Eliminate Annuity Advisor Suspense

Annuity advisors should not have to wait breathlessly to see what exciting thing the issuer’s order processing team will do next.

That’s one of the ideas driving recent annuity support services and annuity product announcements.

Here’s a look at five themes behind the debuts.

1. Show financial professionals what’s happening.

An insurance technology firm, iPipeline, has introduced the OneView system, a tool that will help financial advisors track the status of clients’ annuity orders — in real-time.

Traditionally, pizzerias have helped customers see what’s happening with orders for $20 pizzas. Insurers have not provided any kind of online tracking for annuity transactions that could involve hundreds of thousands of dollars in retirement savings.

Now, iPipeline says, financial professionals can use OneView to see what’s happening to annuity orders at many insurers without having to email a carrier representative or summon up the energy to call someone.

2. Offer quick returns.

Delaware Life, an arm of Group 1001, has introduced the PrimeStart Bonus 10 non-variable indexed annuity.

The contract provides a 10% bonus on premium payments made in the first 60 days after the issue date, along with interest crediting based on the lowest starting index value in the first 90 days after contract issue.

The lowest-starting-index-value feature could increase the size of the interest credit and the likelihood of the client earning an interest credit in the first contract year, according to Delaware Life.

The annuity has a minimum premium of $25,000 and a maximum issue age of 80.

It has a 10‐year surrender charge schedule.

3. Guarantee returns.

The stock market may look better, but many clients still want to lock in value guarantees.

4. Refresh.

The Nationwide has spruced up its Nationwide Advisory Retirement Income Annuity riders.

Withdrawal rates for some NARIA lifetime income riders will increase, affecting the L.inc+ Core Advisory, L.inc+ Accelerated Advisory and L.inc+ Empire Advisory riders.

The size of the increase will depend on how old the annuity holder is when the holder begins making withdrawals.

Nationwide is also adding a NARIA tool that will let advisors create investment options offering groups of funds rather than individual investments. That should make managing portfolios simpler, the company says.

5. Add choices.

Empower is going beyond plain vanilla on the menu available for workers who convert 401(k) plan assets or other defined contribution plan assets into lifetime streams of retirement income.

The company has teamed with other asset management and insurance providers to offer options such as American Century Investments’ Income America managed accounts program; a new target date fund series featuring a flexPath glide path allocation tool; and access to the Blueprint Income annuity menu.