Zurich Financial Services has been recognised as the leading direct insurance provider by industry research group Plan for Life, which also awarded the insurer for its Term Life product and Customer Service.
Of the 13 awards Zurich took the Overall Excellence Award for 2015 at an event held in Sydney in late October with the annual awards recognising life insurance company excellence in the provision of Direct Life Insurance products and services.
Plan For Life, Actuary, Simon Solomon said the direct life insurance market had grown in terms of sales and the number of products on offer as well as the service levels provided to consumers.
“During the last 5 years it has matured to the point where it now has the ability to meet much of the needs of consumers who prefer to select risk insurance, themselves. Plan for Life is continuing to develop its benchmarking research in this market sector, thereby clarifying the key elements of both the risk providers and their products,” Solomon said.
Plan for Life stated that identifying leading providers and products in the direct life insurance space was necessary to build consumer confidence with the awards judged on key factors including: Company Financial Position, Company Market Performance (sales and market share), Product Features, Premium Rates, Customer Service and specific data request.
Other award winners were as follows
- Term Life – Zurich Financial Services (Ezicover Life)
- TPD – NobleOak Life (Premium Life Direct TPD Option Rider)
- Trauma – Standalone – CommInsure (Simply Life – Critical Illness Insurance)
- Trauma – Rider – AIA Australia (RAC Life Protect – Trauma Rider)
- Accident Cover – OnePath (ANZ Accident Cover Plus)
- Income Protection – TAL Life (Virgin Money Income Protection – Tailored).
- Funeral Cover Level Premiums – Suncorp (GIO Funeral Insurance)
- Funeral Cover Stepped Premiums – Suncorp (APIA Funeral Insurance)
- Consumer Credit – CommInsure (Credit Card Plus)
- Customer Service – Zurich Financial Services
- Marketer Customer Service – MetLife Insurance (Coles Life Insurance Plus)
- Innovation – TAL Life (InsuranceLine)
Is this the future of risk insurance in Australia ?
Life companies clearly think they can go the direct route and can manage without external risk insurance advisers, which is why they are now pushing so hard to change the status quo in the retail space.
It doesn’t matter that they all have been complicit in one shape or form in the so called “churning” space and the facts shouldn’t get in the way of one’s agenda.
As you can see everyone in this space got an award, which no doubt some will use to market to the public direct.
What they will guarantee to do is offer inferior products to those unsuspecting potential clients that they would never dare put out in the retail advisory space.
What they will also guarantee is pick up some of the “low hanging fruit” that most advisers don’t want.
What you won’t see in these direct market policy contracts is “when you pay your money… you take your chances”.
So Zurich gets the top prize at the Junk Insurance Awards!
What are the assessment criteria for determining the best junk insurance products? The most exclusions that can buried in the fine print without typical consumers noticing them?
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