SYDNEY: 17 MARCH, 2021 – Announcing the AFA 2020 Life Company of the Year Awards. TAL is the Association of Financial Advisers (AFA) 2020 Life Company of the Year. It is the fourth time TAL has taken out the award in recent years.
Runners up for the Life Company of the Year title were:
- AIA Australia
- MLC Life Insurance
AFA President Michael Nowak said, “We congratulate TAL on being awarded the title ‘2020 Life Company of the Year’ and also pay tribute to the runners up, and all the winners and finalists in other categories who have truly stepped up in an extraordinarily difficult environment. These companies have risen to meet the challenges presented by the current pandemic and continue to deliver superior products and services to financial advisers and their clients.”
AFA partners with Plan for Life, Riskinfo and Beddoes Institute on the Life Company of the Year Awards, which celebrate excellence in service, product and support delivered to advisers and their clients and are the leading annual recognition for retail life insurers, annuities and investment bond providers in Australia.
Plan for Life provides the benchmarking research for the life insurance, annuity and investment bond product awards.
Rael Solomon, Regional Managing Director, Plan for Life, said, “Whilst 2020 was a difficult year for the life insurance market, life insurers have continued doing their best to support advisers through increased training efforts, maintained high levels of service for both advisers and customers and kept a high profile through advertising their products.”
In the Client Service Team Awards, NEOS won the Underwriting Award, and the BDM/Business Support Award, while OnePath took home the Claims Award. Beddoes Institute’s Adviser Survey underpins the three key team-based awards.
Dr Rebecca Sheils, Director of the Beddoes Institute, said, “Our research findings from financial advisers indicate that the new insurers have made significant gains across Underwriting and their BDM teams. Underwriting performance across the industry overall dropped over the last 12 months. Likewise, claims performance across the industry overall also dropped. It was a challenging year for BDM teams in 2020 as reflected in slightly lower scores compared to 12 months ago. That said, the top performing insurers went above and beyond, delivering an exceptional standard of service and maintaining their strong and supportive adviser relationships under difficult circumstances.”
For a complete list of winners and finalists in all categories, please click here