Torchora
Back to Home

Key Responsibilities and Required Skills for Annuities Specialist

💰 $ - $

InsuranceFinanceAnnuitiesCustomer ServiceCompliance

🎯 Role Definition

The Annuities Specialist is a client- and compliance-focused insurance professional responsible for end-to-end administration and support of annuity products (fixed, indexed, deferred, immediate and variable). This role centers on policy processing, illustrations and case design, suitability and regulatory oversight, carrier coordination, tax and distribution processing (including 1035 exchanges), and delivering timely, accurate communication to advisors, policyowners and internal stakeholders. The ideal candidate combines technical annuity product knowledge, strong attention to detail, and excellent interpersonal skills to drive superior customer experience and mitigate risk.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Customer Service Representative – Life & Annuities
  • Paraplanner / Retirement Plan Administrator
  • Policy Administration Specialist / Operations Associate

Advancement To:

  • Senior Annuities Specialist / Team Lead
  • Annuities Product Manager / Product Analyst
  • Manager, Annuities Operations or Distribution Support
  • Compliance Analyst – Life & Annuities

Lateral Moves:

  • Case Design / Sales Support
  • Policy Administration / Servicing
  • Broker/Dealer or Registered Rep Support Specialist

Core Responsibilities

Primary Functions

  • Manage full lifecycle policy administration for annuity contracts, including new business intake, issuance, endorsements, beneficiary changes, contract amendments, and policy cancellations with meticulous accuracy and in compliance with carrier service standards.
  • Prepare, review and deliver detailed annuity illustrations and product comparisons tailored to client needs (fixed, indexed, variable and immediate annuity illustrations), ensuring accuracy of assumptions, credited rates, and surrender schedules.
  • Perform suitability reviews and documentation checks pursuant to state insurance regulations and company suitability policies, flagging potential issues and working with producers to obtain required disclosures and forms.
  • Process and administer 1035 exchanges, transfers, rollovers and premium allocations, ensuring correct tax reporting, timely carrier transfers, and complete documentation in accordance with IRS rules and company procedures.
  • Coordinate with internal distribution, financial advisors, and third‑party broker-dealers to expedite case design, product selection, prospecting materials, and submission checklists to maximize case placement and minimize underwriting delays.
  • Oversee contract owner and beneficiary servicing including ownership transfers, structured withdrawals, systematic payment set-ups, minimum required distribution (MRD) calculations, and annuitization elections.
  • Investigate and resolve complex policyowner and advisor escalations, liaising with carriers, legal, compliance and actuarial teams to reach compliant resolutions while maintaining strong client relationships.
  • Validate and enter precise policy data into core administration systems and CRMs (e.g., policy numbers, contract values, effective dates, beneficiary designations) and reconcile discrepancies between carrier and internal records.
  • Administer surrenders, partial withdrawals, and requested distributions; calculate and verify surrender charges, market value adjustments, and tax withholding as required.
  • Facilitate variable annuity sub-account reallocations, dollar-cost averaging instructions and systematic transfer requests, ensuring alignment with client instructions and trade windows.
  • Support product launches and product updates by reviewing prospectuses, rate sheets, sale illustrations, internal product guides, and training materials for distribution and compliance readiness.
  • Prepare and maintain audit-ready documentation for internal and external audits; respond to audit inquiries and implement remediation plans where necessary.
  • Generate and maintain recurring operational and regulatory reports (e.g., activity logs, surrender trend reports, suitability exceptions, outstanding requirements) to inform leadership and process improvements.
  • Provide technical training and ongoing mentoring to distribution partners, new hires and cross-functional staff on annuity products, illustration tools, processing workflows and regulatory requirements.
  • Collaborate with underwriting, actuarial and product teams to support product pricing inquiries, reserve impact analyses, and special case reviews that require nonstandard structures or underwriting.
  • Manage carrier and vendor relationships (platform providers, illustration engines, custodians) including troubleshooting system issues, coordinating service-level expectations, and escalating technical defects for resolution.
  • Ensure compliance with anti-money laundering (AML), know-your-customer (KYC) and other regulatory programs during policy issuance and transfers; complete required regulatory checks and escalate suspicious activity per policy.
  • Support the contract renewal and rate reset processes for fixed and indexed annuities, working with product and actuarial teams to apply updated credited rates and policyholder communications.
  • Review and process tax forms and reporting items related to annuity contracts (1099-R preparatory data, cost basis, tax withholding elections) and coordinate with tax specialists when complex issues arise.
  • Implement and document process improvements and standard operating procedures to increase accuracy, reduce cycle time and improve the client and advisor experience across the annuity lifecycle.
  • Execute reconciliations between general ledger, carrier statements, and internal records for annuity funds and reserves, escalating discrepancies to finance and accounting teams.
  • Respond to regulatory inquiries and state insurance department requests regarding product filings, consumer complaints, or suitability investigations, compiling facts and supporting documentation.
  • Lead special projects such as system conversions, new product onboarding, and illustration engine migrations, ensuring business requirements are met and user acceptance testing is completed.

