Allianz Life Insurance Company of North America has teamed up with wealth management technology provider Envestnet to make its Allianz Life annuity product suite available on the Envestnet Insurance Exchange.
The insurer will offer both advisory as well as and commission-based annuities through the exchange. It was previously announced in May this year.
Allianz Life annuity products
The exchange integrates insurance tools into the wealth management process to help advisers meet their clients’ needs more effectively.
The new alliance is intended to enable advisers at banks, broker-dealers, independent insurance agencies and RIAs in the US incorporate annuity and insurance solutions into their clients’ portfolio.
Allianz Life chief distribution officer Tom Burns said: “We have consistently heard from advisers that they want to offer more holistic solutions to help their clients achieve their financial goals.
“Having our annuity products available on the new Envestnet Insurance Exchange helps meet that need with the added benefit of it being available on an easy-to-use online platform.”
Moreover, the exchange can be accessed through tools on Envestnet’s Advisor Portal. However, advisers need an insurance licence to introduce insurance products on the platform.
The exchange can also be accessed by advisers without a licence. For these advisers, the tech firm will develop a “Guidance Desk” to enable access to consulting and fiduciary services.
Envestnet president Bill Crager said: “By offering the company’s annuities, advisors in the Envestnet network will have innovative retirement solutions at their fingertips and will be able to streamline their practice and provide more holistic advice to their clients.”