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Corporate Insight Finds Deficiencies in Annuity Account Opening Process


NEW YORK - Corporate Insight, the leader in providing competitive intelligence, analysis, and consulting services to the financial services industry recently examined the account opening process for annuities at fifteen firms. The research found five key deficiencies that hinder the process. Specifically they are:

Lack of communication between advisors and firms
Formatting and/or malfunction issues with online forms
Failure of firms to offer online guidance
Discrepancies in account forms
Outdated product information on firms’ websites
“Over the past year working closely with advisors, we opened over sixteen new annuity accounts and were surprised at what we found,” said Ben Pousty, Senior Analyst at Corporate Insight. “It was apparent to us that there are many inherent flaws and inefficiencies that slow down the process. A majority of the problems can be attributed to a lack of communication between firms and the advisors responsible for opening accounts. Issues such as a lack of guidance in collecting required forms and outdated information on the firms’ websites can be averted with some foresight.” Pousty continues, “In addition, the format of account opening forms and the variation found among them on a state by state and even firm by firm basis can complicate the process further.”

The Annuity Monitor report entitled, “Annuity Account Opening Process & Welcome Kits” is an in-depth look at 15 firms offering annuities, with detailed findings on each firm’s processes and welcome kits, recommendations to the industry, and Corporate Insights’ unique perspective.


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