Within the rapidly evolving sectors of insurance and annuities, companies are reimagining their strategies to better support financial advisors amid shifting market dynamics. Jackson National Life Insurance Company and Nationwide, two major industry players, have recently introduced significant advancements to adapt to these changes. At the heart of these transformations are enhanced digital platforms and strategic partnerships aimed at creating a more integrated, accessible service model, aligning with a broader industry shift towards technological progression. As competition grows fiercer, these firms are set on fortifying their advisor offerings to navigate the complexities of financial planning, client management, and retirement solutions.
Jackson National’s User-Centric Digital Transformation
Advanced Tools for Enhanced Engagement
Jackson National Life Insurance Company has taken a proactive step by revamping its digital interface, specifically crafted for financial professionals. This redesigned platform’s central goal is to amplify user engagement through self-service enhancements and content curated to meet advisors’ specific needs. A notable highlight of this development is the Product Match Pro tool. This innovative feature assists advisors in syncing Jackson’s products with clients’ long-term retirement goals, ensuring tailored solutions for each individual situation. Aileen Herndon, the senior vice president of distribution marketing, stressed the importance of leveraging advisor feedback during the platform’s design phase. Such an approach was critical for addressing unique advisor requirements, establishing more seamless client communications, and alleviating professional challenges. This digital evolution also aims to foster transparent interactions between advisors and clients, strengthen existing partnerships, and draw new advisors keen on optimizing client retirement strategies.
Facilitating Advisor Connections and Streamlined Processes
Jackson National’s updated digital platform is bolstered by additional features that improve connectivity and operational efficiency. It incorporates mechanisms that enable advisors to connect with local Jackson wholesalers, fostering on-the-ground support and relationship-building. The inclusion of a new business tracker provides advisors with a comprehensive tool for monitoring the progress of business transactions, enhancing the overall transparency of their operations. Customized journeys tailored to advisor profiles further elevate the user experience across various distribution channels such as banks, wirehouses, broker-dealers, and registered investment advisors (RIAs). These personalized pathways cater to the diverse landscape of financial advisors, offering nuanced access points to suit individual preferences and work styles, thereby driving engagement and adherence to strategic goals.
Nationwide’s Strategic Partnership with Midland National
Expanding Product Portfolio
Nationwide Insurance has taken steps to widen its advisory annuity portfolio through a strategic partnership with Midland National. This collaboration introduces the commission-free Midland National Capital Income fixed indexed annuity to Nationwide’s offerings, specifically crafted to cater to advisory practices. This product delivers guaranteed lifetime income, thanks to an integrated withdrawal benefit and an inherent health-activated income multiplier. The embedded rider allows clients to double their annual lifetime payments over five years if they encounter the inability to perform two out of six specified activities of daily living. Such developments are evidence of the industry’s continuing efforts to refine products to better address the nuanced needs of clients and financial advisors alike. Insights from LIMRA’s recent assessment reveal that fixed indexed annuities (FIAs) garnered $27.8 billion in sales during the first quarter of 2025, underscoring their substantial role within the annuity market.
Addressing the Retirement Gap with Tailored Solutions
The strategic alliance between Nationwide and Midland National is aimed at offering secure income solutions to pre-retirees. These individuals face unique challenges in attaining a stable financial future amidst uncertain economic conditions. Keith Golembiewski, LIMRA’s annuity research director, emphasized the balanced value proposition that FIAs and registered index-linked annuities (RILAs) offer as ideal solutions for modern investors seeking growth potential without compromising financial security. Aligning with this initiative, Eric Fry, Nationwide’s associate vice president of Advisory Product Development, stated that this partnership was formulated to introduce another assured product to advisors, which will facilitate closing the gap in their clients’ retirement plans. Furthermore, this collaboration aids in broadening Midland Advisory’s influence well beyond its current advisor network, delivering annuity benefits to an extensive audience. Cooper Sinclair, the head of strategy for Midland Advisory at Midland National, expressed anticipation about reaching more financial advisors and clients through this joint effort.
Impact of Evolving Distribution Landscape
Increased Role of Third-Party Channels
Changes in the life insurance and annuities sectors are fueled by a shifting distribution narrative, predominantly influenced by third-party distribution channels including independent advisors, broker-dealers, and banks. According to a McKinsey report from 2024, these channels have overtaken traditional markets in annuity sales, a change driven largely by consolidation trends within the industry. Consolidation has seen private equity-backed independent marketing organizations completing close to 200 acquisitions from 2017 to 2023 alone, and the principal broker-dealers engaging in approximately 50 acquisitions within the same timeframe. With fewer but larger entities gaining ground, those in control wield significant leverage within the market. McKinsey’s findings indicate that sales through these third-party distributors have consistently surpassed career agent channels, increasing annually by six percentage points. Currently, third-party channels contribute to 52% of life insurance sales and a staggering 81% of annuity sales, altering the distribution playing field dramatically.
Shifting Strategic Focus to Advisor Support
In light of these trends, insurers are focused on refining support mechanisms tailored to advisors, improving transparency, and creating loyalty programs to seize a more substantial portion of advisor-led business. McKinsey underscores the necessity for insurers to adopt rigorous feedback systems, transitioning from sporadic check-ins to persistent dialogue with advisors. Such approaches enable insurers to remain closely aligned with advisor needs, facilitating prompt responses to emerging challenges, and fortifying advisor relationships. This enhanced focus on advisor engagement signals a shift towards more collaborative practices within the industry.
Navigating the Future with Innovative Strategies
In the swiftly transforming landscape of insurance and annuities, companies are reshaping their strategies to better equip financial advisors in response to shifting market dynamics. Leading the way are Jackson National Life Insurance Company and Nationwide, two prominent players in the industry, which have recently unveiled major advancements to adapt to these changes. Central to these transformations are enhanced digital platforms and newly formed strategic partnerships, designed to create a more integrated and accessible service model. This aligns with a broader industry trend toward embracing technological innovation. As competition intensifies, these firms are determined to strengthen their offerings for advisors, enabling them to manage the intricacies of financial planning, client management, and retirement solutions more effectively. By modernizing their approaches, Jackson National and Nationwide aim to provide seamless, efficient support, ensuring advisors can successfully guide their clients through the ever-evolving financial landscape.
