Although the life and annuity industries typically lag behind other financial industries in terms of technology adoption, two firms are enhancing their communication techniques to reach new and existing clients.
In November, Voya launched a new service to enhance its texting communications for advisors. The service allows advisors to text their clients to arrange future meetings and keep an open line of communication, but it cannot be used to complete financial transactions. Because text messages have a 98% open rate, in comparison to emails, which have a 22% open rate, texting improves an advisor’s chance of reaching a client. In addition to increasing communication, the service helps advisors comply with FINRA’s Regulatory Notice 17-18 as conversations are automatically archived. While firms in other industries, like Merrill Lynch, also have this capability, Voya is the first among the leading firms tracked by industry research service Annuity Monitor to introduce texting. Voya has not yet promoted its advisor texting capabilities on its public or annuity advisor sites. While the value is clear in other industries that require frequent client contact, it will be interesting to see if annuity providers will be able to reap the same benefits from the technology despite requiring less frequent contact.
MassMutual recently promoted its Usage Maturity Model report, which scores advisors on their social media presence, allowing them to gauge the effectiveness of their activity. While many life insurers and annuity providers post approved social media posts to enhance advisors’ social media presence, MassMutual leads the pack in terms of promoting its resources to advisors, boasting a 13% increase in engagement from August to October 2017. Advisors with the firm can create their own social media posts and interact by liking, commenting and sharing with their network directly instead of through a third party, like Hearsay Social, which MassMutual previously required.
MassMutual Advisor Site Usage Maturity Model Promotion