Nationwide Survey Reveals Digital Gaps and Opportunities in Annuity Sales
A recent Nationwide survey highlights the increasing adoption of digital tools among U.S. financial professionals selling annuities. Key technologies utilized include financial planning software (73%), customer relationship management platforms (62%), and performance reporting software (56%), predominantly accessed via firms or third-party providers. Despite this broad usage, professionals identify significant gaps in digital resources, particularly around new business application submissions and tracking pending transactions online, which could streamline the sales process and enhance client interactions.
Nationwide is actively addressing these deficiencies through the implementation of a new policy administration system designed to optimize digital tools and simplify workflows for financial professionals. This system aims to facilitate seamless transactions while improving efficiency and user experience. Industry groups like the Insured Retirement Institute are also working to establish digital standards to modernize annuity distribution, though awareness of such initiatives among financial professionals remains limited.
The survey reveals that 66% of financial professionals are only moderately or minimally open to adopting new fintech solutions, largely due to perceptions that their needs are not fully recognized by providers. Nationwide emphasizes the importance of integrating digital tools that align with existing systems, offer scalability, and provide user-friendly interfaces to improve adoption rates and operational effectiveness.
These developments underscore a broader industry trend toward embracing digital transformation in annuity sales to meet evolving regulatory, compliance, and client service expectations. Financial professionals who leverage innovative fintech platforms may gain competitive advantages by delivering more personalized and efficient services. The Nationwide survey was conducted in September 2024 with over 500 experienced annuity-selling financial professionals across the U.S.