Beacon Streamlines the Annuity Sales Process with the Introduction of Annuity Switchboard®
NORTHFIELD, Ill., Oct. 29, 2020 /PRNewswire/ -- Beacon Annuity Solutions®, a leading provider of cloud-based annuity software and compliance solutions, today announced the introduction of Annuity Switchboard. Annuity Switchboard, a Beacon Annuity Solutions service, offers streamlined pre-sale and compliance-driven solutions for carriers and their distribution partners -- broker/dealers, banks, brokerage general agencies, independent broker dealers and other firms -- through a secure, centralized and automated infrastructure. This infrastructure enables insurance carriers to communicate its most current annuity rates and product information at key points throughout the annuity purchase cycle.
Annuity Switchboard's unique approach to automating the maintenance and distribution of annuity rate and product information ensures that an annuity provider's distribution partners have access to 100% carrier certified information to support their sales and compliance efforts.
Switchboard provides secure real time access to carrier information on thousands of fixed, fixed index, indexed variable and variable annuity products along with more than 10,000 rates. Custom APIs deliver a seamless integration into bank and broker dealer compliance systems as well as carrier back offices.
In addition, Beacon has an archive of closed annuity products with versioning going back to 1997. This allows for detailed comparisons of the exact version of an exchanged product verses a recommended one – regardless of annuity type.
"Regulators encourage compliance solutions to utilize accurate, automated data population over manual error prone alternatives. Annuity Switchboard is the next logical step in that evolution for those financial professionals who recognize the critical role annuities can play in providing clients with protected lifetime income," said Jeremy Alexander, CEO, Beacon Annuity Solutions. "Annuity Switchboard's 100% carrier certified information provides annuity distributors with the with the confidence needed to support and supervise their advisor recommendations."
In addition to supporting annuity sales and distribution, Annuity Switchboard provides numerous benefits to carriers. The easy-to-use interface allows the annuity provider to control and understand how their products are being used across their own distribution ecosystem. Carriers effectively manage each distributor's access to its products and approve all its annuity offerings for each distributor down to the state level planned product roll outs and integration with straight through processing. Over time, carriers experience less NIGOs (applications deemed Not In Good Order) and breakage, resulting in reduced acquisition costs.
About Beacon Annuity Solutions
As a recognized leader in quality annuity data and research tools for the past 22 years, Beacon Annuity Solutions provides over 250,000 industry professionals with the market intelligence needed to support their product, sales, and compliance efforts. Our comprehensive and unsurpassed data warehouse maintains quality up-to-date information for thousands of open and closed annuity contracts including fixed, fixed indexed, variable and indexed variable products. Along with our extensive sales data, subscribers can keep a finger on the pulse of the annuity industry, allowing for the identification of trends and opportunities in a timely manner.
Founded by a former financial planner, Beacon Annuity Solutions understands the importance of annuities as part of a client's retirement strategy. In support of that need, Beacon offers a wide variety of tools powered by our comprehensive and unsurpassed product library, to help your firm; minimize compliance risk, support and monitor the sales process, maximize sales, conduct product research, and support product development and pricing efforts.
Additional information about Beacon Annuity Solutions can be found at www.annuityswitchboard.com.
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SOURCE Beacon Annuity Solutions
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