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Annuities Research

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.

Private Account Information Display PDF Print E-mail
The March report looks at the account information displays for 17 Annuity Monitor firms. We considered the following criteria in evaluating each firm’s offerings:
  • Layout, readability and overall organization of content
  • Detail of account information offered
  • Ability to access other private site features from account information display
Firms generally covered the basics in terms of accessibility and page layouts. Seventy-six percent of firms made the display accessible directly upon login or from a homepage or contract selection screen, and the majority of information displays utilized prominent sectional headings and bolded contract values to increase readability. Beyond these basic factors, however, most firms showed significant need for improvement.

Firms were most lacking in terms of contract values and performance data provided on the account information displays. Though every firm provided the total contract value, only 53% of firms provided the all‐important contribution, surrender and death benefit values. Even fewer firms presented free withdrawal amount (35%) and withdrawal information (30%).

The March report includes the following key findings:
 
  • Only 18% of firms provide beneficiary information
  • Only one firm provides personal rate of return and fee data
  • Thirty percent of firms offer withdrawal information

Annuitants rely on the private site to provide accurate, detailed information about their holdings. Accordingly, it is essential that firms offer account information displays that are detailed, easy to find and easy to use.
 

Subjects

Account reporting

Segment: Annuities
Publication date: Monday, March 31, 2008
# Pages: (53 pages)
 
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