Advisers Reveal 2020 Support Wish-List From Insurers

Research released by Beddoes Institute has identified six fundamental areas where advisers want more support from their insurers in 2020.

According to Dr Rebecca Sheils, Director at Beddoes Institute, the findings of the research are clear: “We’ve received specific feedback from over 400 advisers about how insurers can better support them, their clients and the industry overall.”

While the research is still underway, Dr Sheils identified the six key areas in which advisers say they want more support from insurers:

1. The affordability issue of premiums

The information indicates advisers want this addressed via more affordable premiums, better price stability and for ongoing premium increases to stop.

2. Streamlined admin processes

Feedback shows advisers want simpler and quicker processing for new and existing policies.

3. Advocacy for advisers

The findings show advisers want insurers to lobby the Government to address issues such as commissions, grandfathering and the development of educational initiatives directed towards consumers to promote the value of insurance.

4. New and improved client retention initiatives

Feedback reveals advisers would like to see health & wellness programs that increase engagement levels and reward clients.

5. Client-focused educational initiatives

Advisers believe more education is needed to explain the benefit of a fee for service advice model, as well as to better articulate the value of insurance.

6. Innovative technology

The findings demonstrate advisers want innovative tools such as adviser portals, integration tools, the ability to amend cover online, comparative ratings software and easier quoting portals.

This information was obtained through the 2019 Beddoes’ Adviser Experience Study. This annual study has been helping insurers better support advisers for over ten years through the collection of adviser feedback on the services they provide.

“These responses reflect and align with other findings from the study that confirm there are widespread repercussions from the Royal Commission on advisers,” said Dr Sheils. She said these repercussions included:

  • A more onerous regulatory burden which makes it more costly and time consuming to write new business
  • A more sceptical market sentiment
  • Increased premiums impacting the affordability of insurance and client retention

Dr Sheils said the stark reality of a changed market landscape is clear: “It’s apparent that the fallout from the Royal Commission means advisers need more support from insurers. Offering better support, innovation and advocacy will not only have a positive effect on the adviser’s propensity to write insurance but will also subsequently impact the overall profitability of the insurance sector in its entirety,” she said.

Don’t miss this opportunity to tell insurers what you need!

More voices means clearer advocacy for all. Complete this year’s Adviser Experience Study to tell insurers how to better support you when you rate their BDMs and key operational areas. This Study has been in the market for 10 years and has supported insurers by providing adviser feedback on the services they offer to support you as a business, as well as your clients throughout the life of their policy. And this year we’re also examining the impact of the Royal Commission. This Study also underpins the Client Service Team Awards (Claims, BDM and Underwriting Teams of the Year) that are part of the AFA Life Company of the Year Awards suite, as well as the inaugural Most Valued BDM of the Year Award.

Simply complete the survey to receive access to over $3000 worth of business resources and potential eligibility to join Beddoes’ Most Trusted Advisers (MTA) Network, which is aimed at restoring trust and confidence in the advice sector.

Click here to learn more and register:

https://tess.beddoes.com.au/adviser_registrations/new?source=risk_info

  • JM

    I’m afraid No 1 will not be met… Every company is making huge losses on DI, which means lots more price increases to come….

  • Jeremy Wright

    I do not know where point 5 came from, though it would not have come from experienced Life Insurance advisers.

    (Advisers believe more education is needed to explain the benefit of a
    fee for service advice model, as well as to better articulate the value
    of insurance)

    This is another attempt by the vested interest groups to push fee for service around Insurance.

    That argument is dead. Australians have categorically said they will not pay a fraction in fees of what it costs to provide it, so why has this ridiculous notion snuck back in?

    If people want to publish this fee for service on Life Insurance advice argument again, then have the decency to put your name down, so you can be challenged in the public forum and your reputation put to the test.

  • Old Fella

    I have pondered lately whether or not the”wellness” programs have contributed to the premium rate increases. I would be interested to know how much per policyholder it costs the insurer to provide this value add feature, especially those at little or no direct cost to the client.

    Maybe I’m old fashioned, but perhaps insurance has become too funky in an effort to add to it’s appeal, whereas in reality it is a product that none of us want to pay for, because of course “it will never happen to me,” but we know holding it gives us peace of mind that we or those we love will be provided for should it actually happen to me.

    That’s how I persuade people to purchase insurance. Not for the airline points, the fitness tracker, the chance to win a prize or get discounted food or gym memberships.

    Yes, these are the ramblings of an old man who grew up in this industry in a different time. But the reality is still the same.