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Digging into the Customer Experience: Annuities
Corporate Insight’s Annuity Monitor keeps clients on top of developments in the annuity business. Our value-added annuities research digs deeply to identify and assess specific aspects not only of the customer experience, but also the ways in which leading insurers market their annuity products to independent financial advisors.
|Automated Telephone Customer Service|
This report focuses on Annuity Monitor firms’ automated telephone customer services. We examined the following aspects of 17 firms’ automated phone services:
Most of the automated services had an organized main menu featuring clear labels and an adequate amount of contract information was made available. Every Annuity Monitor firm provided full contract values and investment option summaries featuring units and unit values for all held investment options.
The biggest shortcoming was the lack of automated transactions and account services, which were offered by 33% and 20% of firms, respectively. Historical values and automatic account summaries were also underutilized, made available by less than half of firms.
The report also expands on the following key findings: