August 2015: Examining Annuity Monitor Firms’ Mobile Apps

The report assesses the mobile app offerings of seven Annuity Monitor firms, with a focus on their mobile apps’ login processes, account information display, account services and helpful resources. The following criteria are examined for each mobile app:

  • Login option preferences
  • Contract information and services availability
  • Help and contact resources

Currently, seven Annuity Monitor firms allow clients to view their contract information on Apple and Android mobile apps. Most firms provide clients with basic contract account information, such as number and account balance details. Only three firms let clients closely assess their investment details.

In terms of account services, only one firm offers annuity-related transactions on its mobile app, such as fund transfers and rebalancing. Some firms, however, do offer other types of services on mobile phones, such as the ability to adjust login preferences. Three firms also let clients research their investments on a mobile app through market news streams and fund trackers.

While the report shows that there is room for improvement when it comes to mobile app offerings in the annuity space, these seven firms have already set their mark on this platform. Ideally, we hope annuity clients who own investment-linked accounts, such as variable annuities, would be the first to benefit from enhanced mobile apps, as they would be able to view in real-time their account status and investment information.

Additional key findings include:

  • Three firms offer resources for clients to conduct market research
  • Three firms give clients the option to send a secure message through an email form
  • Two firms allow clients to customize account display