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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.
| Transaction History |
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Firms need to provide clients with an accurate and detailed record of past account activity. To this end, private site transaction histories offer clients a convenient way of accessing this pertinent information. This report examines Annuity Monitor firms’ private site transaction histories with a focus on accessibility, usability and transaction detail. This report focuses on the private site transaction histories offered by Annuity Monitor firms. We examine following aspects of 16 firms’ private site transaction histories:
The biggest shortcomings in terms of usability were the limited selection of sorting options and small transaction archives. While 69% of firms offered clients the ability to search the transaction history, only 38% offered sorting options to better organize the transactions. The transaction archives lacked depth, with only half of firms displaying account activity dating back to account inception. Transaction detail was lacking for the most part, as only 56% of firms provided additional in-depth data regarding individual transactions. Many firms decided to post only general information such as transaction date, type and amount rather than going the extra mile. The report also elaborates on the following key findings:
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