That Annuity Show

Zinnia provides technology and administrative services to over 40 life, annuity, and retirement carriers. We had the opportunity to discuss the future of insurance service and technology with Michele Trogni, CEO at Zinnia and Operating partner at Eldridge, and George Esposito, General Counsel, Head of Business Development for Zinnia in their Greenwich, CT offices. As it just so happened, Zinnia announced that it will acquire Ebix Inc.'s Life and Annuity software assets shortly after we met. We quickly added a short interview with Michele to understand what it means for their company and customers going forward. Highlights: Michele Trogni, CEO of Zinnia and operating partner of Eldridge, discusses simplifying insurance through data and technology. Zinnia serves carriers, advisors, and consumers with the goal of modernizing the "rails" of the insurance industry. They are shifting from just a TPA (third party administrator) to a broader technology and data provider focused on carrier growth and better customer experiences. Zinnia has built an extensible data platform called Zahara to enable faster product development and innovation. They aim to facilitate insurance distribution through acquisitions like PolicyGenius. Pending acquisition of Ebix, will expand Zinnia's capabilities from back-office to front-end distribution solutions. Culture focused on collaboration, learning, and delivering value is key, as is having a bold vision to transform the industry.

Summary In this episode, Paul Tyler and his guests discuss the Department of Labor's new rules and their implications for insurance agents. They explore the impact on independent agents and the potential migration towards the RIA industry. The conversation also touches on public policy considerations and the need for proper regulation. Michelle Richter-Gordon shares her insights and highlights the importance of understanding the new rules and their potential risks. The episode concludes with a discussion on advocacy and the resources available to navigate these changes. Takeaways The Department of Labor's new rules will have a significant impact on insurance agents, particularly independent agents. There is a need for proper regulation that takes into account the unique characteristics of insurance products and the role of insurance agents. The new rules may lead to a migration towards the RIA industry as agents seek to operate under an investment advising regime. It is important for agents to understand the new rules and their potential risks, and how to help address these potential risks. Chapters 00:00 Introduction 00:41 Introducing Michelle Richter Gordon 03:02 The Department of Labor's New Rules 05:06 Implications for Insurance Agents 07:58 Public Policy Considerations 10:05 Long-Term Impact on the Industry 13:36 Potential Impact on Unqualified Funds 15:33 The Definition of Investment Advisor 18:12 Democratization of Retirement Planning 19:52 The Purpose of Annuities 20:10 Michelle's Work and Future Plans 30:38 Advocacy and Seeking Help 33:08 Final Thoughts Show Notes: ARC Presents Critical Information for Annuity Fiduciaries recording: https://youtu.be/GClEFX6ITmM Q&A registration, for 2/14/24 at 3pm Eastern, for anyone who has questions about the provocative content in the recording above, here: https://us06web.zoom.us/webinar/register/WN_bSSHbCriTgW1M_bO07oQhg NAFA Webinars: https://nafa.com/education/webinars/ Axonic Insurance Solutions launch press release: https://www.businesswire.com/news/home/20240116916187/en/Axonic-Capital-Unveils-Innovative-Insurance-Offering Michelle's Letter to DOL: https://sway.cloud.microsoft/tG6EodjgoGhkRGxJ?ref=Link

Summary James Wong, our guest today, shares his perspective on the future of annuity distribution. The main takeaway…build strong relationships today in order to navigate the changing landscape of the industry tomorrow. The conversation covers industry associations, survey work, product innovation, acquisitions, and the implications for agents and agencies. James also introduces the concept of the Founder's Chair, which aims to support entrepreneurs in the insurance industry.

Summary In this episode of That Annuity Show, Paul Tyler and Tisa Rabun-Marshall interview Marshall Heitzman, VP of Advanced Planning Consulting at TruStage. They discuss the role of annuities in comprehensive planning and the importance of understanding clients' values and goals. Marshall shares his personal experience with behavioral finance techniques and how they can help advisors connect with clients on a deeper level. They also explore the evolution of annuity products and the benefits of including adult children in financial conversations. The episode concludes with recommendations for further reading and ways to reach out for assistance. Takeaways Understanding clients' values and goals is crucial in comprehensive planning with annuities. Behavioral finance techniques can help advisors connect with clients on a deeper level and engage them in the planning process. Including adult children in financial conversations can strengthen relationships and ensure continuity of the client-advisor relationship. Simplifying the planning process and focusing on clients' values can lead to better client retention and referrals. Chapters 00:00 Introduction and Background 01:18 Marshall's Career and Skills 02:15 Case Design and Solution Design for Annuities 03:35 Types of Advisors Working with Annuities 04:57 Overcoming Objections and Regulatory Changes 05:21 Behavioral Finance Techniques for Advisors 06:11 Time Objections and Building Relationships 07:49 Coaching Time-Pressed Advisors 08:18 Slowing Down and Having Conversations 09:47 Annuities as Estate Planning Tools 11:31 Evolution of Annuity Products 13:26 Behavioral Finance Conversation Techniques 14:08 Personal Story and Connecting with Clients 16:47 Communicating with Women in the Household 19:37 Better Client Retention and Referrals 24:39 Changing Advisor Mindset and Approach 26:11 Simplifying the Planning Process 30:09 Recommendations and Conclusion

