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The Standard Integrates Magnifact’s API Services for Digital Transformation

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The Standard’s integration of Magnifact’s AgentVizion™ API Services marks a pivotal moment in the insurance industry’s digital transformation.

This partnership aligns with the Insured Retirement Institute's (IRI) Digital First for Annuities standards, enabling real-time updates on annuity applications. By incorporating Application Status and Activity Status APIs, The Standard enhances collaboration with its first distribution partner, Financial Independence Group (FIG). The new integration provides advisors and operational teams seamless access to consistent, real-time data, eliminating the need for manual inquiries or unique integrations for each distributor. By leveraging an open, standard-based digital platform, The Standard improves efficiency and scalability, facilitating further partnerships.

Revolutionizing Advisor Experience

This digital evolution empowers advisors with comprehensive case information access—from the initial application phase to policy issuance—directly within their own systems. The Standard’s adoption of open standards positions it to efficiently onboard new distribution partners, fostering a more interconnected digital environment. Rich Lane, Vice President at The Standard, emphasized the milestone’s importance in delivering real-time business visibility and a scalable distribution framework. Caitlin Cronk, Senior Director, credited Magnifact with enabling a swift implementation that aligns with advisor expectations.

"By using a standardized framework, we're enhancing connectivity and advisor experiences," said Andrew Barnett, Vice President at FIG. "It's about increasing speed and transparency in advisor operations."
Andrew Barnett, FIG

Future-Focused Innovation

The platform’s capabilities extend beyond current operations, supporting features like 1035 Paperless Replacement and Money Settlement. Krish V. Krishnan, Founder and CEO of Magnifact, highlighted the transformative potential of standardized APIs, noting The Standard’s pioneering role in driving future integrations and industry-wide innovation. The adoption of these technologies not only streamlines operations but also enhances strategic growth potential across the industry.

Key Benefits of the Integration

  • Real-time updates: Immediate data access enhances decision-making speed.
  • Seamless scalability: Open standards allow quick adaptation to new partners.
  • Improved advisor experience: Streamlined processes reduce administrative burdens.
  • Additional capabilities: Supports advanced operations like paperless transitions.