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Consumer Choice Awards

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Consumer Choice Awards

Customers identify superior life insurance companies

SYDNEY: 12 November 2018 – The Association of Financial Advisers (AFA) and the Beddoes Institute will reveal the life insurance companies that delivered superior product, service and claims experiences over the past year, according to life insurance customers themselves at the annual Consumer Choice Awards (the Awards) this week.

The Awards are based on the findings of the 2018 Beddoes Institute Policyholder Perceptions Study and Claims Journey Study.

Now in their third year, the Awards offer people who hold life insurance via financial advisers (policyholders) and people who make claims (claims customers) on those policies, the opportunity to evaluate their experience and in so doing inform future product, service and process development.

“Now, more than ever, it is vital that the community hears about the real-life experience of life insurance, identifies  those insurers who are exceeding expectations and in doing so helps continue to raise the standards for all,” said AFA CEO Phil Kewin.

“With around $9 billion in claims now being paid out annually, we know that life insurance plays an essential role in helping people manage the financial impact of death, disability and illness on their families, potentially lessening the burden on Australia’s social security system. We also know that at claims time, people who arrange life insurance via a financial adviser fare better than those who don’t.”

Recent APRA/ASIC statistics[1] revealed that 98% of death claims made in relation to life insurance arranged via a financial adviser are paid out, versus only 88% of direct life insurance policies.

“The Awards are designed to encourage excellence, raise the bar for all life insurers and in doing so provide an invaluable contribution to the Australian Community,” Mr Kewin said

Director of the Beddoes Institute, Dr Rebecca Sheils said, “Increasingly we see outstanding performance by insurers, each focusing on key areas of strength. We also see advisers and the AFA elevating the skills required to best help clients with insurance, skills such as being able to correctly identify a client’s needs by understanding their concerns, goals, values and beliefs and being able to critically evaluate insurance products in the light of these needs.” 

Dr Sheils said that based on four years of Beddoes’ data, insurers can now predict the outcomes for customers on claim, better enabling them to improve their processes and allocation of resources when servicing customers on claim. “In these awards, once again consumers accessing cover with the assistance of skilled advisers have identified insurers that have excelled over the last year in providing exemplary insurance products and service.”

The Awards include the Policyholder Choice Awards and the Claims Customer Choice Awards. The Policyholder Choice Awards recognise outstanding customer service during 2018, as well as the value (other than protection) that personal life insurance provides such as education, health and wellness programs, communication and other consumer-focused initiatives provides.

The Claims Customer Choice Awards recognise outstanding service of claims customers from Income Protection, Trauma and Total and Permanent Disability (TPD) insurance during 2018 including claims processing, early intervention, support and holistic care.

Winners of the Awards will be announced on Thursday 15 November at The Langham Hotel, Sydney. The Award categories include:

The Consumer Choice Award

Policyholder Choice Awards:

·       Value for Money

·       Best New Customer Service

·       Most Satisfied Customer

 

Claims Customer Choice Awards:

·       Best Application Process

·       Best Turnaround Time

·       Best Claims Staff

·       Return to Health and Wellness

·       Focus on Early Intervention

 

For more information on the Consumers Choice Awards, visit www.consumerschoice.org.au

 

Media Contacts

Julie Bennett

64 Media
Mob: 0407 071 121
Email: julie@64media.com.au

 

For more information about the research, please contact:

Dr Rebecca Sheils

Beddoes Institute

Tel. 61 3 8862 4762
Email: rebecca.sheils@beddoesinstitute.com.au

 

About the AFA

The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 70 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from our success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally we believe in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.

www.afa.asn.au

About the Beddoes Institute

The Beddoes Institute has been in business since 2006 and has a long history of benchmarking and research in financial services. It is not owned by any of the stakeholder groups it assesses. The Beddoes Institute seeks to support continuous business improvement, provide education and recognise excellence through internal performance reports, industry white papers, presentations and awards programs. The founders of the Beddoes Institute have designed and managed some of Australia’s most important life insurance company benchmarking programs and have been involved in research and benchmarking for 15 years across many industry sectors.

www.beddoesinstitute.com.au

 

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[1] https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-150mr-apra-and-asic-release-new-life-claims-data/