August 21, 2018
ClearView has emerged as the best insurer in 2018 for overall adviser satisfaction, according to research firm, Investment Trends.
In a statement summarising the key findings from its 2018 Planner Risk Report, the researcher noted ClearView topped six of the twelve adviser service categories it used to measure overall adviser satisfaction with the life companies.*
Specialist risk insurers, AIA Australia and TAL filled second and third placings respectively, where overall adviser satisfaction with life insurers was reported by Investment Trends as remaining at a high level, with 48 percent of advisers rating their main insurer as ‘very good’ this year, compared with 47 percent in 2017.
Now in its tenth year, another key finding from the 2018 survey of 495 advisers related to their attitude towards health and wellness programs. The researcher noted that, while most planners recognise the benefits of health and wellbeing programs to their clients, the current overall take-up of these programs is low.
…these challenges are adversely impacting practice revenue derived from risk advice
The release from Investment Trends said many challenges, both internal and external, are holding back financial planners from growing their advice on insurance and that these challenges are adversely impacting practice revenue derived from risk advice, which reduced again this year to 25% on average, down from 26% in 2017, and 32% in 2015.
Investment Trends Senior Analyst, King Loong Choi, commented, “Financial planners are relying on insurance providers more than ever to alleviate the triple challenge of admin, compliance and heightened regulation, and at the same time, help them build stronger and longer lasting client relationships.”
Choi added that many insurers have responded through initiatives such as client health and wellness programs, and the majority of planners recognise the range of benefits for their clients, including:
- Policy discount offers
- Encouraging clients to prioritise their health
- Offering clients the ability to influence their premiums through healthy living choices
Choi said that while usage of these programs remains low, with just one in ten clients currently using health and wellness programs, on average, opportunities existed for insurers:
“The planner population is divided on the importance of health and wellbeing programs when recommending insurance products, as 38% say it is important while 30% say it isn’t,” he said. Choi added that this suggests there is a significant opportunity for insurers to bridge the gap between the perceived benefits and value of these programs for both clients and planners.
*The twelve categories on which the life companies were benchmarked were:
- Submission of new/changes to existing business
- Underwriting process
- IT systems
- Call centre
- Education and support
- BDM support