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:”
- Responsiveness
- Product
- Technology
- Partnership
- In-Force Client Servicing
Here is a brief description of what we are measuring in each of these 5 categories.
- 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.
- 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?
- 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?
- 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.
- 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.