CommInsure winner of PFL Life Company of the Year Awards 2013

CommInsure has won the Plan For Life / AFA Life Company of the Year 2013 overall Platinum Award. Award winners were announced at a black-tie premier event held at the Westin Hotel in Sydney on Wednesday 13th March 2014, recognising Life Insurance Company excellence in the provision of products and service to financial advisers.

Zurich received the Service Quality Award covering New Business/Underwriting Services, Claims Services and Business Support Services. In the Product Award categories, AMP Elevate received the Term Life/TPD Award, AMP Financial Services received the Trauma/Critical Illness Award and TAL received the Income Protection Award.

The Risk Product Innovation Award was given to AIA for its Vitality Program. CommInsure received the Investment Bond of the Year Award.

Challenger received several awards in the Annuities category including Annuity Provider of the Year Award, Long Term Income Stream Award. Challenger also received the Annuity & Income Stream Innovation Award for its support of UNSW Retirement Planning Courses.

Rael Solomon, Manager Marketing and Product Development at Plan for Life said: “Life Companies continued to innovate their risk products in 2013, while at the same time paying attention to increased claim rates in product sectors such as Trauma through increases in premium rates. In the case of immediate annuities, there was an ongoing rise in the numbers of retirees turning to this product, while investment bonds are also continuing to play a role in clients’ portfolios”.

Simon Solomon, Actuary said, “Life Company of the Year Awards 2013 incorporated new extensions to the benchmarking process including a further Lapse Investigation based on recent sales, as well as a detailed analysis of expenses according to Life Company cost centres. These studies were made possible by co-operation from all life companies, which will enable a series of new insight reports which we believe will be extremely helpful to product managers, to be released in coming months.”