Bulk annuity insurers are increasing investment in member-facing services as member experience becomes a key factor in selecting a buyout insurer
According to Aon research, which surveyed the 10 bulk annuity insurers active in the UK market, all now offer members a self-service online administration portal.
Around a third have also developed a fully digital retirement process, allowing members to generate quotes and complete retirement election forms online.
The research found that developing an end-to-end digital retirement journey was the most important development priority for insurers.
But access to independent financial advice remains the least developed area, with only one insurer taking the step to offer members access to advice at reduced rates. Other insurers are exploring whether this could be included where it is important to schemes.
Aon said the findings build on its 2025 survey, which found insurers were looking to develop member options and support following buyout.
Aon partner and head of member options and support Kelly Hurren says: “Our client interactions increasingly show that member experience needs to be treated as a distinct workstream when trustees and sponsors are considering a buyout. Thankfully, this survey shows that the ongoing service that members will receive is now a much more prominent consideration in the buyout process than it was even just a few years ago.
“Insurers are continuing to invest in digital tools, retirement support and member options, so schemes have much more opportunity to preserve and in some cases enhance, the experience available to their members after buyout.
“For trustees and sponsors, the key is to be clear about their priorities. When schemes have strong views on the support and options they want members to be able to access in retirement, they should make these expectations explicit when engaging with insurers. The market is evolving quickly and insurers are increasingly responding to that demand.”