SS&C Wins IRI Hackathon with Game-Changing Annuity Solution

Financial advisors struggle to integrate annuities into portfolio systems. Reporting inconsistencies, unclear income projections, and limited management tools create challenges with tracking and optimizing annuities. While the industry has long recognized the problem, there has not been much progress in solving for it—until now.

At the recent IRI Hackathon, the team led by SS&C’s Black Diamond® Wealth Platform took first place with a solution that provides a path towards a standardized, scalable approach to annuity income reporting. Now, the industry is taking notice.

Cracking the Code on Annuity Reporting

To tackle long-standing technology challenges, the IRI Hackathon brought together key players in the insured retirement space—insurance carriers, wealth tech firms, and broker-dealers.

Advisors have long requested better experiences to report on annuities and to project future annuity income, just as they do for equity, fixed income, and other assets. However, the real issue isn’t just technology; it’s the inconsistency in reporting income data.

Insurance income data gets sent in various fields at different frequencies, and in some cases, not at all; therefore, it rarely gets shown on the typical platforms advisors use. As a result, advisors struggle to communicate and show their clients the long-term value of these products.  Meanwhile, most of the industry focuses on making annuities easier to sell rather than on post-issue experience.  We feel it is now time for both.

SS&C’s team collaborated with industry partners during the two-day hackathon to address this issue. Developers worked rapidly to design a streamlined approach, while business leaders structured workflows to ensure practical adoption. When the dust settled, the team showcased a prototype capable of standardizing annuity income reporting across the industry.

More Than a Hackathon Win—A Wake-Up Call for the Industry

Winning the competition was just the beginning. The real impact is the industry momentum it sparked. IRI has now launched formal committee meetings to advance this solution to a widely accepted standard.

However, the challenge now shifts from technology to adoption. Carriers need to implement a standard way of reporting income for this to have a real impact. The good news is that pressure is mounting. Once some carriers begin using the standard, those who don’t will stand out. Advisors will take notice if an annuity provider’s income projections appear in Black Diamond while another’s does not.   

The goal of the proposed standard is to be simple and not make carriers overhaul their products or completely revamp their technology. clean, structured data on projected income will make it significantly easier for advisors, clients, and portfolio management systems to integrate annuities into their financial planning conversations.

New Era for Annuity Management

For years, wealth tech firms have often overlooked annuities, but Black Diamond’s goal is to change that. By investing in tools that make annuities easier to discover, manage, and report on, we are addressing a critical gap in the advisor experience.

This focus is already proving valuable. Many of the largest prospective firms we are working with today have substantial insurance businesses and are actively seeking platforms that provide a client’s complete wealth picture—including annuities. While other firms hesitate, Black Diamond is becoming a leader in annuity innovation.

With the SS&C Black Diamond Wealth Platform, incorporating annuities into financial plans doesn’t have to be complicated. To learn how our team can support your advisory firm, request a personal demo, call 1-800-727-0605, or email info@advent.com.