Virtuous innovation or obfuscation? product innovation in the variable annuities market

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<namePart>Bauer, Daniel</namePart>
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<note type="statement of responsibility">Xiaochen Jing, Daniel Bauer and J. Tyler Leverty</note>
<note>The article examines how innovation in variable annuities evolves, distinguishing between virtuous innovations that enhance consumers' financial protection and obfuscating ones that add complexity without clear benefit. Using text analysis and theoretical models, the authors show that new products start simple but become more complex as competition increases. They also find that insurers facing higher cost constraints tend to offer more complex, higher-priced products and are less likely to lead innovation. Overall, the study concludes that both beneficial innovations and strategies exploiting less-informed consumers coexist in this market</note>
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<topic>Innovación aseguradora</topic>
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<topic>Mercado de seguros</topic>
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<topic>Diseño de productos</topic>
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<title>The Journal of risk and insurance</title>
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<identifier type="issn">0022-4367</identifier>
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<text>17/11/2025 Volumen 92 Número 4 - noviembre 2025 , p. 978 - 1012</text>
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