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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.


Online Client Account Services PDF Print E-mail
Online account services are important resources provided for clients that allow them to easily modify a variety of account information without having to contact a financial representative. Key online service options offer clients the ability to update contact information, login settings and security preferences. In this Annuity Monitor Report, we provide detailed reviews of the account services offered by our coverage firms on the private website.
 
Eighteen firms’ online account services were reviewed in this report on the following three key criteria:
  • Accessibility of the account management features
  • Overall design and presentation of account service display
  • Selection of online account services
Overall, the Annuity Monitor firms provide a basic selection of the account services on the private website. The majority of the firms offer clients the ability to update mailing address, email address and security measures including username, password and security questions. The firms that scored well in this report do so as a result of offering more extensive selections of account services. The ability to manage beneficiary information, financial profiles and computer security permission are offered by roughly 15% of firms. One firm covered in this report received a failing grade due to its lack of any account service updates, with two additional firms receiving a D.
 
Accessibility to client account services is consistent among the Annuity Monitor firms. Ninety-four percent of firms position the account services within a universal menu or homepage quicklinks to ensure that services can be easily reached. The top-rated firms in this report provide multiple access points to account services, directly from the private homepage or account selection screen. Additionally, 72% of the coverage firms feature account services options on a centralized page or menu for streamlined navigation and usability.
 
Firms do an excellent job to protect clients’ sensitive information online by requiring users to provide their password in order to complete a client account service update. Over three-quarters of the firms covered in this report also require that information is verified before submitting update requests.
 
Additional key findings include:
  • 67% provide the ability to update mailing address online
  • Fourteen firms allow users to update their security questions and answers
  • Two firms provide a progress meter for account service updates
  • 94% allow users to update their password
  • No firm requires a Social Security number to confirm account service updates
 
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