10.13.23

Annuity and Life Insurance Satisfaction Depends on Digital Tools, Says J.D. Power

by: Holly Deaton

Online tools with life insurance and annuity sales are important to increasing client satisfaction, according to new research by J.D. Power. According to the study, customers who used digital channels registered overall satisfaction of 823 points on a 1,000-point scale, 79 points more than customers who did not interact via digital. Similarly, overall satisfaction among digital annuity customers was about 35 points higher than customers without digital interaction. J.D. Power found that adding digital interactions to products purchased through agents or advisors also increased customer satisfaction. Life insurance customers who purchased through an agent or advisor and only interacted non-digitally had an overall satisfaction rating of 795. When digital interactions were added, overall satisfaction increased to 821. Annuity customers who purchased their annuities through an advisor and had digital interactions had a satisfaction level 25 points higher than those without digital interaction.

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