More than one-quarter of producers consider an insurer’s financial strength when choosing which firm to place annuity business with, a report released Tuesday by LIMRA found. Although it’s not the top factor in their decision, the number is up from 16% in 2008 and 2003.
“While awareness of insurers’ financial strength has increased for producers, a competitive product line remains by far the number one consideration for producers when choosing a company with which to place their traditional fixed life insurance business,” Denise Marvel, assistant research director for LIMRA Distribution Research, said in a statement.
According to the study, “What Producers Value: From Companies and Independent Intermediaries in 2011,” the most important type of service or support provided by carriers is training, especially product training.
Technology support was also important, including online access to client records, new business status and commission reporting, and consolidated client statement reporting. Sixty percent of producers rated their carriers as good or excellent in this area.