Annuity market players here in New York for LIMRA’s annual conference came up with an idea for improving annuities’ image: Develop a tool that can show how purchasing annuities has affected the purchasers’ well-being.
Robert Kerzner, the outgoing president of the Windsor, Connecticut-based industry consortium, talked about the effect of annuities on retirees’ well-being today during the opening general session.
Kerzner gave attendees a wide-ranging presentation on how the life and annuity market, and technology, have changed since he came into the life insurance industry, in 1974. He also talked about the challenges that have faced annuity issuers and annuity distributors over the past five years.
“Retirees with retirement plans are more likely to have a better outcome, and they are more likely to own annuities,” Kerzner said.
Later, during a breakout session on income planning, a member of the audience asked about whether the annuity community has some way to provide “outcomes measures” for annuities, the way a drug company might measure and communicate the outcomes for a new medication.