Magnifact Launches IRI's Digital First for Annuities Activity Status API at a Tier 1 Carrier

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Aug 28, 2024, 13:13 ET

CHICAGO, Aug. 28, 2024 /PRNewswire/ -- Magnifact, a leading insurance technology firm, proudly announces the production launch of its real-time AgentVizion™ API Services platform at a Tier 1 carrier. This milestone marks the successful implementation of the Activity Status API, developed in alignment with the Insured Retirement Institute's (IRI) Digital First for Annuities standards.

Magnifact's AgentVizion platform empowers insurance carriers, agencies, and agents by delivering analytical business insights across distribution channels and product lines. The company's innovative solutions enhance agent performance through real-time data, visual analytics, and actionable alerts.

The Activity Status API tracks annuity applications in real-time across various stages—from receipt to policy issuance. This critical data enables producers to address case issues promptly, reducing cycle times and accelerating the sales process.

"The digital first standards and infrastructure that IRI is creating will foster innovation within the insured retirement industry. Our goal is to help meet workers' and retirees' retirement income and protection needs in an efficient digital experience that consumers and financial professionals expect," said Katherine Dease, Chief Technology and Innovation Officer at IRI. "Adopting these new standards and best practices are vital steps required to move the industry forward in the digital modernization journey."

"Insurance distribution partners often struggle to obtain timely updates on case statuses," said Krish V. Krishnan, Founder and CEO of Magnifact. "With the AgentVizion API Services platform, our carrier partner can now offer real-time case visibility for broker-dealers, banks, and insurance marketing organizations, creating a competitive market advantage."

"The implementation was accomplished using real-time APIs and supportive web services from the Verisk FAST platform within the carrier's ecosystem," added Krishnan. "Our success is a testament to collaborative efforts across multiple teams."

About Magnifact:

Founded in 2015, Magnifact provides SOC 2 Type II compliant DataIntelligent℠ solutions for the insurance industry. The Magnifact platform includes the award-winning, patented AgentVizion suite, offering a 360-degree view of business operations across carriers and distribution channels. The AgentVizion2GO mobile app, powered by push notifications, further enhances the user experience. AgentVizion API Services for carriers and distributors are offered alongside Magnifact's implementation services. The Magnifact Command Center (MCC) allows clients to manage these platforms with real-time reporting and alerts. Magnifact is a member of the Insured Retirement Institute (IRI).

To learn more about how Magnifact's solutions can benefit your organization, visit www.magnifact.com.

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About Insured Retirement Institute

The Insured Retirement Institute (IRI) is the leading association for the entire supply chain of insured retirement strategies, including life insurers, asset managers, broker dealers, banks, marketing organizations, law firms, and solution providers. IRI members account for 90 percent of annuity assets in the U.S., include the foremost distributors of protected lifetime income solutions, and are represented by financial professionals serving millions of Americans. IRI champions retirement security for all through leadership in advocacy, awareness, research, diversity, equity, and inclusion, and the advancement of digital solutions within a collaborative industry community.

For more information, visit www.irionline.org.

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SOURCE Magnifact