Insurers Choking on Annuity Applications Finally Catch Their Breath
April 18, 2023 by Cyril Tuohy
Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, said the most she’s heard of is six weeks to process an annuity application.
Turnaround times have become important, and she knows of agents and distributors helping to direct sales to carriers that issue policies fast.
Moore said she’s even heard of at least one carrier finishing transactions in an hour.
Still, in cases where processing is slower, some clients are growing frustrated. The insurer has the client’s money, but the would-be policyholder still hasn’t received the contract and that’s causing credibility issues between agents and clients, Moore said in an email.
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