UPDATE: JANUARY 25, 2013 The additional advisors selling Lincoln Financial’s annuity products will have an easier road as “Lincoln Financial automates annuity applications.” According to Bank Investment Consultant’s Donald Jay Korn, the FireLight technology that Lincoln is now offering its advisors will help to streamline and automate the processing of annuity applications. This new platform can actually cut the annuity processing time in half for advisors, something that helps them get paid faster as well.
Insurance Technologies’ FireLight program allows advisors to use electronic signatures and complete the annuity application process all via the web. They can even use smartphones and tablets to get their annuities processed. This makes it simpler for advisors as well as clients, who may not want to have another meeting just for an additional signature. Indexed, fixed, and variable annuities can all be processed with this new technology. Lincoln Financial’s advisors may just start selling more annuities because the process has become simpler.
According to John Sullivan of Advisor One, there will be 82,000 more advisors selling annuities from Lincoln Financial Group because of their partnership with Primerica. In the article, “Primerica Reps to Distribute Lincoln Financial Indexed Annuities,” it says that there will be two phases to completing the new distributions. Primerica employs the biggest number of licensed annuity sellers in the United States, so the fact that they will now be selling Lincoln Financial’s fixed indexed annuities is a big boost to the company. A smaller group of Primerica reps will start selling Lincoln’s New Directions and OptiChoice annuities now. By early 2012, the second phase will include all of Primerica’s reps selling on a national level.
Lincoln Financial has put a team in place to support their relationship with Primerica, headed by John Chidwick. He’ll be the national sales manager in charge of all back office support activities for Primerica. Both companies are looking to offer their clients retirement products that offer a potential for gains along with protection against down markets. Primerica’s focus on ‘Main Street’ clients will allow Lincoln Financial to expand their position in the middle market. Primerica’s president is excited to add a quality product for his reps to take to their clients when planning their retirement.
Written by Rachel Summit