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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.
|Private Account Information Display|
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:
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:
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.