ANNUITY AND LIFE INSURANCE PRODUCT UPDATE SECOND QUARTER 2014

Transcription

1 ANNUITY AND LIFE INSURANCE PRODUCT UPDATE SECOND QUARTER 2014 AUTHOR: JOAN KAGAN PUBLISHED: OCTOBER 2014 COPYRIGHT 2014 CORPORATE INSIGHT, INC.

2 ABOUT CORPORATE INSIGHT Crprate Insight prvides cmpetitive intelligence and user experience research t the natin s leading financial institutins. Fr ver 20 years, the firm has tracked technlgical develpments in the financial services industry, identifying best practices in nline banking and investing, nline insurance, mbile finance, active trading platfrms, scial media, and ther emerging areas. There are n assumptins in Crprate Insight s wrk we use live accunts at all f the firms we research, prviding ur clients with unparalleled, unbiased intelligence n the cmpetitin. Press Cverage Cnnect With Us JOAN KAGAN Research Assciate (646) jkagan@crprateinsight.cm MEDIA INQUIRIES Please Cntact Intermarket Cmmunicatins: (212) crprateinsight@intermarket.cm

3 TABLE OF CONTENTS Intrductin Annuity Guardian Life: Guardian Fixed Target Annuity Allianz Life: Allianz Index Advantage New Yrk Natinwide: America s marketflex Edge Pacific Life: Pacific Secure Athene: Athene Benefit 10 Life Insurance Pacific Life: Pacific Select Survivrship Lincln Financial Grup: Lincln WealthPreserve Jhn Hancck: Simplified Life Prudential: PruLife Custm Premier II Crprate Insight Syndicated Studies Crprate Insight Thught Leadership Abut the Authr

4 INTRODUCTION

5 INTRODUCTION BACKGROUND This quarterly slide deck examines new prduct releases frm annuity carriers and life insurers cvered in ur Annuity Mnitr and Life Insurance Mnitr research services (see full cverage list n next slide). Inside, we prvide a rundwn f the new prducts intrduced n the firm s websites in the third quarter f 2014 and highlight their key features.

6 INTRODUCTION FIRMS COVERED Belw is a list f the firms we track n a daily basis fr ur Annuity Mnitr and Life Insurance Mnitr research services: Annuity Mnitr Life Insurance Mnitr Allianz Life MassMutual AXA Natinwide Athene AXA Fidelity Guardian Life ING/Vya Jacksn Natinal Jhn Hancck Lincln Financial MetLife Natinwide New Yrk Life Pacific Life The Principal Prudential TIAA-CREF Transamerica Vanguard Genwrth Financial Jhn Hancck Liberty Mutual Lincln Financial MassMutual MetLife New Yrk Life Nrthwestern Mutual Pacific Life The Principal Financial Prudential USAA

7 ANNUITY PRODUCT RELEASES

8 ANNUITIES GUARDIAN LIFE: GUARDIAN FIXED TARGET ANNUITY Released in late July, the single premium fixed deferred annuity allws clients t chse frm multiple guaranteed interest perids. The new plicy ffers flexible renewal and withdrawal ptins t help generate incme fr retirement and des nt have any market value adjustments n withdrawals made befre maturity. At the end f the selected maturity perid, investrs can pt t renew the Guardian Fixed Target Annuity int any available guaranteed interest perid r transfer it int the One-Year Guaranteed Interest Perid.

9 ANNUITIES ALLIANZ LIFE: ALLIANZ INDEX ADVANTAGE NEW YORK Unveiled in early August, the Allianz Index Advantage New Yrk variable annuity jined the pre-existing Allianz Index Advantage prduct line. The prduct ffers clients in New Yrk ptential index results and market participatin with its variable ptins, a level f asset prtectin, tax deferral and a built in death benefit. The prduct features an Index Perfrmance Strategy, a crediting methd that allws clients t maintain asset prtectin fr their principal investment while maintaining the flexibility t pursue an accumulatin strategy and the ptential fr higher perfrmance.

