The Association of Financial Advisers (AFA) and the Beddoes Institute have launched the inaugural Consumer Choice Awards to encourage better customer service delivery from life insurers.
Based on new research by the Beddoes Institute, using feedback received from more than 2,000 policyholders and claimants in March and April 2016, the Consumer Choice Awards see the AFA and the Beddoes Institute championing higher benchmarks in life insurance service standards in Australia.
“With its focus on the customer service experience provided by life insurers to financial advice clients, the Consumer Choice Awards demonstrate the leadership position we are taking on improving the life insurance experience of policyholders and claimants,” said AFA CEO Brad Fox. “We know that consumers who arrange their life insurance through a financial adviser already have a considerably better claims experience than those who rely on direct insurance and group insurance inside their superannuation fund, but the bar can be raised even further.”
Mr Fox said it is important to AFA members that the reputation of retail life insurance arranged with the advice and support of a financial adviser is enhanced across the community. “The Consumer Choice Awards reflect the opinions of policyholders and, as such, will drive higher standards of client experience from life insurers.”
The Consumer Choice Awards are based on the policyholder and claimant component of Beddoes Institute’s broader industry-wide customer experience benchmarking program – The Life Insurance Industry Performance Barometer (see note 1). In addition to monitoring the end-client’s experience of insurance, the The Life Insurance Industry Performance Barometer also measures the adviser’s experience of working with life companies.
[1] In 2013 the Beddoes Institute released The Value of Protection White Paper (the White Paper) with the AFA and BT Financial Group to stimulate improvement in life insurance claims management across the sector. This White Paper identified seven critical needs of clients, and provided insurers with a consumer-focused framework for evaluating current claims management approaches and developing new and improved models of service. The White Paper also stimulated the development of the Life Insurance Industry Performance Barometer, which provides life companies with a thorough assessment of their service delivery performance through the eyes of advisers, policyholders and claimants. The Life Insurance Industry Performance Barometer underpins the AFA Life Company of the Year Client Service Team Awards.
“The research provides the industry with an integrated and holistic view of how well life insurers are servicing customers as well as their relative position in the broader market context,” said the Beddoes Institute’s Dr Rebecca Sheils.
Life insurance companies which deliver outstanding customer service, as rated by clients of financial advisers, will be recognised in the inaugural Consumer Choice Awards in November 2016. Preliminary Awards based on results from the first wave of in-depth research conducted in March/April 2016 will be announced this month.
Notes:
1. In 2013 the Beddoes Institute released The Value of Protection White Paper (the White Paper) with the AFA and BT Financial Group to stimulate improvement in life insurance claims management across the sector. This White Paper identified seven critical needs of clients, and provided insurers with a consumer-focused framework for evaluating current claims management approaches and developing new and improved models of service. The White Paper also stimulated the development of the Life Insurance Industry Performance Barometer, which provides life companies with a thorough assessment of their service delivery performance through the eyes of advisers, policyholders and claimants. The Life Insurance Industry Performance Barometer underpins the AFA Life Company of the Year Client Service Team Awards.
Source: Association of Financial Advisers
