TOWER Australia (TOWER) has taken first position in the latest Plan For Life Risk Insurance Benchmarking Report, which has just been released. This report, which is updated three times each year, forms the basis of the prestigious Plan For Life/AFA Life Insurance Company of the Year Awards.
PFL’s Risk Insurance Benchmarking process ranks all retail life insurance companies across six key elements:
- Financial Strength
- Product Features
- Service Quality
- Licensee Services
- Premium Rates
- Market Performance
Taking each insurer’s ranking across each of these key elements, results in the period ended 31 August 2010 see TOWER at the head of the table, closely followed by Zurich in second position and a tie for third between OnePath and CommInsure.
TOWER Australia’s CEO of Retail Life, Brett Clark, said “This result is a great accomplishment and reflects the significant investment we have made in our product, service and technology platform over the past 6 months and the hard work of our teams. We have an ambition to be recognised as the leading life insurer for financial advisers in this market and these signposts along the way show that we are on the right track,” said Mr Clark.
TOWER’s number one position in this latest PFL report follows the announcement last week of its first-to-market Accelerated iQuote application, which helps advisers obtain life insurance quotes from their iPhone and iPad, from any location at any time.
Commenting on initial results for Accelerated iQuote, Mr Clark said “… early feedback from advisers is very positive. It has been very interesting to see just how widely the apple mobile technology suite has moved into the community but now also into business. Advisers are telling us that Accelerated iQuote now opens up a whole new conversation and sales opportunity for them,” said Mr Clark (see also: TOWER Launches Accelerated iQuote).
More than 1,000 advisers provided their feedback into this report, which was pivotal in determining the outcomes.
The 2010 Plan For Life/AFA Life Insurance Company of the Year will be announced at an industry awards ceremony early in 2011.
