Jan 12, 2024
“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