All Life Insurance companies should step forward to allow an independent assessment of the experience of their life insurance, Trauma, TPD and income protection claimants from the last twelve months to ensure future customer satisfaction.
According to interim results from the Beddoes Institute’s Claimant Journey Study, three of the biggest life insurance companies have done so and these results show claimants who have a financial adviser have a much better experience with life insurance companies than is commonly assumed.
The study found that income protection claimants’ satisfaction with insurance companies is 80%, with the strongest performing company achieving 85% satisfaction and an NPS® of 45.
Meanwhile, satisfaction among individuals who made a trauma or TPD claim is even higher at 84% across participating companies with the highest performing company scoring 90% on overall satisfaction and a NPS® of 65.
These results prove the claimant experience is better than what we think and that advocacy of life companies among both IP and lump sum claimants is strong. This positive claims experience is highlighted in comments made by these recent claimants in the study:
. “It’s been a very stressful time. I’ve physically stopped being able to be “me”. On top of that I’ve struggled to pay bills. The claims staff have understood my frustration and put my worries to rest. Payments have been quick and all explained and they have helped me stop “launching” back into physical recovery and work, which I was likely to do, and given me time to heal and understand what I need to do to fully recover, not just get back to work as quickly as possible.”
. “I couldn’t have hoped for a more understanding case manager, and a company that seems very focused on actually helping its customers, as quickly and efficiently as possible.”
. “Constant communication. I never felt like I was being rushed to close the claim – they were just wanting to make sure I got better.”
The results from the recently conducted Life Insurance Industry Performance Barometer will be used to inform the interim Claimants and Policyholders Consumers’ Choice Awards and commendations to be announced next week – ahead of the full inaugural annual Consumers’ Choice Awards in November.
“We encourage all life insurance companies to participate in the Life Insurance Industry Performance Barometer policyholder and claimant studies in order to reassure the community of their commitment to transparent and independent performance appraisal and continuous improvement in the service they provide to policy holders as the clients of financial advisers,” said Association of Financial Advisers Chief Executive Officer Brad Fox.
Beddoes Institute Director Dr Rebecca Sheils says the starting point is to build a large body of evidence about actual claimant’s experiences rather than focussing on the opinions of just a few.
“We need to use this data to really understand claimants’ needs at different stages of their journey so that life companies can develop tailored services and solutions that deliver better outcomes for people on claims. It’s all about giving the consumer a voice and placing them at the centre of new and improved models of claims service delivery.’
