Annuity Industry Seeks Data Standardization Similar to Mutual Funds

The Insured Retirement Institute has issued a request for information that seeks suggestions on how to best “develop a new infrastructure for data standards as well as a single source of consistent product data.”

“Consistent, standardized data delivered in real-time will enable the industry to enhance, develop, and link user experiences,” IRI stated.

“A new infrastructure for standards and consistent product data is critical to the digital modernization of our industry, which is necessary to deliver the guaranteed lifetime income and portfolio protection solutions that workers and retirees desire and need,” said Wayne Chopus, president and CEO at IRI, in a statement.

The standardization of data and a hosting platform will help annuities appear more frequently “alongside traditional investments,” and provide “the ability to view and manage annuities as easily as other assets,” thereby making them easier to compare and market in dashboards and other platforms, according to the IRI statement.

Katherine Dease, the IRI’s chief technology and innovation officer, explains that annuity demand is increasing, and “consumers and financial professionals demand that the annuity experience be streamlined, digital, understandable, and easy.” Many professionals are also dual registered and market both annuities and traditional investments.

“This next step is our request for information, which seeks input on creating a new infrastructure for standards and consistent product data,” Dease explains.

Dease says the mutual fund industry has done this effectively, and IRI is “eager to receive compelling input that will help us further refine the opportunities to transform our industry with this complex yet necessary modernization initiative.”