How does it work?
With our service you upload your anonymised member data via our secure website, or we can do this for you. Your member data, along with similar data from other schemes using our service, will then be sent to all the insurers currently active in the bulk annuity marketplace in one streamlined data file.
Why is it different?
Before we launched our service, insurers had to provide bespoke quotations for each scheme, this was a time consuming and costly exercise. With more schemes coming to market, the result was that schemes received less quotes, paid more and couldn’t get updated quotations regularly.
What’s the benefit?
With our service, because the insurers receives a single file with all schemes data in a standardised format, both the time and cost involved in producing a quote is significantly reduced. This means you benefit from being able to see how the price of a transaction changes from insurer to insurer and over an extended period of time.
How will I get the quotations?
After you have uploaded your anonymised member data, we’ll send you a regular report that'll show the price from each insurer who quoted for your scheme. As the months pass, you’ll also be able to see in the report how the current month's pricing compares with previous months.
So, what’s in it for JLT?
One leading insurer measures our conversion rate (taking schemes from initial quotation to transaction) at consistently over 60%, which is well above the industry average. This record for closing deals rises to 85% when deals that transact within a further 24 months are included.
We therefore hope that once you have experienced our innovative buyout comparison service to understand and monitor the cost of buyout for your scheme, you will give us the opportunity to talk to you about how we can help you to transact when the time is right.