Client focus is shifting towards risk protection and away from investment returns, according to latest findings from CoreData.
… clearly a reflection of the shift in client focus from return to risk
In what the researcher refers to as ‘… clearly a reflection of the shift in client focus from return to risk…’, it reports that almost half (48.7%) of advisers’ business income derived from providing clients with risk advice in the past 12 months came from new clients.
The findings stem from CoreData’s Risk Study 2010, in which more than 840 advisers provided feedback on life company propositions across eleven key areas of service delivery.
The findings also suggest that this client trend towards a risk protection focus is likely to continue, with just under half the survey respondents saying they expected the amount of insurance written with their main risk provider to increase over the next 12 months. This optimism follows a sustained period of growth within the life insurance sector over recent years.
The adviser research covered all the major life companies, where major findings included:
- CommInsure was deemed the leader in the category of Image and Reputation – the component which has the biggest impact on overall satisfaction, followed by AXA and Asteron
- ING (now OnePath), AIA Australia and Aviva (now MLC) offer the most commonly used eApplications. AMP’s eApplication was also commonly used by respondents.
- Coin Inc and Iress Xplan Risk Researcher IQM+ are the dominant risk research software providers, used by 22.9% and 15.4% of respondents respectively, while a further 10.4% of respondents use Iress Xplan IQM
In the 2010 CoreData Life Company of the Year Awards, which stem from this study, the main Awards went to:
- Risk Company of the Year: Asteron (see previous article: Asteron Takes Out CoreData Life Company of the Year)
- Highly Commended: Aviva (now MLC)
- Highly Commended: AXA Australia
- Commended: ING Australia(now OnePath)
- Commended: CommInsure
