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Voice of the annuities consumer: Innovative approaches to accelerating annuities market growth

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An online survey of 1,500 consumers sheds light on ways financial institutions could grow their slice of the annuities market pie and expand the size of the annuities pie overall.

To access results of the survey from Deloitte University Press, please visit: http://dupress.com/articles/new-approaches-to-growing-annuities-market/

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Voice of the annuities consumer: Innovative approaches to accelerating annuities market growth

  1. 1. Insights from the Voice of the annuities consumer survey An online survey of 1,500 consumers sheds light on ways financial institutions could grow their slice of the annuities market pie and expand l University Press the size of the annuities pie overall. IMPROVE CONSUMER AWARENESS 8 UNDERSTANDING OF ANNUITIES TARGET LIFE EVENTS PRIOR TO RETIREMENT THAT COULD MOT NATE YOUNGER BUYERS Develop direct advertising approach Initiate proactive, direct communication with consumers . 3 5% of younger demographics purchased an annuity because they came into a Drive more traffic sum of money to ll'tS. Jl'E'l websites Launch educational initiatives to raise public awareness SELL TH ROUGH THE WORKPLACE Recent federal regulatory actions may help generate more interest in the anriiiity option thr0i_igii the 401k channel. TO EXPAND THE ANNUITIES MARKET, NEW THINKING IS NEEDED PROVIDE AN ONLINE CHANNEL OPTION 45 of 30- to dlsi-yearolds were 0 somewhat likely or very likely to buy over the web without an intermediary DON'T FORGET TO CROSS-SELL Nearly 50% of the buyers owned at least one other financial product from the same Insurance company prior to purchase Factors respondents cited that could encourage Internet use: APPEAL TO BUYERS WHO _ ARE NOT YET RETIREMENT- L‘ 1 In 51 Single pointolcoritact FOCUSED _ o g 1 In 41 Lower pricing . Fiirid ciiildfls e-ieririiai college tuition Q 1 in 3: Product fir Payback collegeloans comparisons Hybrid product that adiusts as life stages mature 1 in 42 R»: --3l—time Contact with . Pa t al an iuitizat ~: ' r uric’ Iizerised <3(l'»’l'fi‘3f W Y i I ‘H U ” 6*, Birth of a child WHERE DO ANNUITY WRITERS GO FROM HERE? Consider a multi-pronged approach to transform standard operating procedures and expand available market share while creating a differentiated brand. : ® Visit http: //dupress. com/ articles/ new-approaches-to—growing—annuities-market to view the complete survey results and to download the full report. CAPITALIZE ON EXISTING CLIENT BOLSTER EDUCATION 8 DIRECT MARKETING 7 EFFORTS CREATE MORE FLEXIBLE PRODUCTS LEVERAGE THE WORKSITE CHANNEL BUILD BRIDGES TO YOUNGER GENERATION RELATIONSHIPS Research performed by the Deloitte Center for Financial Services. Graphic: Deloitte University Press | dupress. com Copyright © 2015 Deloitte Development LLC. All rights reserved.

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