Service Turnaround Times Survey — North America
For Individual Life Insurance and Annuities
2013 survey reports now available for purchase!
By identifying strengths and weaknesses in your organization, you can focus your resources where they will make the greatest impact. The LOMA Life Insurance and Annuity Service Turnaround Times Surveys are valuable tools in comparing your organization's performance to that of other companies. The reports provide valuable service time information around various new business and policyowner service functions, including a special section on NIGO business, and can help guide you in setting internal benchmarks and performance standards.
New for 2013! We have expanded the surveys to include additional questions on placement rates for the life survey and Electronic Application (E-App) usage for the life and annuity surveys.
Separate surveys are conducted for individual life insurance and annuities. Each participating company receives a customized report comparing its results to those of all companies in the study. In 2013, 29 companies participated in the Life Survey and 17 companies participated in the Annuity Survey.
Data is accepted in both business and calendar days. We realize that not all companies report their service times in calendar days so companies have the option of reporting in business days (if calendar day data is not available) and we will convert and report your data in calendar days based on a pre-determined conversion formula (survey results are reported in calendar days). This will enable you to better compare your service times to more companies in the industry!
Companies participating in the Life Insurance Service Turnaround Times Survey submitted separate service times for the following types of individual life insurance:
- Whole Life
- Term Life
- Universal Life
- Variable Life
- Variable Universal Life
Companies participating in the Annuity Service Turnaround Times Survey submitted separate service times for the following types of individual annuities:
- Fixed Annuities
- Variable Annuities
- Indexed Annuities
Purchase the Survey Reports
Single Survey: Life or Annuity
LOMA member: US $795
Non-member: US $1,095
Both Surveys: Life and Annuity
LOMA member: US $945
Non-member: US $1,245
For more information about the Service Turnaround Times Surveys: