THE DIGITAL REVOLUTION IN RETIREMENT SERVICES: HOW THE ANNUITY INDUSTRY IS TRANSFORMING

We are at a critical moment in the evolution of the role that digital technology plays in insurance and retirement services. Artificial intelligence (AI) and advanced data analytics are not just buzzwords anymore - they are rapidly transforming how financial services are delivered, how investment decisions are made, and how client relationships are managed.

For the annuity industry, this presents both an unprecedented opportunity and an urgent challenge. Customers now expect a retirement services experience similar to other investment options that financial professionals offer. We have an opportunity to increase the share annuities have in the larger wealth management ecosystem by delivering on that exceptional customer experience.

The Digital Revolution is Underway
The retirement services industry is already seeing the impact of this transformation. AI-powered platforms are delivering personalized investment advice at scale, predictive analytics are enhancing risk management, and digital interfaces are creating seamless client experiences.

But for annuities to be considered more easily as part of investor portfolios, we need to solve a fundamental challenge: our data infrastructure.

The truth is our industry's data architecture was built for a different era. Product information, transaction data, and client records often exist in disparate systems, using inconsistent formats and definitions.

This fragmentation isn't just an operational headache - it's a significant barrier to rapid innovation. In this age where AI and automated machine learning thrive on standardized, accessible data, our industry's data infrastructure needs a refresh.

The Power of Digital First
This is where IRI's Digital First for Annuities initiative becomes crucial. This ambitious program isn't just about digitizing existing processes in annuity sales and servicing - it's about building the foundation for the next generation of annuity solutions.

The initiative is about creating standardized data models, unified product information sources, and modern APIs that will enable seamless integration across platforms and systems.

But standardization is just the beginning. The real power of Digital First for Annuities lies in what it enables: innovation in creating a seamless customer experience. When we have consistent, accessible data and modern infrastructure, we create the conditions for new players to enter the market and for existing players to innovate.

Imagine fintech startups building novel distribution platforms, tech companies creating sophisticated product recommendation engines or established firms developing new hyper- personalized customer experiences that transcend traditional investments and annuities.

At Jackson, we recognize that this transformation is essential for our industry's future, which is why we have taken a leadership role in this initiative. We are not just participating - we are helping to shape the roadmap, contributing our expertise, and making significant investments in our own digital infrastructure.

Our commitment goes beyond our own business interests because we understand that a rising tide lifts all boats.

Laying the Groundwork for Future Innovation
We are already seeing promising results.

Through our collaboration with IRI and industry partners, we have helped develop standards like Paperless Transfers, Activity Status, and Can-Sell that are slashing processing times, reducing errors, and improving the experience for both financial professionals and their clients. But perhaps more importantly, we are laying the groundwork for innovations we haven't even imagined yet.

The future of wealth retirement services will be built on data, powered by AI, and driven by innovation. Through initiatives like Digital First for Annuities, we are not just preparing for the future - we are helping create it.

The revolution in retirement services is here, and with the right infrastructure, standards, and mindset, our industry won't just survive this transformation - we'll thrive in it.

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Contact: Dan Zielinski

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