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Technology is helping annuity insurers adaptPosted On Wed, October 20, 2010
Each generation is marked with certain characteristics. Generation Y, for example, has been known to be technologically savvy. Some companies have picked up on this trend and have begun changing the way they do business.
Research from advisory firm Novarica reveals that insurers are using technology to set themselves apart. Some companies are using technology to reduce risk by implementing more hedging.
Novarica principal and study lead author Don Desiderato says technology is helping insurers meet the needs of today's consumers.
"Annuities carriers are defining themselves less by their wide range of benefits and more by their technological advances," says Desiderato. "The annuity marketplace is changing rapidly, between its reinvention following the market crash of 2008 and consumers' growing interest in private alternatives to social safety networks like Social Security."
Regardless of technological advances, the foundation of an annuity is the same. For some people, investing in an annuity makes sense for their long-term financial plans. A fixed annuity, for example, can provide people with a steady stream of income for a period of time. Consumers should carefully consider all options before deciding on a plan.
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