Winners of 2019 Consumer Choice Awards Announced
SYDNEY: 14 November 2019 – BT Financial Group (BT) has won The Association of Financial Advisers (AFA) and Beddoes Institute (Beddoes) 2019 Consumer Choice Award. OnePath Life and Clearview were runners-up.
AFA CEO Philip Kewin said, “Consumer insights into the quality of life insurance providers are invaluable in helping advisers select policies that meet the needs of their clients and provide great outcomes for them in terms of both product and service. We congratulate the winners of these Awards, who are going above and beyond to meet the customer’s wants and needs.”
The Awards are based on Beddoes’ Total Experience Index (the Index), a customer experience metric specific to the life insurance sector. The Index is a weighted average that represents how a company performs across all significant drivers of life company recommendation.
The Awards also acknowledge insurers who are delivering outstanding outcomes to consumers in specific categories. BT won five of the seven individual category awards, including Value for Money and Most Satisfied Customers in the Policyholder Choice Awards and Best Application Process, Best Claims Staff, Focus on Early Intervention in the Claims Customer Choice Awards. The Return to Health & Wellness category winner was OnePath and Zurich won Best Turnaround Time for claim processing.
Director of the Beddoes Institute, Dr Rebecca Sheils said, “In what can be perceived as one of the more challenging periods for the industry, our research findings show that whilst insurer performance is consistent over the life of a policy, customer ratings have fallen significantly across all stages and touchpoints of a claim. This year’s Award winners were the organisations that bucked this trend, providing an exceptional customer experience across the entire customer journey: from purchase to claim payment and ongoing claims management, and as a result driving customer advocacy and positive word of mouth for their brand, advisers and policies.”
See below for the full list of Award winners and runners-up:
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About the AFA
The Association of Financial Advisers Ltd (AFA) has been the authentic voice on the value of financial advice for over 65 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.
About the Beddoes Institute
Beddoes Institute uses data, advanced analytics and AI technologies delivered through purpose-built technology platforms to provide data-driven products and solutions that address sector-wide problems and help large institutions and small corporates succeed. Data, technology, evidence-based practice and continuous business improvement is at the core of what we do. We work with primary data from survey-based research with advisers, claims customers, policyholders, advice practices, advice clients and consumers which gives us rich information on attitudes and experiences of advisers, customers and consumers of financial services. In addition, we also work with secondary big data across entire populations such as claims data and adviser data from insurers’ CRMs and data warehouses which gives us complimentary transactional and behavioural data. We link our multiple datasets to provide an unprecedented view of the market, an insurer’s key distribution channel, advisers, and the end-customer, and work with our clients closely to understand and tailor our data and insights delivery in the format and frequency that suits each company.