Corporate Insight Finds Deficiencies in Annuity Account Opening Process.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Corporate Insight, the leader in providing competitive intelligence, analysis, and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry recently examined the account opening process for annuities at fifteen firms. The research found five key deficiencies that hinder the process. Specifically they are: * Lack of communication between advisors and firms * Formatting and/or malfunction mal·func·tion v. 1. To fail to function. 2. To function improperly. n. 1. Failure to function. 2. Faulty or abnormal functioning. issues with online forms * Failure of firms to offer online guidance * Discrepancies in account forms * Outdated product information on firms' websites "Over the past year working closely with advisors, we opened over sixteen new annuity accounts and were surprised at what we found," said Ben Pousty, Senior Analyst at Corporate Insight. "It was apparent to us that there are many inherent flaws and inefficiencies that slow down the process. A majority of the problems can be attributed to a lack of communication between firms and the advisors responsible for opening accounts. Issues such as a lack of guidance in collecting required forms and outdated information on the firms' websites can be averted a·vert tr.v. a·vert·ed, a·vert·ing, a·verts 1. To turn away: avert one's eyes. 2. with some foresight (graphics, tool) Foresight - A software product from Nu Thena providing graphical modelling tools for high level system design and simulation. ." Pousty continues, "In addition, the format of account opening forms and the variation found among them on a state by state and even firm by firm basis can complicate com·pli·cate tr. & intr.v. com·pli·cat·ed, com·pli·cat·ing, com·pli·cates 1. To make or become complex or perplexing. 2. To twist or become twisted together. adj. 1. the process further." The Annuity Monitor report entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , "Annuity Account Opening Process & Welcome Kits" is an in-depth look at 15 firms offering annuities, with detailed findings on each firm's processes and welcome kits, recommendations to the industry, and Corporate Insights' unique perspective. For more information on this research and related services, please visit: www.corporateinsight.com. About Corporate Insight Corporate Insight is a leading provider of competitive intelligence, analysis, and consulting services to the financial services industry. Founded in 1992, the firm has a blue-chip client base of industry leaders who rely on the company's commentary and insight gleaned through years of research examining the issues and trends that have shaped the industry. CI monitors the top firms on an ongoing basis, measuring, analyzing, and communicating industry best practices. Its products include Bank Monitor, Broker Monitor, Credit Card Monitor, e-Monitor, Mutual Fund Monitor, Mutual Fund Advisor Monitor, and Annuity Monitor as well as custom project work. For more information, please visit www.corporateinsight.com. |
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