10 ANNUITIES NATIONWIDE: AMERICA S MARKETFLEX EDGE Natinwide intrduced this deferred variable annuity in August. The America s marketflex Edge annuity ffers a handful f investment ptins, including actively traded investments, alternative asset classes and traditinal asset classes, as well as a death benefit that includes the standard return f cntract value death benefit at n additinal cst. Optinal features include a spusal prtectin feature death benefit and a return f premium with spusal prtectin feature death benefit.

11 ANNUITIES PACIFIC LIFE: PACIFIC SECURE The new Pacific Secure fixed deferred incme annuity prvides clients with a steady stream f retirement incme at a future date. Prduct features include a ne-time pprtunity t adjust the annuity payment start date and incme payment acceleratin that allws clients t request an amunt equal t three r six times the nrmal mnthly payment. Clients are nly able t make withdrawals n nnqualified cntracts after annuity incme payments begin, and n r after the age f 59 ½.

12 ANNUITIES ATHENE: ATHENE BENEFIT 10 The fixed index annuity prduct was intrduced in September. Athene Benefit 10 features a ten-year withdrawal charge schedule with an 8 benefit base rate fr cntract years The prduct is paired with an Enhanced Benefits Rider that prvides up t five benefits life time incme withdrawals, enhanced incme benefit, cnfinement benefit, terminal illness prvisin and rider death benefit each f which is an additinal charge. The firm als added a new Benefit10 advisr micrsite that allws advisrs t register fr a webcast and access marketing materials.

13 LIFE INSURANCE PRODUCT RELEASES

14 LIFE INSURANCE PACIFIC LIFE: PACIFIC SELECT SURVIVORSHIP Unveiled in early July, the Pacific Select Survivrship variable universal life insurance cvers the lives f a cuple with grwth ptential with 90 investment ptins. The prduct ffers ptinal riders fr a lifetime, n lapse guarantee and chrnic illness benefits.

15 LIFE INSURANCE LINCOLN FINANCIAL GROUP: LINCOLN WEALTHPRESERVE Intrduced in August, Lincln WealthPreserve is a survivrship indexed universal life insurance prduct. WealthPreserve ffers flexibility thrugh tax-deferred cash grwth ptential and enables clients t chse frm three accunt ptins: a fixed accunt, three ne-year pint-t-pint indexed accunts r an ptinal dllar cst averaging accunt. Tw lan ptins Participating Lan and Fixed Lan allw plicy hlders t brrw up t 100% f the cash surrender value at any time. The Participating Lan ptin allws the brrwed and unbrrwed plicy value t cntinue earning indexed interest crediting, while the Fixed Lan ptin has a guaranteed interest rate.

16 LIFE INSURANCE JOHN HANCOCK: SIMPLIFIED LIFE Jhn Hancck s Simplified Life variable universal life insurance prduct ffers the prtectin, cash value accumulatin, flexibility and tax advantages f a variable universal life insurance prduct, alng with a quick applicatin prcess. Clients are nt required t underg a medical exam r tests, and mst plicies are issued in eight days r less. An advisr Simplified Life micrsite prvides additinal infrmatin and the ability t submit a ticket package.

17 LIFE INSURANCE PRUDENTIAL: PRULIFE CUSTOM PREMIER II The pre-existing PruLife Custm Premier II variable universal life insurance prduct was enhanced in September. Sixty underlying investment ptins were added fr cnsumers lking t accumulate cash value r supplement retirement incme, including with new scially respnsible green funds. A new ptinal rider can help pay fr csts assciated with a chrnic r terminal illness.