Summary In this episode of That Annuity Show, Bobby Samuelson, President of Life Innovators, discusses the current state of the annuity market and the challenges and opportunities it presents. He highlights the entry of new companies into the market and the different strategies they employ. Bobby also discusses the role of proprietary indices in annuities and the need for innovation in product development. He emphasizes the importance of technology in enabling advisors to tell the annuity story more effectively. Overall, Bobby provides insights into the changing dynamics of the annuity market and the evolving expectations of customers. Takeaways New companies are entering the annuity market, with many focusing on multi-year guarantee annuities (MYGAs) as an entry point. The annuity market is highly competitive, and companies need to differentiate themselves through innovation in product development. Proprietary indices have played a significant role in the annuity market, but there is a need for more innovation and a focus on the underlying product structure. The annuity market faces challenges in attracting and retaining customers, and companies need to adapt to changing customer expectations and preferences. Technology can play a crucial role in enabling advisors to sell annuities more effectively and reach new markets. Chapters 00:00 Introduction and Focus of Bobby Samuelson 03:45 New Entrants in the Annuity Market 07:43 Competition and Innovation in the Annuity Market 13:42 The Role of Proprietary Indices in Annuities 20:31 Challenges and Opportunities in the Annuity Market 27:12 Changing Customer Expectations in the Annuity Market 30:44 The Role of Technology in the Annuity Market 35:37 Conclusion and Closing Remarks

"208 - Improving the #AnnuityUX in 2024 With David Hanzlik" Summary In this episode, Paul Tyler, Ramsey Smith, and Dave Hanzlik discuss the annuity industry and the changes that occurred in 2023. They talk about the rebranding of TruStage, the growth in annuity sales driven by the rate environment, and the success of fixed annuities and fixed indexed annuities. They also explore the potential for growth in niche markets, such as deferred income annuities, and the role of registered index-linked annuities (RILAs) in the industry. The conversation highlights the importance of making annuity sales easier for advisors and the potential impact of AI in the industry. The episode concludes with final thoughts and tips for annuity sales professionals. Takeaways The annuity industry experienced significant changes in 2023, including rebranding and growth in sales driven by the rate environment. Fixed annuities and fixed indexed annuities performed well in 2023, with advisors recognizing the value of the guarantees they provide. There is potential for growth in niche markets, such as deferred income annuities and registered index-linked annuities (RILAs). Making annuity sales easier for advisors and improving the ease of use of annuity products should be a focus for the industry. AI has the potential to play a role in improving operational processes and making the industry more efficient. Chapters 00:00 Introduction and Welcome 00:30 Recapping the Holiday Season 01:44 Changes and Rebranding in 2023 03:24 Annuity Sales in 2023 07:27 Growth in Niche Markets 08:08 Renewed Interest in Annuities 09:37 Behavioral Finance and Market Ups and Downs 11:08 Deferred Income Annuities and Income Solutions 12:04 The Role of RILAs in the Annuity Market 13:41 White Space in the Annuity Business 16:33 Expanding the Target Audience for RILAs 20:01 Making Annuity Sales Easier for Advisors 22:29 New Year's Resolutions for the Industry 25:15 The Role of AI in the Industry 27:06 Retire Tech Innovation Event 28:29 Final Thoughts and Advice 30:32 Closing Remarks

Summary Ema Roloff, Co-Founder and Principal Consultant of Roloff Consulting, discusses the challenges and opportunities of digital transformation in the annuity and broader insurance industry. She emphasizes the importance of addressing legacy systems and the education gap in digital literacy. Ema provides insights on how to start building digital literacy and recommends finding reliable sources for learning. She also discusses the fear associated with AI and the need to overcome it by focusing on the benefits and practical applications. Ema highlights the power of video content and authenticity in marketing and suggests becoming the favorite teacher to build trust with customers. The conversation concludes with a discussion on reaching the right audience with video content. Takeaways Legacy systems and the education gap are key challenges in digital transformation in the insurance industry. Building digital literacy is crucial for individuals and organizations to leverage emerging technologies effectively. Overcoming fear and focusing on the benefits of AI can help drive adoption and build trust. Video content and authenticity are powerful tools for marketing and building connections with customers. Chapters 00:00 Introduction 01:18 Ema Roloff's Background and Expertise 03:01 Legacy Systems and Digital Transformation 05:32 Education Gap and Digital Literacy 06:21 Starting Point for Digital Literacy 09:15 Finding Valuable Insights and Lessons 10:09 Trial and Error in Finding Good Sources 18:13 Overcoming Fear and Building Trust in AI 20:59 The Next Wave of Adoption and Perception Change 23:29 Importance of Educating People in the Company 25:31 Understanding the Problems and Bottlenecks 27:52 Completing the Puzzle in Digital Transformation 30:43 The Power of Video and Authenticity 36:15 Reaching the Right Audience with Video Content 39:37 Becoming the Favorite Teacher and Building Trust 40:59 Closing Remarks

We can't believe we're near the end of the fourth quarter already. Today we sit down with David Czerniecki, Chief Investment Officer for Nassau Financial Group. We cover interest rates, geopolitics, inflation, and AI. Interested in learning more? https://www.thatannuityshow.com

It's hard to escape a news show, magazine or newspaper without reading about AI these days. How will it affect our business? That's what we explore today with David Macchia, CEO and Founder of Wealth2K. Learn more: https://www.wealth2k.com Gain additional industry insight: https://thatannuityshow.com/episodes

As the market heads into its final quarter, we thought you would enjoy hearing Tamiko Toland's take on trends in 2023. In this episode, we talk about the 401(k) market, retail annuities, and the consulting firm that Tamiko is building next.