Tim
Fitzpatrick
President
Tim Fitzpatrick has extensive experience
in roles directly supporting MGAs and their advisors.
Tim entered the life insurance
business at 17 in 1973 in the actuarial department at Dominion
Life. In 1979 at age 24, Tim proposed, designed and installed
the first terminal in a branch that would do sales illustrations,
annuity quotes and e-mail, which Dominion Life the widely adopted
and was the first in Canada in this respect.
By age 26, Tim was Vice President
and Actuary at Financial Life. Most would be content at this
stage, but not Tim, who resigned 2 years later and founded his
first consulting company in 1983. Financial Life became a client
in 1985 and Tim was well known for product development at Financial
Life through to its sale to Aetna in 1996. What many do not know
is that Tim also supplied the sales illustration software, policy
issue system and the reserve and dynamic solvency testing systems
to Financial Life.
In 1987 Tim met Jeff Dick his
current partner. In other areas, Tim and Jeff supported six large
Canadian insurers on product development and investment modeling
software and served on the investment committees of two Canadian
insurers.
Tim and Jeff then founded what is now VirtGroup Inc. at a time when the industry was discussing Life Company Central. They felt that web enabling older LAN based software just does not work and that distributors needed a browser based solution that was written from scratch for data interchange.
With the addition of investment products, today VirtGate is an integrated wealth management platform with a unique ability to process multiple financial products and services on a single platform without modules or user fees. The mandate is for the MFDA channel and MGA channel to continue as the most cost effective channel of distribution for funds and insurance.
