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.