Athene Annuity, one of the nation’s largest providers of retirement savings products, approached Worthwhile for help automating their annuity application suitability review process. This detailed process included Athene’s internal business logic, as well as compliance with various laws for annuities at the federal level and for 34 different states.
Athene’s business logic process is sound, but manual reviews were slow because of their existing compliance software tools and hosting environment. That led to lags that left customers waiting and kept revenue from being realized quickly.
One of Athene’s primary goals for this web app build was employee efficiency. By understanding the company’s requirements, we designed a system with automatic notifications and a rules-based engine that streamlined suitability analysis. The system issues instant approvals or flags applications that need further suitability review.
We also observed Athene’s data entry team and realized that we could increase speed per annuity application by enabling tabbing between fields. This simple development feature cut the time spent entering information on each application by more than 50%.
By automating this process, Athene Annuity has created a more consistent decision-making process. This has allowed Athene to more successfully pass audits with state insurance commissioners, improving top-line revenue.
Athene also gained greater analytics for applications through this platform, giving more insight into their business for continual improvement.
Athene’s application required top-level security to protect customer identities and information, along with custom hosting. Worthwhile architected and built a custom hosting environment to meet Athene’s stringent network security requirements.
Athene is thrilled with how the web app works—their suitability director calls it “the best application in existence for suitability review in the industry.”
The application made a difference to the bottom line as well. By accelerating the suitability process, Athene was able to move millions of dollars of revenue forward each month.