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COPYRIGHT 2014 CORPORATE INSIGHT, INC. ANNUITY AND LIFE INSURANCE PRODUCT UPDATE SECOND QUARTER 2014 AUTHOR: JOAN KAGAN PUBLISHED: OCTOBER 2014
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COPYRIGHT 2014 CORPORATE INSIGHT, INC.
ANNUITY AND LIFE INSURANCE PRODUCT UPDATE
SECOND QUARTER 2014
AUTHOR: JOAN KAGAN
PUBLISHED: OCTOBER 2014
ABOUT CORPORATE INSIGHT
Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For over 20 years, the firm has tracked technological developments in the
financial services industry, identifying best practices in online banking and investing, online insurance,
mobile finance, active trading platforms, social media, and other emerging areas. There are no
assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing
our clients with unparalleled, unbiased intelligence on the competition.
JOAN KAGAN
Research Associate
(646) 751-6968
MEDIA INQUIRIES
Please Contact Intermarket Communications:
(212) 888-6115
Press Coverage
TABLE OF CONTENTS
Introduction
Annuityo Guardian Life: Guardian Fixed Target Annuity
o Allianz Life: Allianz Index Advantage New York
o Nationwide: America’s marketFLEX Edge
o Pacific Life: Pacific Secure
o Athene: Athene Benefit 10
Life Insurance o Pacific Life: Pacific Select Survivorship
o Lincoln Financial Group: Lincoln WealthPreserve
o John Hancock: Simplified Life
o Prudential: PruLife Custom Premier II
Corporate Insight Syndicated Studies
Corporate Insight Thought Leadership
About the Author
INTRODUCTION
INT
RO
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ION
BACKGROUND
This quarterly slide deck
examines new product
releases from annuity carriers
and life insurers covered in
our Annuity Monitor and Life
Insurance Monitor research
services (see full coverage list
on next slide).
Inside, we provide a rundown
of the new products
introduced on the firm’s
websites in the third quarter
of 2014 and highlight their key
features.
FIRMS COVERED
Below is a list of the firms we track on a daily basis for our Annuity Monitor and Life Insurance Monitor research services:
Annuity Monitor Life Insurance Monitor
o Allianz Life
o Athene
o AXA
o Fidelity
o Guardian Life
o ING/Voya
o Jackson National
o John Hancock
o Lincoln Financial
o MassMutual
o MetLife
o Nationwide
o New York Life
o Pacific Life
o The Principal
o Prudential
o TIAA-CREF
o Transamerica
o Vanguard
o AXA
o GenworthFinancial
o John Hancock
o Liberty Mutual
o Lincoln Financial
o MassMutual
o MetLife
o Nationwide
o New York Life
o Northwestern Mutual
o Pacific Life
o The Principal Financial
o Prudential
o USAA
INT
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ANNUITY PRODUCT RELEASES
GUARDIAN LIFE: GUARDIAN FIXED TARGET ANNUITYA
NN
UIT
IES
Released in late July, the single premium fixed deferred annuity allows
clients to choose from multiple guaranteed interest periods.
The new policy offers flexible renewal and withdrawal options to help
generate income for retirement and does not have any market value
adjustments on withdrawals made before maturity.
At the end of the selected maturity period, investors can opt to renew
the Guardian Fixed Target Annuity into any available guaranteed
interest period or transfer it into the One-Year Guaranteed Interest
Period.
ALLIANZ LIFE: ALLIANZ INDEX ADVANTAGE NEW YORKA
NN
UIT
IES
Unveiled in early August, the Allianz Index Advantage New York
variable annuity joined the pre-existing Allianz Index Advantage
product line.
The product offers clients in New York potential index results and
market participation with its variable options, a level of asset
protection, tax deferral and a built in death benefit.
The product features an Index Performance Strategy, a crediting
method that allows clients to maintain asset protection for their
principal investment while maintaining the flexibility to pursue an
accumulation strategy and the potential for higher performance.
NATIONWIDE: AMERICA’S MARKETFLEX EDGEA
NN
UIT
IES
Nationwide introduced this deferred variable annuity in August.
The America’s marketFLEX Edge annuity offers a handful of investment
options, including actively traded investments, alternative asset classes
and traditional asset classes, as well as a death benefit that includes the
standard return of contract value death benefit at no additional cost.
Optional features include a spousal protection feature death benefit
and a return of premium with spousal protection feature death benefit.
PACIFIC LIFE: PACIFIC SECUREA
NN
UIT
IES
The new Pacific Secure fixed deferred income annuity provides clients
with a steady stream of retirement income at a future date.
Product features include a one-time opportunity to adjust the annuity
payment start date and income payment acceleration that allows clients
to request an amount equal to three or six times the normal monthly
payment.
Clients are only able to make withdrawals on nonqualified contracts
after annuity income payments begin, and on or after the age of 59 ½.
ATHENE: ATHENE BENEFIT 10A
NN
UIT
IES
The fixed index annuity product was introduced in September.
Athene Benefit 10 features a ten-year withdrawal charge schedule with
an 8 benefit base rate for contract years 1-10.
The product is paired with an Enhanced Benefits Rider that provides up
to five benefits – life time income withdrawals, enhanced income
benefit, confinement benefit, terminal illness provision and rider death
benefit – each of which is an additional charge.
The firm also added a new Benefit10 advisor microsite that allows
advisors to register for a webcast and access marketing materials.
LIFE INSURANCE PRODUCT RELEASES
PACIFIC LIFE: PACIFIC SELECT SURVIVORSHIPLI
FE
IN
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RA
NC
E
Unveiled in early July, the Pacific Select Survivorship variable universal
life insurance covers the lives of a couple with growth potential with 90
investment options.
