Back in June this year, Goldman Sachs issued a report about how rising economic uncertainty was driving a rise of interest in using annuities and life insurance as part of a wealth management conversation.
And the US firm’s study also showed that – as in so many other areas of financial services – AI is making itself felt. The study found that about 90 per cent of those it polled said AI could cut through the sometimes-daunting complexity of life insurance and annuities. Input came from 102 industry participants aggregated across 31 insurance companies.
Complexity can be a barrier to understanding how L&A works. This is a pity because in the case of these tools, they add to clients’ options, even if, ultimately, clients choose another route. For example, when put into an estate plan, life insurance's advocates say it can provide liquidity to pay estate taxes, allow beneficiaries to retain ownership in important assets such as family businesses and real estate, equalize inheritances among survivors, boost wealth and protect a legacy.
As for annuities, UBS said in a May 29 note: “Annuities, which can help to generate secure and reliable income for life, are becoming increasingly popular among retirees. According to LIMRA’s US Individual Annuity Sales Survey, investors purchased $434.1 billion of annuities in 2024 – the third year in a row of record-high annuity sales.”
It is clear that these are important areas, and they’re not immune to developments in technology that also affect other financial services. To that end, this news service recently spoke to Zinnia, a Greenwich, Connecticut-based firm that builds platforms to support the lifecycle for annuities and life insurance. Zinnia processes more than 55 per cent of annuities submitted by the bank and broker-dealer community in the US. It recently migrated Zinnia’s core order entry solution, AnnuityNet, to Amazon Web Services. Zinnia is backed by funds managed by KKR and Vista Credit Partners.
FWR asked Hilani Kerr , head of wealth and distribution platforms at Zinnia, about the market, its prospects and challenges in the US and wider world. Kerr has worked in financial institutions, including Wells Fargo, Bank of America Merrill Lynch, Deutsche Bank, and most recently, Porticoes Capital, before joining Zinnia.
Hilani Kerr
FWR: What are the business opportunities that Zinnia sees in this market for the next three to five years, and possibly further out?
Hilani Kerr: The wealth industry is at a pivotal moment. Clients are demanding more certainty in retirement and more integrated approaches to managing longevity, protection, and wealth transfer. Yet life and annuities remain fragmented, complex, and often disconnected from the wealth dialogue.
The prize is the ability to make these products a core part of wealth management, not an afterthought. Starting now, and over the next three to five years, we see an enormous opportunity: to bring protection and income solutions into the mainstream wealth conversation by embedding them into the platforms and processes advisors already use; unlock multi-channel growth across banks, wirehouses, independent advisors, custodians, TAMPs, IMOs/BGAs, and digital-first wealth platforms; and simplify access so that life and annuities feel as seamless and transparent as buying an ETF or opening a retirement account.
In the medium to longer term, our AI-native infrastructure will help the wealth industry deliver personalized, data-driven protection solutions at scale, transforming how clients realize financial longevity.
FWR: How much did Covid and other difficult periods focus minds on mortality, planning, etc? Has taxation played a part here?
Hilani: Covid sharpened the wealth industry’s focus on mortality and preparedness. Clients wanted to know: am I protected, is my family secure, and will my retirement hold up under stress? Wealth managers who could integrate protection into those conversations were able to build stronger client trust.
Taxation has also been a driver. Life and annuities are increasingly viewed not just as insurance tools but as tax-efficient wealth planning strategies. For wealth managers, this creates an opportunity: pairing investment solutions with protection and income products to deliver a more complete, tax-aware approach to wealth.
FWR: What other regions of the world inspire you to solve some of the problems you have mentioned? Are there countries where you see advisors handling life insurance and annuities markets well, and those not so well?
Hilani: Having spent a lot of my career working internationally, I look globally for inspiration on how wealth and protection can be better integrated.
In Japan and the UK, annuities and protection products are far more normalized within household financial planning. They’ve shown how regulatory, clarity and distribution models can make these products part of the mainstream wealth conversation. In India, digital infrastructure has transformed access – with eKYC, paperless onboarding, and app-based servicing democratizing products across income levels. This is a powerful example of how technology and inclusivity can scale adoption. For the wealth industry, the lesson is clear: mature markets show us the value of normalization, while emerging markets show us the power of digital democratization. The US has an opportunity to combine both.
FWR: What in your view should firms such as RIAs and other wealth advisors do to engage clients more on such issues?
Hilani: We’re seeing that when protection and guaranteed income are included alongside asset allocation, tax strategies, and estate planning, clients often feel they’re getting a more complete view of financial longevity. The challenge has been that these conversations can feel separate or disconnected.
One opportunity is through better integration. Custodians might embed insurance and annuities into portfolio platforms, TAMPs could pair protection solutions with investment models, and banks or wirehouses may digitize workflows to make the process more seamless. Independent advisors and IMOs/BGAs, similarly, can lean on education and matching tools to simplify what can otherwise feel complex.
FWR: What is the largest misconception that you see people having about life insurance and annuities, and why?
Hilani: The biggest misconception is that these products are too complex, too opaque, and only for certain clients. They are core tools for addressing longevity, mortality, and income certainty.
Historically, complexity has created paralysis for both clients and advisors. But with AI-powered education, transparent workflows, and integrated digital platforms, the wealth industry can reposition life and annuities as simple, essential components of long-term planning.