Market-level issues need market-level solutions

The smooth functioning of a strong market depends on co-operation between its stakeholders.

Our approach to governance provides a framework that helps competitors to work together to simplify the nuts and bolts of how their market functions. This reduces market friction, and helps companies to extend their reach, free up resource and concentrate on what differentiates them.

The results are reduced costs, greater innovation, wider variety, improved choice - and, ultimately, better outcomes for customers.

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Case Study: Retirement Health Form

The Problem

Enhanced Annuities give retirees better rates of income depending on their health status.

Health information needs to be shared by the client during the sales process. But sharing that information multiple times with competing annuity providers is time-consuming for the customer and their adviser.

This makes it harder to get accurate quotes from all providers.

The Solution

The Enhanced Annuity market putting in place a shared way to gather health information would mean that the customer only need disclose it once. That would save time, effort and costs, making it easier for customers to find the best quote from competing providers.

Enhanced Annuity providers recognised the advantages of a common approach; but how could they deliver it?

Criterion Governance

Our approach to governance brings together leading Enhanced Annuity providers Aviva, Canada Life, Just, Legal & General and Scottish Widows to manage and distribute the Retirement Health Form.

This is a one-stop shop for health disclosures that makes it easier for customers and their advisers to get the most competitive annuity quote.

Criterion's Governance Services deliver:

  • a structure for the review and management of the Retirement Health Form, meaning that the market can benefit as a whole, without any single provider needing to carry that burden;

  • collective procurement of a website to make the Form available;

  • and regular, shared Management Information to keep providers up to date on usage.

The Outcomes

Criterion Governance delivers better outcomes for Enhanced Annuity providers, customers and the overall market:

  • Costs and influence are shared equitably across providers;

  • Providers improve their reach by making it easier for customers to get multiple quotes;

  • Distribution costs are reduced by having one common approach to health disclosures;

  • Providers can focus on what truly differentiates them;

  • More than 500 customers each month now have easier access to the most competitive quote from across the whole of the market.