iPipeline, a global fintech provider that caters to the life insurance and financial services sector, is changing the face of annuity management by taking a page from the UberEats playbook.
The firm is claiming an industry first for US advisors with OneView, a wealth tech solution that lets advisors monitor annuity orders across multiple insurers.
While broker-dealers, financial institutions, and wealth management firms have traditionally been left in the dark once orders were submitted, iPipeline’s new annuity management solution offers an integrated dashboard that tracks orders from inception to completion.
“OneView is not just an innovation; it's a revolution in managing annuities, built with our customers' needs at the forefront,” said Roy Goodart, vice president of product management at iPipeline.
The platform allows financial advisors to easily ascertain the status of their clients' annuity orders in real time, allowing for seamless adjustments at any stage of the application process.
By employing industry-standardized status labels, OneView aims to cut down back-and-forth communications with insurers and reduce uncertainty on annuity purchases.
The platform is designed to reduce cycle times and virtually eliminate applications that aren't in good order – known as NIGOs in the business – allowing advisors to close business faster, devote more of their attention to clients, and free up more hours to grow their business.
“Think about the food delivery service industry and how it has evolved … by mastering the art of keeping the customer informed, every step of the way,” said Adam Ducorsky, senior director and product manager at iPipeline, who’s the team lead for OneView. “With OneView, we've taken that concept and elevated and applied it to the annuity industry.”
Since its inception in 1995, iPipeline has had a hand in obtaining protection for more than 49 million individuals. The firm facilitated the collection of over $33 billion in life insurance premiums and $55 billion in annuities in 2022, a year when the US individual annuity market saw $312.8 billion in sales, according to Limra.
With a network of more than 500,000 agents and advisors, the company currently collaborates with more than 100 insurance carriers and over 2,500 broker-dealers and financial institutions globally.
iPipeline is currently making the OneView solution available exclusively to US advisors.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
