
which also may help reduce expenses and improve productivity and service. Each
must pass the test of quickly improving the bottom-line" said Payne. "FIC is
dedicated to rapidly and aggressively pursuing such initiative to improve
operating efficiencies and producing better financial results in the future,"
continued Payne.
(more)
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FIC - Technology Release, page 2
These latest planned technology improvements are a critical part of a
far-reaching plan designed to refocus on the Company's new strategic direction.
Additional components of the plan include cost cutting measures to quickly
streamline sales costs while focusing sales energy on their most profitable
markets, the development of a new diversified strategy for investments to
enhance earnings, a re-invigorated acquisition strategy, and a revamping of the
company's organizational structure.
Financial Industries Corporation (FIC), through its various subsidiaries,
markets and underwrites individual life insurance and annuity products. For more
information on FIC, go to http://www.ficgroup.com on the Internet.
This release contains certain "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
risks, uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking and the words "anticipate,"
"believe," "expect," "estimate," "project," and similar expressions are
generally intended to identify forward-looking statements. The forward-looking
statements in this release include statements addressing future financial
condition and operating results. Economic, business, competitive and/or
regulatory factors affecting FIC's businesses are examples of factors, among
others, that could cause actual results to differ materially from those
described in the forward-looking statements. More detailed information about
these and other factors is set forth in FIC's Annual Report on Form 10-K for the
fiscal year ended December 31, 2001 and its other filings with the Securities
and Exchange Commission. FIC is under no obligation to (and expressly disclaims
any such obligation to) update or alter its forward-looking statements whether
as a result of new information, future events or otherwise.
For more information contact: Bob Bender, Corporate Relations Officer,
512-404-5080, bbender@ficgroup.com
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