CoreData has named Asteron as its 2009 Risk Company of the Year, following the release of the results of its annual Risk Study.
… groups which dominate in terms of market penetration and business flows are not the leaders when it comes to service
The research firm said Asteron had performed consistently across the key areas of service delivery covered in the adviser study, noting that groups which dominate in terms of market penetration and business flows are not the leaders when it comes to service levels.
Runner up to Asteron in the 2009 Award was TOWER Australia, followed by Aviva, both of which were allocated ‘Highly Commended’ ratings. Zurich and AIA Australia came next in the results, receiving ‘Commended’ status.
The insurance companies were assessed on a range of service categories, voted on by more than 800 advisers. Categories included:
- New business - submissions
- New business - underwriting
- Overall end-to-end new business processing
- Communications
- Claims
- Product offer
- Commissions
- Business development and support
- Education and support
- Image and reputation
Asteron General Manager, Jordan Hawke, said his company was thrilled it has been named CoreData 2009 Risk Company of the Year:
“In 2009 we have boosted our service and capabilities in a number of ways, including enhancing Asteron’s market-leading electronic underwriting solution, Lifeguard EQ, and launched the Asteron Life! customer health and wellbeing program.”
According to CoreData Partner, Craig Phillips, adviser feedback indicated the five most highly correlated factors driving adviser satisfaction with insurance groups in 2009 were:
- The reputation of the provider
- The accuracy in processing commission payments
- The provision of quality product training
- Transaction-related communications being delivered to clients in a timely manner
- The extent to which the provider is easy to do business with
Other major outcomes from this year’s CoreData Risk Study included:
- More than half of respondents (51.4%) expect to increase business levels with their main provider, with one in five (20.8%) expecting to boost activity by more than 20%
- Two in five (38.1%) predict business levels will remain the same
- One in five writers to Asteron, Aviva, MLC and Tower expect to boost their business quantities with these firms by more than 20%. For Aviva, however, the same proportion of its main users point to an expected decrease
- 11% of those who use Aviva as their main risk insurance company expect to decrease business flows by more than 20% with the group, while 9% anticipate a decline in the business written with the group of between 11% and 20% in the coming year
The survey also brought out relative impressions of the various electronic application and automatic/online underwriting services:
AIA, followed by MLC and Tower are the three most common eApps being used…
- AIA, followed by MLC and Tower are the three most common eApps being used by respondents
- There are five/six commonly used eApps, with no single provider dominating in a huge way
- AIA, MLC, Tower followed by ING, AXA and Aviva collectively are the most popular eApps
Mr Phillips concluded by outlining what CoreData sees as the three key drivers of growth in the personal insurance space at present:
- Insurance is an attractive income stream for advisers in less attractive times for investing
- New releases/enhancements in the eApp space - tools designed to make the client application process more modern by embracing information technology - have the potential to make the task of placing insurance easier for advisers
- Clients are demanding to review/consider greater insurance as insecurity in uncertain times takes hold. Products such as income protection and life insurance are always likely to sell more in times of change and upheaval and people look to protect themselves and their families.
