(Image credit: Dollar Photo Club.) 

iPipeline (Exton, Pa.) has launched its Bank and Broker-Dealer Technology Advancement Program, directed at delivering annuity processing solutions to the institutional sales markets along with wholesale fulfillment services. Four Seasons Financial Group (FSFG, Marlton, N.J.), a national wholesale provider of life and annuities products, has entered into an arrangement with iPipeline to provide product, training and fulfillment services to banks and broker-dealers who will be using iPipeline’s leading multi-carrier platform for life insurance, annuities or both.

“iPipeline is aware of the challenges faced by banks, broker-dealers, and other institutional sales sources to initiate and streamline their life and annuities sales, suitability reviews, order entry and policy delivery,” comments Tim Wallace, CEO, iPipeline.

 

Whether the products are simplified issue or fully underwritten, advisors can use iPipeline’s one-stop platform to provide health class estimations and quotes, gain access to CRM data, complete an e-App or order entry, ensure compliance, and manage policy delivery, Wallace notes.

“Our new Technology Advancement Program for institutional sales gives everyone the chance to accelerate sales through a world-class platform,” Wallace adds. “Four Seasons Financial Group is an advocate of using technology to simplify what can become an unnecessarily complex sales process. We are pleased to have them leading the charge to bring our technology along with their product delivery, training and fulfillment services to the institutional market.”

(Related: iPipeline Acquired by PE Firm Thoma Bravo)

FSFG’s agreement with iPipeline will address difficulties advisors have historically had to cope with when attempting to sell life and annuity products, according to James J. Sorebo, president and CEO, FSFG. “iPipeline’s solutions will drastically improve upon the current selling and processing experience for annuities by eliminating ongoing ticket charges, reducing other expenses, and adding market leading suitability oversight to support annuity sales,” Sorebo comments. “On the life side, the solutions will make an even bigger difference, cutting underwriting that normally takes weeks down to as little as minutes. Technology will be the difference maker for the carriers, distribution partners seeking larger profit margins, and – most importantly – for customers seeking a better process via a digital buying experience.”

In Search of the “Easy Button”

“One thing we definitely know about advisors in the bank and credit union channel is that they are always looking for the Easy Button and the sales path of least resistance,” comments Scott Stathis, Managing Partner with Stathis Kucholtz Partners, a Groton, Mass.-based research and consulting firm focused on the bank and credit union brokerage channel. “Life insurance is one of the biggest unrealized opportunities in our channel, and one of the most significant factors blocking success is the convoluted sales and execution process. Simplifying that process is a big win and will dramatically increase life sales.”