Sammons Financial Group is rolling out a new paperless transaction process for annuity transfers, a move designed to boost efficiency, speed, and accuracy. Member companies including Sammons Institutional Group, Midland National Life Insurance Company, and North American for Life and Health Insurance are spearheading the initiative. Additionally, Sammons Retirement Solutions and Midland Retirement Distributors are participating companies within SIG.
Sammons Financial Group is one of only three annuity carriers involved in the development, testing, and piloting of this new technology, a project undertaken in collaboration with the Insured Retirement Institute (IRI) and the Depository Trust and Clearing Corporation.
Annuity transfers between carriers represent the initial step in transitioning annuity transactions to a fully digital process, which is a key focus for the industry. The ultimate goal is to significantly reduce the time required for these transfers, moving from a process that often takes weeks to one completed in a matter of days. The Depository Trust and Clearing Corporation (DTCC) has developed a new service to manage this. IRI anticipates that other companies will adopt the new process later this year.
“This historic move directly benefits our clients,” said Casey Decker, Chief Operating Officer of Midland National and North American. “It also assists our distribution partners, advisers, and agents by reducing paperwork and transitioning annuity sales and renewals to a digital platform. We have all grown accustomed to on-demand services. Our clients expect this level of convenience, and it is essential for the financial services industry to continue simplifying and speeding up the processing of financial transactions. This has become increasingly critical for today’s retirees.”
Wayne Chopus, IRI president and Chief Executive Officer, added, “This first paperless transfer annuity transaction is just the beginning of what our Digital First for Annuities initiative can deliver. We are creating a modern, consumer-centric infrastructure by embracing advancements to help streamline processes, reduce errors, and accelerate transactions. This transformative work continues to gain momentum.”
