Poll Results: Choosing Insurers – It’s About Relationships

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Advisers have given a strong indication that when it comes to choosing which insurance company to deal with, it’s all about relationships.

Our latest poll asks advisers and paraplanners to tell us the main reason they prefer one insurer over another.  While we have pointed out that there is often a combination of reasons and those reasons can vary depending on the client, advisers have made their views clear.

Of the advisers and paraplanners who have cast their vote so far, 20%  have indicated that their own relationship with the insurance companies is more important than any other consideration, of which there are many.

Second behind relationships is the issue of underwriting services.  As we go to print, 17% of those who voted said underwriting service was the key to their preference of insurer.

There is a gap to third place, where 11% of advisers will select the insurer based on the specific needs of their client, while premium rates and terms were each valued as most important by 7% of respondents.

Commission, convenience and technology issues did not rate over the other considerations when it came to adviser preference of insurer.

Commenting on the outcome, AFS Group senior exec, Michael Butler, said it came as no surprise to him that relationships plays such an important role in the decisions of so many advisers when it came to insurer preference.

“While observing due diligence, we give our advisers scope when it comes to where to place their life insurance business becasue each has their their own set of experiences with the insurance companies, which we believe dictates to a significant extent where the adviser feels most comfortable placing their clients’ business,” said Mr Butler.

The choice of insurer is rarely dictated by a single issue, because advisers must be confident about the quality of the products and all the services that underpin their delivery to the market before they make their eventual decision as to where to place their business.

But what our feedback suggests is that the nature of the adviser’s choice, when made, does have a lot to do with the individual, personal interactions and relationships that exist between them and their life company contact points.

Our poll remains open to all who have yet to make their voice heard, so… Vote Now!

We’re also keen to hear from you if you have any additional comments you may wish to make about this topic.  We can be reached at: info@riskinfo.com.au



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