Replacement/1035 Exchange
The replacement of one product for another makes up a high percentage of the business transacted by the insured retirement industry. The current process is expensive, time-consuming, inefficient, and still largely a paper process that involves multiple handoffs between systems and people that result in high-touch, rework, and a poor experience for the consumer, financial professional and carriers.
RiskStream’s Replacement & 1035 Exchange solution leverages distributed ledger technology to automate business transactions aiming to streamline and digitize multi-party, end-to-end, replacement workflow process that meet the expectations of customers, advisors, and stakeholders. The solution was designed by the industry with a focus to deliver a superior digital experience, while demonstrating the capabilities of the technology.
Benefits:
Decrease processing time per transfer
Provide instant notification across multi-party channel
Improve transparency of information to all stakeholders in the process
Reduce NIGO
Engagement:
30 Organizations participating in kick-off stage
The lab series has included a broad ecosystem of carriers, distributors, annuity order entry systems and other industry stakeholders.
Phase:
Phase 0 - Use Case Selection
Phase 1 - Kick-off & Design
Phase 2 - Proof of Concept
Phase 3 - Pilot
Phase 4 - Production
Phase 5 - Adoption & Run
Call to Action:
Reach out today to learn more about how you and your organization can get involved.