Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Study Finds VA And Life Holders Want E-Delivery

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

New research finds strong appeal among variable annuity and variable universal life policy holders for electronic delivery of prospectuses and related compliance documents.

NewRiver Inc., Andover, Mass., commissioned a survey of policyholders and found that more than half of respondents who were not offered electronic delivery of documents and prospectuses would said they would choose electronic delivery if it were available.

While participants were split in their assessments about how their VA and VUL providers were promoting e-delivery, only 26% recalled being notified about the option.

New River says 29% of the VA/VUL owners reported that they read the hard copy prospectuses and other documents they receive, but that only 6% claim to read these documents from cover to cover.

Asked what was preventing them from using e-delivery, 59% of the respondents said it was due to the difficulty in reading compliance documents online.

“This is a call to action for the insurance industry,” says NewRiver Chief Executive Officer Russell Planitzer. “There has long been a misconception within the insurance sector that due to its older customer demographics there isn’t a high level of interest in electronic delivery or that reading and accessing documents online is difficult. The research dispels this myth.”

New rules that permit VA and VUL companies to use summary prospectuses should make online documents easier to read and increase their popularity, Planitzer says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.