IRI Hosts Digital First for Annuities Hackathon: Innovations in Marketing and Sales
The Insured Retirement Institute (IRI) recently held its second Digital First for Annuities hackathon in Columbus, Ohio, aimed at transforming annuities marketing, sales, and service delivery through high-tech collaboration. The event brought together technology experts within the insured retirement sector to foster innovation and develop AI-driven solutions.
Hosted by Nationwide, the hackathon featured 80 participants from 38 companies, including IRI members, technology providers, and industry partners. These innovators tackled seven key topics, each focusing on creating advanced, AI-driven digital experiences for consumers and financial professionals. Sponsors included industry leaders like American Equity, Athene, AWS, Equitrust, Prudential, and Symetra.
A significant part of IRI's Digital First for Annuities initiative, the hackathon aims to set industry-wide standards that simplify annuity transactions, management, and understanding. Solutions developed during the event will undergo review by IRI members, potentially setting benchmarks for future technological advancements in the sector.
Wayne Chopus, IRI's President and CEO, highlighted the organization's role in bringing together technology professionals to produce practical solutions for the annuity market. He noted that last year’s concepts are now forming new standards, addressing the contemporary needs of consumers and financial advisors.
Teams at the hackathon, comprising diverse technical and business skills, focused on innovation and technical design, incorporating AI to enhance the annuity value chain. Katherine Dease, IRI’s Chief Technology and Innovation Officer, commended the creativity and energy of participants, emphasizing the potential consumer and professional benefits of the solutions prototyped at the event.
Kush Kotecha, President of Nationwide Annuity, expressed pride in hosting the event, which united innovative minds to tackle industry challenges with digital tools. He underscored the importance of such collaborative events in addressing advisors' concerns and streamlining the annuity sales process.
Post-event, IRI members will review proposed solutions for their feasibility in developing scalable industry standards aimed at comprehensive adoption, ensuring regulatory compliance requirements are met in the evolving digital landscape.