Technology’s Expanding Role in Annuities

Annuities can be a complex subject for the average person to understand.

Many companies are utilizing technology to make it more engaging, better understood and more relevant to todays’ investor.

Turn It into a Game

Gamification has become quite popular outside of the gaming world.

In fact, it is used in business quite frequently and is now finding its way into investments and annuities in particular.

The idea behind this technology is that it will help customers understand the product better by interacting with it before making a decision. They can understand what an annuity can do for them in the future.

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Images are often easier to understand than dry content.

That is why more companies are using videos to explain how annuities work and to show how much return investors can expect.

People can learn about the advantages and have a more thorough understanding of the product and how it varies from other investment options.

Social Media

The next generations considering retirement planning will be more internet savvy, especially in regards to social media.

They turn to their friends to learn about products and services they aren’t familiar with. They look for companies with an online presence and follow them to see what they are all about.

If businesses want to appeal to those customers, they must become visible online.

It also helps when community members can help each other. They can answer others’ questions and offer opinions and advice. This ongoing interaction makes people feel more comfortable when purchasing a product like an annuity.

Software Education

Annuities and other investment tools are part of software programs and robo-advisors that direct users on their investment choices.

They are often used by people who want the quick and easy way to invest with no need for interaction with brokers or investment advisors.

A company offering investment tools is going to have to consider its target audience.

As the following article shows, people considering “investing in annuities” may range from people in the prime of life to those entering retirement. Each generation is going to have a different communication style and may respond to different marketing methods.

Even if you establish an online presence, the topics discussed or the news and information shared may be different based on age or demographics.

Millennials may prefer only online communication with the use of software programs and other technology to handle the entire process, while those in their 40’s and 50’s may like a balance of online and in-person communication.

Retirees may prefer only in-person interaction with email serving a purpose after the initial relationship has been established.

Digital technology has made selling annuities much easier and the products much simpler to explain to potential clients.

However, the methods you choose for marketing and ongoing communication will depend on your audience and their needs.
It may require the use of multiple methods for your organization to see the most benefits.

Don’t be afraid to experiment to find what works best for the company and for your customers.

About the Author: Joyce Morse is an author who writes on a variety of topics, including marketing and retirement tips.

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