IRI Ops & Tech Guiding Principles

Leading the Industry: IRI Board of Directors Approves Guiding Principles to Advance Digital Solutions


In this time of crisis and uncertainty caused by the COVID-19 virus, it is critical for consumers to access IRI members’ products and services while complying with the social distancing mitigation strategies to protect their health and safety. Our industry’s products are distinctive in the ability to protect retirement savings from market volatility and deliver protected lifetime income in retirement. And they’re needed now. Procedures that have required in-person interaction must be modernized and implemented to ensure that our industry is proactive and responsive to consumers’ ongoing needs.

A unique, strategic objective of the Insured Retirement Institute is to lead the industry in the modernization of the annuity transaction process. With the onset of the COVID-19 pandemic, this initiative gained a new sense of urgency. Social distancing is having an adverse effect on day-to-day functionality of IRI members’ operations and sales requiring the adoption of alternate solutions. 

IRI’s ability to harness the perspectives of all stakeholders across the retirement income industry supply chain is a distinct advantage to address challenging administrative processes that our products pose when we are all in our office, but which are further compounded by the current environment. 

We are excited to report that this initiative has achieved a significant milestone toward advancing our objective. The IRI Board of Directors has just approved guiding principles to propel the retirement income industry toward practical, digital solutions that will improve the advisor-client experience across the lifecycle of the annuity. This effort has been guided by a Board of Directors Working Group, and leaders in IRI’s Ops and Tech community have been tasked with the implementation of the initiative.  


IRI will now begin implementing the initiative with the goal of driving universal adoption across all IRI members while encouraging other industry partners to follow suit. Our primary focus will be on e-signature and electronic document delivery capabilities that facilitate transactions in a manner that is safe from both a public health and an information security perspective. We also will advocate for long-term use beyond the duration of social distancing measures.

These guiding principles will enable improved customer outcomes by driving consistency in the advisor and consumer experience now and in the future. 

Our industry serves a vital and growing need in our nation to assist consumers in planning for and achieving a secure, dignified retirement. IRI and its members will now lead the industry into a new era that will deliver the retirement security products, advice and services that consumers need in the modernized, digital transaction structure that they expect.