LIMRA and Pulse Logic completed two retirement plan participant consortium studies in the last 15 months. One study was fielded prior to COVID-19 forced quarantining and the second a year later. While both studies are very revealing, a common thread ran through both studies. About a third of plan participants do not have at least $5000 to cover emergencies. The number of participants able to pay their credit card balance each month has dropped in half. About a third of participants do not consider retirement a primary reason to save. A significant percentage of participants took loans, and hardship as well as Covid related withdrawals in the past year. In addition, many of those leaving jobs with retirement plan balances took distributions in cash rather than rolling them to a similar tax-advantaged plan.
The primary reasons for loans, withdrawals, and distributions, were for items that could have been covered with a disciplined approach to saving or employer-provided payroll-fed supplemental savings programs. Among participants without access to supplemental savings plans, the majority indicated they would join such a plan and on average contribute 4% of their pay. The lack of available savings is diluting retirement savings and ultimately the success of participant-funded retirement plans.
LIMRA and Pulse Logic propose to explore supplemental savings plans through the lens of employers. While we recognize the need for these programs, in this study we will seek to better understand the employer’s attitudes, perceptions, behavior, and intentions toward these plans. Plans to be explored include FSAs, HSAs, individual savings accounts et al.
Cost to participate: $14,900
The insurance industry attempts to provide the best customer experience that is available. With today’s tech-centric environment, demographic and societal trends pointing toward a more digital customer landscape, and benchmarks for customer experience satisfaction coming from many other industries as well; insurers must do well to compete in the eyes of the consumer.
This issue has even become more pressing due to COVID-19. The global pandemic and associated lockdowns, combined with less willingness to engage in-person, has served as a catalyst for more customized digital experiences.
In light of these significant challenges, we have increasingly heard from our member companies that they are interested in determining which customer service touchpoints are best suited for complete self-service (High Tech) and which require an Agent (Human Touch).
At a high level, the Digital Service Migration consortium study will help participating companies understand customer affinity for technology or human contact at each touch point.
Cost to participate in this study: $15,900
In past years, LOMA has conducted both a Life Insurance and Annuity Service Turnaround Times study, most recently in 2015. Beginning in 2020, the Individual Life Service Turnaround study transitioned to LIMRA, and was successfully conducted with 25 participating companies. Given this success, we are now launching the Individual Annuity Service Turnaround Times Survey.
Individual Annuity Service Turnaround Times Survey consortia study is a valuable benchmarking tool to compare your organization's performance to that of other companies. The report provides valuable service time information around various new business and policy owner service functions, as well as other vital information for fixed, variable, and indexed annuities. Participation in this study can help guide you in setting internal KPIs and performance standards.
We would be running this study annually. As with all of our consortia studies, sponsors will have input into the content of the study.
Cost of participaticipation will be $5,000.