In an effort to make retirement investment more attractive and comprehensible for its customers, Prudential Annuities – the domestic annuity business of Prudential Financial Inc. (PRU) has announced the launch of a new website called IncomeCertainty.com.
The site will provide investors with the necessary knowhow needed to effectively plan their retirement investment. Via its different features such as Virtual binder, Educational ‘snacks,’ Retirement planning tools and Retirement expertise, the investors will get all the necessary related information that will suit their specific retirement needs.
Prudential is also making use of social networking sites such as Facebook, LinkedIn, Twitter and Google+ to reach out to socially active people.
This move by the company is a step to tap the huge retirement market. Prudential estimates that annuities will become more appealing to baby boomers who are expected to retire in droves in the coming years. The 65-and-above aged population grew 18% between 2000 and 2011 to 41.4 million, according to a recent Administration on Aging report. Moreover, sales of the retirement products have caught up of late as rising interest rates make the products more attractive to clients.
Economic challenges over the past few years have prompted many U.S. life insurers and annuity carriers such as MetLife Inc. (MET) and Sunlife Financial Inc. (SLF) to reassess their strategic priorities. While some have revamped their product portfolios, others have made changes to policy features and distribution methods while others have exited the market entirely.
Prudential’s efforts to set up online communities along with an interactive and easy-to-navigate website is part of its plan to develop a cost-effective platform to engage tech-savvy Gen-X users and gain deeper consumer insights.
Prudential carries a Zacks Rank #3 (Hold). A better-ranked stock – Old Republic International Corp. (ORI) with a Zacks Rank #1 (Strong Buy) is worth considering.