Fidelity & Guaranty Life Wins Novarica Impact Award with iPipeline’s AFFIRM
November 1, 2015 by NAFA Staff
F&GL Exceeds $300 Million in Annuities Sold in Under 3 Weeks—90% via the Web
iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry – today announced Fidelity & Guaranty Life has received Novarica’s Research Council Impact award for deploying AFFIRM for Annuities in under 4 months, exceeding its target premium of $300M in under 3 weeks, and reducing not in good order policies applications from 60% to 15%. The record sales for the FG Guarantee Platinum®-5 product occurred within 2 and a half weeks after launching the iPipeline solution. The product can only be purchased via the web using the AFFIRM solution.
AFFIRM for Annuities is 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 substantially reduces not in good order policies and processes electronic submissions using preferred workflows and suitability reviews to ensure SEC and FINRA compliance. Fidelity & Guaranty Life is also a long-time user of iPipeline’s illustration’s solution.
“We were thrilled to learn Fidelity & Guaranty Life was selected as a 2015 winner of Novarica’s Research Council Impact Award. By designing a product to be sold exclusively via the web and achieving remarkable sales in a brief period of time, they have sent a message loud and clear to the industry that we need to think differently about transacting business today,” said Tim Wallace, CEO, iPipeline. “Paper processing is inefficient, and the cost to the industry is exorbitant. The progressive thinking of Fidelity & Guaranty Life is leading to products better suited to the current generation of advisor and buyer, both of whom are seeking simplicity, speed, and a digital experience. We are pleased their use of AFFIRM for Annuities is getting them there.”
“2015 feels like a watershed year for our industry. 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. The resulting record sales confirm that today’s generation of advisor and buyer is looking for a modern digital experience,” said Paul Tyler, SVP, Fidelity & Guaranty Life. “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. Winning the Novarica Impact award for our deployment of AFFIRM signals we are moving in the right direction. It also shows we have a business and IT team that can deliver positive results for the business in a short time frame.”
About Fidelity & Guaranty Life
Fidelity & Guaranty Life, an insurance holding company, helps middle-income Americans prepare for retirement. Through its subsidiaries, the company offers fixed annuity and life insurance products distributed by independent agents through an established network of independent marketing organizations. Fidelity & Guaranty Life, headquartered in Des Moines, Iowa, trades on the New York Stock Exchange under the ticker symbol FGL. For more information, please visit www.fglife.com.
About iPipeline
iPipeline is a leading provider of cloud-based software solutions for the life insurance industry. Through our SaaS solutions, we accelerate and simplify insurance sales, compliance, operations and support. We provide process automation and seamless integration between every participant in the life insurance industry including carriers, agents (such as financial advisors and independent insurance agents), distributors (such as banks, broker-dealers and general agencies) and consumers. Our innovative solutions enable automated processing for pre-sales, point-of-sale execution of applications, post-sale support, reporting, consumer delivery and agency management.
iPipeline provides the process automation and seamless integration needed on a global basis to make a sale by aggregating more than 120 carriers, 875 distributors and financial institutions, and their producers and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Cheltenham (UK), Fort Lauderdale, Horsholm (DK), Huntersville, Philadelphia, Salt Lake City, Tokyo, and Vancouver. Visit us at www.ipipeline.com. Join us at Connections 2016 from March 9-11, 2016 at the ARIA in Las Vegas.
