Annuity Distribution Should Seek Share Of Mind And Wallet
“If you are not aggressively managing your distribution channels, it will be difficult to compete,” said Janet Deskins at an annuity conference here.
The senior vice president of marketing resources at National Financial Partners, New York, Deskins exhorted the annuity industry not just to sell annuities but also to give advice.
“People want consultation,” especially high-net-worth individuals, Deskins explained during a session at the annuity conference sponsored by LOMA, LIMRA International and Society of Actuaries.
Gary Taiaroil, chief financial officer-wholesale distribution for ING U.S. Financial Services, Atlanta, raised another aspect of distribution success. He said carriers should adhere to a 5-point value proposition: have strong people, products, relationships and teamwork, training, and delivery.
Carriers need to convey their strengths to producers, which is important, he said, because if producers have a bad experience with, say, a companys product, customer service representatives or wholesaler, it raises the question: “Will they come back?” (See box for some suggestions Taiaroil offered for working with producers.)
“Find a way to help the producer,” he concluded. “Provide value to them. These people are on their own.”