The product offers optional riders for a lifetime, no lapse guarantee
and chronic illness benefits.
LINCOLN FINANCIAL GROUP: LINCOLN WEALTHPRESERVELI
FE
IN
SU
RA
NC
E
Introduced in August, Lincoln WealthPreserve is a survivorship indexed
universal life insurance product.
WealthPreserve offers flexibility through tax-deferred cash growth
potential and enables clients to choose from three account options: a
fixed account, three one-year point-to-point indexed accounts or an
optional dollar cost averaging account.
Two loan options – Participating Loan and Fixed Loan – allow policy
holders to borrow up to 100% of the cash surrender value at any time.
The Participating Loan option allows the borrowed and unborrowed
policy value to continue earning indexed interest crediting, while the
Fixed Loan option has a guaranteed interest rate.
JOHN HANCOCK: SIMPLIFIED LIFELI
FE
IN
SU
RA
NC
E
John Hancock’s Simplified Life
variable universal life
insurance product offers the
protection, cash value
accumulation, flexibility and
tax advantages of a variable
universal life insurance
product, along with a quick
application process.
Clients are not required to
undergo a medical exam or
tests, and most policies are
issued in eight days or less.
An advisor Simplified Life microsite provides additional information and
the ability to submit a ticket package.
PRUDENTIAL: PRULIFE CUSTOM PREMIER IILI
FE
IN
SU
RA
NC
E
The pre-existing PruLife Custom Premier II variable universal life
insurance product was enhanced in September.
Sixty underlying investment options were added for consumers looking
to accumulate cash value or supplement retirement income, including
with new socially responsible “green funds.”
A new optional rider can help pay for costs associated with a chronic or
terminal illness.
CORPORATE INSIGHT SYNDICATED STUDIESC
OR
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Transcending the Human Touch: Onboarding and Product Strategy for Automated Investment Advice
Transcending the Human Touch provides an in-depth review of the online account opening and new client experience offered by a dozen leading investing startups, capturing the journey from prospect to funded account owner. It also addresses dozens of strategic and tactical questions regarding the best way to deliver advice online without a human intermediary. The study provides specific, actionable recommendations for how best to address these issues. Our guidance draws on three years of research on the investing startup space, including dozens of interviews with industry leaders and entrepreneurs.
Release Date: April 2014 | Download Study Preview
The Millennial Shift: Financial Services and the Digital GenerationWith 80 million members, the Millennial generation is the largest in the history of the United States. While this represents a potentially huge opportunity for financial services firms, Millennials also pose a clear challenge to the industry’s traditional marketing strategies and business models. They have different preferences from their Boomer parents, particularly when it comes to financial products, technology and the way they interact with companies.
This study will help financial services marketers, product managers and strategists better understand Millennials and identify effective tactics for marketing to and serving these individuals.
Release Date: April 2014 | Download Study Preview
2014 Investor Survey ReportCI’s 2014 Investor Survey Report examines the relationship between retail investors and their brokerage firms, identifying the Web and mobile features that matter most to different types of investors and have the greatest impact on their overall satisfaction. Our analysis explores the behaviors and preferences of key demographic groups including mass affluent and high net worth investors, mobile brokerage users, active traders and more.
This study answers three questions about investors: What do investors consider the most important website and mobile features? What activities do investors perform using their firm's website and mobile app? How can firms improve their offerings to enhance client satisfaction?
Release Date: June 2014 | Download Study Preview18
CORPORATE INSIGHT THOUGHT LEADERSHIP
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User Insights Vol. 3: Retirement Plan Websites Disappoint Millennial ParticipantsOur latest User Insights usability study features analysis of the DC plan platforms' UX strengths and weaknesses from the perspective of actual Millennial participants and test results for four leading defined contribution plan providers: Fidelity, J.P., TIAA-CREF and VALIC.
Online Communities Across Financial Services: American Express, Bank of America and TIAA-CREFThis slide deck examines the design and capabilities offered by each firm’s online community, with a focus on noteworthy site features. We also provide tips for financial services firms looking to improve their online communities.
The Complete Bitcoin User Experience: Mining, Exchanges, Wallets and BeyondThis study provides a detailed analysis of how Bitcoins are created, traded and stored. The study includes reviews of the top websites and online services driving the Bitcoin marketplace including Slush’s Pool, Blockchain.info and Coinbase among others.
2014 Mobile Finance Trends and InnovationsThis study draws on our ongoing tracking of the industry, as well as relevant developments outside of the financial services space. This study includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what is next for mobile finance.
Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior SetUsing CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights specific areas where seniors may struggle with financial services apps and offers design and support solutions that will give this valuable audience the comfort and confidence to engage in mobile finance.
ABOUT THE AUTHORA
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Joan Kagan
Research AssociateAnnuity Monitor and Life Insurance Monitor
Joan Kagan is a Research Associate for Corporate Insight’s Annuity Monitor and Life Insurance
Monitor research services. She has conducted extensive research on the annuities and life
insurance industries, examining the online platforms, customer service capabilities and
technological innovations offered to prospective investors, clients and financial professionals.
This quarterly study is the result of Joan’s ongoing research into product releases from
leading annuity and life insurance providers.
Joan graduated cum laude from New York University in 2013.
Contact Joan Kagan:
(646) 751-6968
Connect with Joan
Connect with CI
Annuity Monitor, Life Insurance Monitor and P&C Monitor are service marks of Corporate Insight, Inc.; all rights reserved. 20
