What is an OID?
An Outsourced Insurance Desk (OID) has licensed agents available to assist unlicensed financial professionals (FP) who want to recommend annuity solutions to clients.
When an FP connects with an OID, the OID reviews the client’s goals and risk profile, does the research and makes a recommendation.
The OID does the work to write the contract and is the agent of record. The FP maintains control and management of the asset.
Working with an OID
Step 1
Financial professional
- Identifies client's need for annuity - which may include tax deferral, lifetime income, or legacy planning
- Selects one of several OIDs available through the FIDx Partner Portal
- Submits a proposal to the OID
Step 2
OID
- Receives the proposal and begins research to make a recommendation based on client's needs and financial situation
- Presents recommendation to the FP who, if they agree, approves it
Step 3
Financial professional
- Client approves recommendation
- FP approves and sends notification to the OID to proceed
Step 4
OID
- Completes application and submits to broke/dealer and insurance carrier - online process reduces NIGOs to almost zero
- Submits for client signature; client receives email prompting them to e-sign application
- Recives notification to e-sign application; contract is delivered to client with the OID as the agent of record
Step 5
Financial professional
- Has control over annuity assets which are now included in their AUM
- Can change asset allocation, beneficiaries, and premium
- Can run integrated allocation reports
Step 6
OID Partnerships
Fully digital solutions
We simplify how financial professionals manage, research, and compare the best solutions for their clients.
