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Announcing the DDW Carrier “Service Strength Score”

These have been unprecedented times in the annuity marketplace. New carriers, new products, new technologies, private equity and record volumes have changed the annuity industry. All of this change requires some new ways to look at carriers. 

That’s why Due Diligence Works, Inc. (DDW) has created a new rating system that encompasses some of these changes and takes it beyond existing “financial strength scores.”

Introducing the DDW Carrier “Service Strength Score.” 

The goal of the Carrier “Service Strength Score” is to score 5 key factors that reveal key strengths or deficiencies at each Carrier. 

The 5 Key Factors of the Carrier “Service Strength Score:”

  1. Responsiveness 
  2. Product 
  3. Technology 
  4. Partnership  
  5. In-Force Client Servicing 

Here is a brief description of what we are measuring in each of these 5 categories. 

  1. Responsiveness = Do they reply to your requests, big and small, as quickly as you like and do they do what they say they will do? Responsiveness is about speed and follow through. 
  2. Product = What is the breadth and depth of their product offering? Do they offer products that are competitive in the marketplace and remain competitive all, most or some of the time?
  3. Technology = Are they on the technology platforms that are important to you? Does their technology make your life easier or harder? What about your Advisors? 
  4. Partnership = Are they a good partner in these areas: monetary, wholesaling, value-add content, marketing materials, training, seminar support and alignment with your organizational goals. 
  5. In-Force Client Servicing = For your clients who have already invested in a carrier’s annuities, is the carrier’s customer service taking good care of them? Do many client service issues reach your desk? Are their customer service standards as high as yours?

A carrier’s “Service Strength Score” can be revelatory in many ways. One surprise has been the predictive power of the “Service Strength Score.” Carriers with a low “Service Strength Score” are more likely to be removed from or put “on hold” on product shelves in subsequent months. 

A carrier’s “Service Strength Score” is a useful complement to their Financial Strength Score. Together they provide a more complete picture of the kind of partner a carrier will be to your firm, your Advisors and your clients.