In an industry first, life insurers are being evaluated by customers on what matters most to them.

Designed to improve the experience of life insurance customers and drive a deeper partnership between consumers, life insurance companies and advisers, research findings are being profiled in the inaugural 2016 Consumer Choice Awards (the Awards), a joint initiative of the Association of Financial Advisers (AFA) and the Beddoes Institute.

The Awards give people who hold life insurance policies (policyholders) via financial advisers and people who make claims (claimants) on those policies, a strong voice in shaping the future of life insurance in Australia.

“Last year, life insurance benefits improved the lives of nearly 80,000 Australian families,” AFA CEO Brad Fox said. “The Awards reveal the life insurers who are providing advisers and their clients with outstanding customer experiences. This is information that really matters to both existing and future policyholders, and to financial advisers.”

Based on the Beddoes Institute’s 2016 Policyholder Perceptions Study and the Claimant Journey Study that form part of an ongoing Life Insurance Performance Barometer, these Awards include the Policyholder Awards, the Claimant Awards, and overall Consumer Choice Awards.

Specifically, the Policyholder Awards recognise outstanding customer service by life insurance companies to clients of financial advisers, as well as the value (other than protection) that personal life insurance companies provide to these people, such as education, health and wellness programs, communication and other consumer benefits.

The Claimant Awards recognise outstanding service to clients of financial advisers who have claimed on Income Protection, Trauma and TPD insurance during 2016, including claims processing, support and holistic care.

“After two years of bringing consumers, advisers and the life insurance companies together, we are proud to have launched the Life Insurance Industry Performance Barometer – the first industry-wide life insurance customer experience benchmarking program,” said Dr Rebecca Sheils, Director of the Beddoes Institute. “We now see the Barometer as an important ongoing conversation between consumers, advisers and life insurance companies and firmly believe that this will drive positive change for all parties in the near future.”

Winners of the Awards will be announced on Tuesday 15 November at the Intercontinental Hotel in Sydney. The Award categories include:

• Overall Consumer Choice Awards:
• Best Total Customer Experience
• Best Customer Advocacy
• Best Customer Focus
• Honouring Commitments
• Policyholder Choice Awards:
• Best New Policyholder Experience
• Best Ongoing Policyholder Experience
• Best Policyholder Focus
• Most Favoured Brand
• Best Policyholder Advocacy
• Best Application Process
• Claimant Choice Awards:
• Best Claimant Advocacy
• Honouring Commitments
• Best Claims Staff
• Best Application Process
• Best Ongoing Claims Management
• Best Return to Health Outcomes
• Life Back on Track
• Best Turnaround Time

More information on the Consumer Choice Awards

Source: AFA

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