John Carroll Interview, Part III: Technology is shaking up the industry

When John Carroll joined the industry, annuity sales were recorded on paper and took weeks to finalize.

That was 40 years ago and today is very different. Executives anticipate that developing software will soon enable most annuity sales to wrap up in hours.

For example, a new Digital First effort led by the Insured Retirement Institute is cutting annuity transfer times by up to 94%. IRI members and The Depository Trust and Clearing Corporation collaborated for more than two years to build a digital framework to support a real-time processing of transfers, including money settlement.

IRI rolled out its first digital priority in November, a paperless, carrier-to-carrier replacement annuity process. As with virtually anything business improvement, Carroll noted, market forces eventually take over.

“If you’re not doing it, it becomes a competitive disadvantage,” he said. “I think there will sort of by this FOMO feeling of, ‘You’ve got to be on this.’”

Carroll began his career as an annuity seller for Merrill Lynch and spent 20 years there working his way into the executive ranks. He then moved on to Allianz Global Distributors before eventually joining LIMRA and LOMA. His retirement is effective in June.

Carroll sat down with InsuranceNewsNet for a lengthy interview during the April Life Insurance and Annuity Conference in New Orleans. The interview is split into three installments. Part one featured Carroll discussing his career and how products have evolved over four decades.

In Part II, he discusses the industry's ongoing efforts to get younger and attract future agents to fill the need. Millions of baby boomers are retiring every year, and the need for retirement planning and products is greater than ever, Carroll said.

In today's final installment, Carroll offers opinions on the emergence of technology and the state of the industry in 2025.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.