Advisers have confirmed that access to underwriters is the most important support service they need from life companies in order to serve their clients.
This finding comes from our recently-completed 2012 riskinfo reader survey, where 83% of advisers said access to underwriters was one of the top five services they needed most to help articulate their service to their clients. The next most important service element for advisers was claims services (53.4%), followed closely by BDM support (48.4%) and technology/systems support (46.2%).
… the ability to be able to access underwriters remains as clearly the most important support service to advisers
Interestingly, each of the these service components received a higher score this year compared with 2011 results, but the ability to be able to access underwriters remains as clearly the most important support service to advisers. At the lower end of the scale of importance for advisers were compliance services and soft skills sales training.
When it comes to deciding which products will best address their clients’ insurance needs, however, advisers have declared that it is the product features and key policy definitions that are most important to them, followed by pricing considerations and underwriting services.
The considerations at the bottom of the list of importance for advisers when it comes to deciding which product they will use are the flexibility and level of remuneration they will receive, along with the preferences stipulated by their dealer group in the approved product lists.
A selection of adviser responses when we asked what other factors were important to them in selecting the best product for their client included:
- “Underwriting turnaround times”
- “Speed of overall underwriting process”
- “Simplicity of applications. Rapid response to enquiries”
- “VALUE: Price is unimportant in isolation as are the product definitions / features. The product I want to buy for my clients has to have a favourable balance of the 2.”
- “Price, price, price”
- “Price will obviously still factor into the clients final decision”
- “Transparency with definitions and how they effect claims”
- “Suitability of the product for the specific client”
- “Insurance products must have good features that keep up with the change market. Clients are becoming more aware of what they need. Underwriting needs to be consistent and fair, claims need to be processed quickly and keeping the adviser in the loop.”
- “Having a knowledgeable accessible BDM is critical”
- “BDM access / relationship is also important”
- “Access to BDM and their support staff. Direct access to a dedicated underwriter, as over time you both get to know each other.”
