April 2017 – Mobile Apps for Annuity Clients

Considering the average adult spends two hours and 25 minutes a day on mobile apps and uses roughly 21 apps a month, it is imperative that annuity providers offer mobile options. With that in mind, this month Annuity Monitor report took a close look at 11 mobile app offerings from coverage group firms, noting the functionalities, such as account information, transactional capabilities and customer servicing, provided. While responsive design remains an excellent alternative to providing dedicated apps, we focus solely on apps in this report.

Since we last covered this topic in August 2015, the number of mobile app offerings has grown from seven to 11. Firms vary widely in their mobile app organization and offerings, which can be attributed to the fact that they all include aggregated account offerings and are not dedicated solely to annuities. Most firms take advantage of mobile features, with 73% allowing iPhone users to login with Touch ID. Once logged in, all firms provide the most basic of contract details (contract number and current account value), but few go deeper, with only 45% including investment information and just 18% including riders. Firms should ideally offer a full picture of all contract details to ensure clients have full desired account information and capabilities when logged into an app. Only AXA, though, provides the full range of transactions and profile settings found on its desktop platform on its app, and four firms (36%) completely lack servicing options, leaving much room for improvement among Annuity Monitor apps.