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Fidelity & Guaranty Life (F&GL, Des Moines) deployed iPipeline’s (Exton, Pa.) AFFIRM for Annuities order entry solution in under four months and exceeded its target premium goal of $300 million in under three weeks, while also reducing not-in-good-order (NIGO) policy applications from 60 percent to 15 percent. The record sales for the company’s FG Guarantee Platinum-5 product were achieved within two-and-a-half weeks after launching the iPipeline solution—a feat that earned the company a Novarica Research Council Impact Award.
Paul Tyler, SVP, Fidelity & Guaranty Life.
“2015 feels like a watershed year for our industry,” observes said Paul Tyler, SVP, F&GL. “Almost every carrier has a meaningful effort underway to accept business on the web, and the strategy needs to include products specifically designed to leverage web-based selling and processing platforms, such as AFFIRM for Annuities.”
iPipeline describes AFFIRM for Annuities as an order entry solution that enables advisors to simplify and streamline the processing of annuities via the web, laptop or a mobile device. The solution has the potential to substantially reduce NIGO applications and processes electronic submissions using preferred workflows and suitability reviews to ensure SEC and FINRA compliance, the vendors says. Fidelity & Guaranty Life is also a long-time user of iPipeline’s illustration’s solution.
Blowing Away Paper Performance
“The resulting record sales confirm that today’s generation of advisor and buyer is looking for a modern digital experience,” Tyler adds. “Through the use of AFFIRM, our ‘in good order’ and overall placement rate for Platinum-5 blew away that of our paper-driven core business. People in this industry, like our partners at iPipeline who have been pushing for digitization for years, may finally see the fruits of their long labor.”
F&GL’s winning the Novarica Impact Award for its deployment of AFFIRM signals that the company is moving in the right direction, Tyler says. “It also shows we have a business and IT team that can deliver positive results for the business in a short time frame,” he says.