Five Important Annuity Processing Tips

Mia Dempsey

By: Mia Dempsey, Director - New Business at Asset Marketing Systems


Originally Written: June 17th, 2019
Updated: June 20th, 2024

We understand that having to go back to your client multiple times for new or corrected paperwork is time consuming and frustrating. Let us help you get it right the first time. Review these tips below for best practices when submitting your Annuity cases:

1. Verify Your Carrier Contract Status

  • Make sure your Continuing Education (CE) credits are current!
    • Licensed agents need 24 hours of CE credits every two years. Credits must include AML, Annuity training, and Best Interest Standard if the solicitation State has adopted the NAIC Best Interest Model. You can look up your CE credits via the Department of Insurance for your state.
  • Make sure your Carrier Appointment is current!
    • Call the Asset L&C team to confirm you are contracted and active with the carrier. If you have not written business with that carrier in the last 12 months, you may have been terminated.
  • Make sure your Product Training is complete!
    • Many carriers require specific product training. In some cases, each product line has its own training. Check your product training status with the Asset L&C department.
  • Do not take the application until you are sure all items above are in place.
    • Taking an application with one or more of these items missing will require you to get updated paperwork signed.

2. Keep up-to-date on Product Information & Rates Changes

  • Visit the Product Updates tab on the Asset Portal at portal.assetmarketingsystems.com
  • Use the Annuity Rate watch software on the Asset Portal.
  • Call an Asset Annuity Product Specialist at 858-207-5370

3. FireLight Electronic Application Tips

  • Take care when selecting the Jurisdiction.
    • An incorrect state selection will require you to start the application over.
    • Make sure the State selected is where the client will eSign the application and take delivery of the policy.
  • Optional Redtail Data Upload.
    • If you are a Redtail CRM user, this is an optional selection for you. Via FireLight you can select the client information in your Redtail CRM to pre-populate portions of the application.
    • If you do not have the Redtail CRM or would rather manually populate the information, select the chevrons on the right to skip this page.
  • Where to View Missing Items.
    • Click the chevrons at the top left of the page next to the word ‘open’. The red highlighted tabs are those that are missing information.
    • If you are on a specific page and can’t find what’s missing, click the red “comment” icon on the top right of the page and missing information will be highlighted with details on what is needed.

4. Where to Send Your Paper Annuity Applications

  • Asset case manages the exclusive distribution products.
    • Please send your proprietary/exclusive distribution product applications to Asset at NewBusiness@assetismarketing.com
      • Please refer to the New Business Processing Guide for a breakdown of the proprietary/exclusive distribution products.
    • The remainder of our annuity carriers work directly with the agent’s office to obtain outstanding requirements and status on cases. To alleviate doubling up on effort these applications should be sent directly to the carrier.

5. Funding the Case

  • Transferring Money
    • At the time of application, call the transferring company with the client on the line to confirm if a specific transfer form is required.
    • Annuity & Life transfers require a current statement from the ceding policy to be submitted with the application.
    • Most carriers will not accept electronically signed Transfer of Asset (TOA) forms; it is advisable to get a physically signed TOA at time of application.
  • Sending a Physical Check
    • Send the check with the original application packet, OR
    • Wait for a policy number from the carrier and reference that number on the memo section of the check. This will allow the carrier to match it to the correct policy.
    • Provide a copy of the premium check and tracking number to your Asset case manager to allow for proper follow-up.

If you are not contracted with Asset, contact us to learn more at 866-546-5267.

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