Secondary Functions

  • Support ad‑hoc reporting, data extracts and exploratory analysis related to product performance, surrenders, lapses and advisor activity.
  • Contribute to process automation and the organization’s annuity operations roadmap by identifying automation candidates, documenting requirements, and participating in vendor selection or build activities.
  • Collaborate with business units (sales, compliance, product, IT) to translate operational pain points into system requirements for policy administration platforms and CRM integrations.
  • Participate in project planning, sprint demos and agile ceremonies to help shape and prioritize enhancements that improve annuity servicing and distribution workflows.
  • Provide backup support for frontline service teams during high volume periods and maintain SLA commitments for turnaround times on critical transactions.

Required Skills & Competencies

Hard Skills (Technical)

  • Deep knowledge of annuity products: fixed annuities, indexed annuities, variable annuities, deferred vs immediate annuities, and payout options.
  • Proficiency with annuity illustration and case design tools (examples: iPipeline, Winflex, AnnuityNet, XRAE or equivalent), and ability to build compliant, client-ready illustrations.
  • Experience with 1035 exchange processing and IRS/tax implications for annuity-to-annuity transfers and rollovers.
  • Strong policy administration system experience (policy servicing platforms, policy lifecycle management and reconciliation workflows).
  • Familiarity with regulatory frameworks and suitability requirements for annuities, including state insurance department rules and FINRA/SEC intersections where applicable.
  • Advanced Microsoft Excel skills (pivot tables, VLOOKUP/XLOOKUP, nested formulas), and comfort extracting and manipulating data for reporting.
  • Experience using CRM systems (Salesforce or comparable) to track cases, requirements and advisor interactions.
  • Working knowledge of tax reporting for distributions (1099-R) and the ability to coordinate with tax specialists on complex scenarios.
  • Ability to read and interpret prospectuses, contract riders, policy provisions, and rate schedules accurately.
  • Experience producing and reviewing operational and compliance reports; familiarity with audit preparedness and remediation tracking.
  • Basic SQL or data query skills a plus for ad-hoc data pulls and reconciliation support.
  • Experience managing carrier/vendor relationships and participating in vendor system testing and UAT.

Soft Skills

  • Exceptional attention to detail and accuracy when processing legal documents, calculations and contract changes.
  • Strong written and verbal communication skills for clear, client- and advisor-facing correspondence.
  • Problem-solving mindset with the ability to investigate complex issues across multiple systems and stakeholders.
  • Excellent organizational and time-management skills to manage high-volume caseloads and competing priorities.
  • Client-centric service orientation and the ability to build credibility with financial advisors and policyowners.
  • Collaborative team player who can engage cross-functionally with product, compliance, underwriting and IT partners.
  • Resilient under pressure and comfortable dealing with escalated customer situations calmly and professionally.
  • Continuous improvement mindset with an appetite for learning new products, tools and regulatory updates.

Education & Experience

Educational Background

Minimum Education:

  • High school diploma or GED; industry certifications or specialized training preferred.

Preferred Education:

  • Bachelor’s degree in Finance, Business Administration, Economics, Insurance, or related field.
  • Relevant certifications a plus: LOMA (e.g., LOMA 280), CLU, CE (Continuing Education for State Licenses), Series 6/63 or 7/63 where sales support intersects with registered products.

Relevant Fields of Study:

  • Finance
  • Insurance / Risk Management
  • Business Administration
  • Economics
  • Actuarial Science

Experience Requirements

Typical Experience Range: 2–6 years of annuity or life product servicing, policy administration, or distribution support.

Preferred:

  • 3+ years working directly with annuities (fixed, indexed or variable) in operations, case design, or product support.
  • Demonstrated experience with illustration engines, policy administration systems, and a track record of managing complex transactions (1035 exchanges, surrenders, annuitizations).
  • Prior exposure to compliance, suitability review processes and state insurance department requirements.
Explore More Careers