18 CORPORATE INSIGHT SYNDICATED STUDIES CORPORATE INSIGHT SYNDICATED STUDIES Transcending the Human Tuch: Onbarding and Prduct Strategy fr Autmated Investment Advice Transcending the Human Tuch prvides an in-depth review f the nline accunt pening and new client experience ffered by a dzen leading investing startups, capturing the jurney frm prspect t funded accunt wner. It als addresses dzens f strategic and tactical questins regarding the best way t deliver advice nline withut a human intermediary. The study prvides specific, actinable recmmendatins fr hw best t address these issues. Our guidance draws n three years f research n the investing startup space, including dzens f interviews with industry leaders and entrepreneurs. Release Date: April 2014 Dwnlad Study Preview The Millennial Shift: Financial Services and the Digital Generatin With 80 millin members, the Millennial generatin is the largest in the histry f the United States. While this represents a ptentially huge pprtunity fr financial services firms, Millennials als pse a clear challenge t the industry s traditinal marketing strategies and business mdels. They have different preferences frm their Bmer parents, particularly when it cmes t financial prducts, technlgy and the way they interact with cmpanies. This study will help financial services marketers, prduct managers and strategists better understand Millennials and identify effective tactics fr marketing t and serving these individuals. Release Date: April 2014 Dwnlad Study Preview 2014 Investr Survey Reprt CI s 2014 Investr Survey Reprt examines the relatinship between retail investrs and their brkerage firms, identifying the Web and mbile features that matter mst t different types f investrs and have the greatest impact n their verall satisfactin. Our analysis explres the behavirs and preferences f key demgraphic grups including mass affluent and high net wrth investrs, mbile brkerage users, active traders and mre. This study answers three questins abut investrs: What d investrs cnsider the mst imprtant website and mbile features? What activities d investrs perfrm using their firm's website and mbile app? Hw can firms imprve their fferings t enhance client satisfactin? Release Date: June 2014 Dwnlad Study Preview 18

19 CORPORATE INSIGHT THOUGHT LEADERSHIP User Insights Vl. 3: Retirement Plan Websites Disappint Millennial Participants Our latest User Insights usability study features analysis f the DC plan platfrms' UX strengths and weaknesses frm the perspective f actual Millennial participants and test results fr fur leading defined cntributin plan prviders: Fidelity, J.P., TIAA-CREF and VALIC. Online Cmmunities Acrss Financial Services: American Express, Bank f America and TIAA-CREF This slide deck examines the design and capabilities ffered by each firm s nline cmmunity, with a fcus n ntewrthy site features. We als prvide tips fr financial services firms lking t imprve their nline cmmunities. The Cmplete Bitcin User Experience: Mining, Exchanges, Wallets and Beynd This study prvides a detailed analysis f hw Bitcins are created, traded and stred. The study includes reviews f the tp websites and nline services driving the Bitcin marketplace including Slush s Pl, Blckchain.inf and Cinbase amng thers Mbile Finance Trends and Innvatins This study draws n ur nging tracking f the industry, as well as relevant develpments utside f the financial services space. This study includes cmmentary n mbile develpments, key takeaways fr financial services firms and thughts n what is next fr mbile finance. Senir Citizens & Mbile Finance: Design & Supprt Slutins t Empwer the Senir Set Using CI s user-testing expertise and nging mbile finance research, this slide deck highlights specific areas where senirs may struggle with financial services apps and ffers design and supprt slutins that will give this valuable audience the cmfrt and cnfidence t engage in mbile finance. 19

20 ABOUT THE AUTHOR ABOUT THE AUTHOR Jan Kagan Research Assciate Annuity Mnitr and Life Insurance Mnitr Jan Kagan is a Research Assciate fr Crprate Insight s Annuity Mnitr and Life Insurance Mnitr research services. She has cnducted extensive research n the annuities and life insurance industries, examining the nline platfrms, custmer service capabilities and technlgical innvatins ffered t prspective investrs, clients and financial prfessinals. This quarterly study is the result f Jan s nging research int prduct releases frm leading annuity and life insurance prviders. Jan graduated cum laude frm New Yrk University in Cntact Jan Kagan: (646) jkagan@crprateinsight.cm Cnnect with Jan Cnnect with CI Annuity Mnitr, Life Insurance Mnitr and P&C Mnitr are service marks f Crprate Insight, Inc.; all rights reserved. 20