If Your Firm Sells Annuities
BENEFITS OF ANNUITYNET SYSTEM FOR DISTRIBUTORS
AnnuityNet can help your firm increase annuity sales, increase margins, and decrease costs;
all within the context of your existing infrastructure. Because the system is so much easier
to use, sales people sell more annuities. We've listed some of the major benefits of the AnnuityNet
program below - for more details on any particular benefit, just click, or scroll down the page.
STANDARDIZED APPLICATION PROCESS WITH FEWER "NOT IN GOOD ORDER" APPLICATIONS
EXPEDITED SUITABILITY REVIEW
- Real time suitability review at sales person or management level.
- Automatically route applications to authorized principal for suitability review.
- Automatically record all review activity.
- Flag and notify management if suitability review does not take place on schedule.
- Prioritize applications in queue based on suitability data.
COMPREHENSIVE MANAGEMENT REPORTING
- Reports provide wide variety of information useful in sales, marketing, HR, tax, and other areas.
- Information can serve as easily accessed database for compliance audits.
- Employee work information - for instance, data on pending sales, is stored in databases and can be reassigned from former to current employees.
- Information from management console is provided at both operational and management levels.
- Real times sales data by funding source (1035, EFT, check, bank draft); product; fund; branch and sales agent makes it easy to evaluate which marketing strategies are working and focus on most productive sales areas.
- Web site traffic analysis is segmented by distribution venue. Funnel listing of pages indicates which topics are attracting most user interest.
- System indicates pending applications and the aging on those apps, including a chart by application venue.
- System graphs total deposits by week, month, quarter, and cumulatively.
- Analysis of number and total amount of withdrawals, surrenders, fund transfers, and non-financial contract changes.
- Commission analysis for money settlement and commission reconciliation, by product and sales person, on a weekly, monthly, or quarterly basis.
- Access to reports can be limited through multi-level permission system.
- More cross-sell and up sell opportunities because customer data is more easily accessible and customers are more likely to contact sales reps, rather than carriers, for post-sale servicing.
REDUCED TRAINING COSTS
- Complex decision trees are created by system that eliminate need for sales people to learn product and distributor rules.
- Compared to paper forms, intuitive front-end system is simpler to fill out correctly, and automatically prompts for corrections at point of sale.
- New product information is provided online, eliminating the need for paper handouts.
- Detailed information on customer website traffic and sales helps focus on cost-effective training.
- Since the system makes it easier for reps to sell, less experienced agents can learn products faster and be more productive with less training.
COMPLIANCE APPROVED PRODUCT, EDUCATIONAL AND MARKETING MATERIAL
- Information from website can be printed to serve as customer handouts at POS.
- Pre approvals lessen hassle and time involved in compliance process.
- Content can provide general annuity education or serve as refreshers for sales and/or customer service staff.
- Retail newsletters provide continuing customer contact.
- Decision tools customize answers depending on customer input.
- Detailed fund information.
- Detailed product information.
BETTER CUSTOMER RELATIONSHIPS
- Sales person and servicing rep have direct access to customer account information rather than obtaining information from carrier, thus making the relationship with the customer more direct.
- Reps can access and review customer account information online, including account values; fund allocations; demographic information; transaction history; and customer legal documents, including contract, application, prospectus, confirmation statements and transaction confirms.
- Search functionality allows rep to easily locate any customer record by account number, name, SSN, or phone number.
- Pending transactions are displayed separately from completed transactions.
- All customer account changes are instantly updated to all sales and servicing personnel, whether those reps are talking to the customer on the phone, via email, or in person. Customers can view this information at private labeled web site while discussing with phone rep or via email.
- Overall, AnnuityNet system strengthens the relationship between the customer and the distributor, decreasing reliance on service from carriers.
IMPROVED CUSTOMER SATISFACTION AND LOYALTY
- Customers can view and manage their accounts online at their convenience - any day, any time of day. (Get current account values, change fund allocations, make withdrawals, etc.)
- Current and accurate account information available in real time.
- All user interfaces on private labeled websites will be designed to match the design requirements of the client company.
- Fund performance data is updated monthly.
- Automatic rebalancing based on asset allocation strategies.
- Payment options include electronic funds transfer.
- Dollar cost averaging available.
INCREASED EMPLOYEE SATISFACTION
- More annuity sales mean higher commissions for reps.
- Sales and servicing are easier and more productive.
- More easily satisfied customers means happier employees.
- Real time commission reports.
- Compensation can be based on accurate and timely information regarding sales production.
- Employees take pride in working with innovative, best-in-industry system.
- AnnuityNet offers its multi-carrier AnnuityNet Works™ platform to automate and streamline your annuity sales operations. To learn more about the platform, click here.
CRN 200103-AN196-1
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