Operational Excellence
To help set a standard for excellence and transform the annuity experience, we partnered with Insured Retirement Institute (IRI), Depository Trust and Clearing Corporation (DTCC) and carrier partners to upgrade multiple industry processes. The first two we鈥檝e implemented are:
Paperless replacements
We were the first to go live with a new digital-first platform automating data exchange between carriers. This eliminates the need for exchanging paperwork and aims to:
- Reduce the time to fund incoming replacements
- Streamline the outgoing replacements process
- Help clients obtain new market rates faster
- Save time on carrier inquiries related to transfers
Previously, the paper transfer process between carriers took 2-4 weeks. With the new platform in place, our goal is to reduce transfer time to 24鈥�48 hours.
Activity status messaging
We partnered with IRI to create standardized real-time pending business status for use on distributor and carrier portals as well as e-app systems. The update was incorporated on our producer portal, 黑料吃瓜网 Connect, in February, and 13 carriers have committed to implementing the new standards over time. Consistency across platforms can help producers and back-office staff work more efficiently, saving valuable time.
