WEST DES MOINES, Iowa–(BUSINESS WIRE)–Sammons® Financial Group member companies Sammons Institutional Group®, Inc. (SIG), Midland National® Life Insurance Company, and North American for Life and Health Insurance®, this week will introduce a new paperless transaction process for annuity transfers. Additionally, SIG’s participating companies include Sammons Retirement Solutions® and Midland Retirement Distributors®.

Sammons Financial Group is one of three annuity carriers that helped to develop, test, and pilot this cutting-edge technology. The project’s focus is to increase the speed, efficiency, and accuracy of annuity transfers. The work is pioneered through the company’s ongoing relationships with the Insured Retirement Institute (IRI) and the Depository Trust and Clearing Corporation.

“This historic move directly benefits our clients,” said Casey Decker, Chief Operating Officer of Midland National and North American. “It also assists our distribution partners, advisers, and agents by reducing paperwork and transitioning annuity sales and renewals to a digital platform.”

Decker emphasized the importance of the financial services industry staying updated on digital technology trends to accelerate financial transactions.

“We have all grown accustomed to on-demand services,” Decker stated. “Our clients expect this level of convenience, and it is essential for the financial services industry to continue simplifying and speeding up the processing of financial transactions. This has become increasingly critical for today’s retirees.”

Wayne Chopus, IRI president and Chief Executive Officer, commented on this fundamental processing change earlier this year when the first transaction went live.

“This first paperless transfer annuity transaction is just the beginning of what our Digital First for Annuities initiative can deliver,” said Chopus. “We are creating a modern, consumer-centric infrastructure by embracing advancements to help streamline processes, reduce errors, and accelerate transactions. This transformative work continues to gain momentum.”

Annuity transfers between carriers is considered the first step to move annuity transactions to an all-digital process, and they are among the most significant part of the industry’s work. The primary focus today is to move from a lengthy, labor-intensive process which can take several weeks, to one that takes just a matter of days. That is why the Depository Trust and Clearing Corporation created its new service to manage the work. IRI expects other companies will adopt and implement this new process later this year.

“Sammons Financial Group is pleased to be proactive in this effort and among the pilot group of first adopters,” Decker said. “It is one example of innovation in our industry and – by working together with our industry peers – can close the gap in financial services processing.”

Decker added, “It is a ground-breaking shift that will improve the overall customer experience, and one Sammons Financial Group has been working towards for the better part of a decade.”

About Sammons® Financial Group, Inc.

The companies of Sammons Financial Group help families and businesses by empowering futures and changing lives. Sammons Financial Group is employee owned with member companies that are among the most enduring and stable in the financial services industry. Sammons Financial Group is Midwest-based, with offices in Iowa, Illinois, Minnesota, North Dakota, Ohio, and South Dakota.