NEOS has been awarded the title of AFA Life Company of the Year for 2022. This is the first time NEOS has taken the title.
The runners up for the Life Company of the Year were TAL and MetLife.
AFA President, Sam Perera, said, “The AFA congratulates NEOS on winning the platinum award for the first time, and all the winners and finalists of individual awards. Despite the challenges in this sector in recent years, life insurance companies continue to innovate and adapt to the changing environment. Most important is their ongoing role in providing certainty and security to millions of Australians every year.”
The categories for the Awards include the overall Platinum AFA Life Company of the Year Award and individual product awards, offered in conjunction with Plan For Life, and the Client Service Team Awards with the Beddoes Institute.
The Overall and Product Life Company of the Year Awards
The overall award and product awards are based around Plan For Life’s Risk Products Benchmarking services, which benchmarks retail life insurers across five key metrics: financial strength, product features, premium rates, service and market strength. Sustainability of product features and premium rates, engagement, and health & wellness are also rated.
Industry innovation in product is also recognised again this year.
Rael Solomon, Regional Managing Director, Plan For Life, said, “In 2022 the retail life insurance market continues to rebuild following the recent decline in numbers of advisers. While sales of new life insurance business remained at similar levels to the previous year, there are nonetheless distinct signs of strong activity in the ways that insurers are innovating their products and systems. This is reflected in Plan For Life Innovation Awards in three categories this year. The investment bond and annuity markets continued to forge ahead in the year and now represent substantial parts of the Savings and Retirement sectors.”
The Client Service Team Awards
The Client Service Team Awards, which recognise outstanding underwriting, claims and BDM teams, are based on feedback from advisers surveyed through the Beddoes Institute’s Adviser Experience Benchmarking Study.
In the Client Service Team Awards, NEOS Life was again announced Underwriting Team of the Year and also took out the BDM Team of the Year, whilst Zurich Australia won Claims Team of the Year.
Bill Nikolovski, CEO, Beddoes Institute, said, “We have seen the newer life insurance companies gain substantial traction in the marketplace recently, and it is clear why, when all the top performing insurers in the key touchpoints of Underwriting and Business Support were smaller companies. Congratulations to NEOS on taking out the Underwriting and Business Support Awards. Claims is at the heart of life insurance, and we congratulate Zurich on winning the award this year.”