The Association of Financial Advisers (AFA) will recognise life insurers who provide better customer service with the launch of a new award based on consumer feedback.
The Consumer Choice Awards will be presented in conjunction with the Beddoes Institute which will supply the research behind the awards, which gauges the opinions of consumers regarding the service provided by insurers.
This research is taken from the Beddoes’ industry-wide customer experience benchmarking program conducted in March and April 2016 – The Life Insurance Industry Performance Barometer – with the award based on the policyholder and claimant component of the program which covered more than 2000 consumers.
Beddoes Institute, Director, Dr Rebecca Sheils said the research created “an integrated and holistic view of how well life insurers are servicing customers as well as their relative position in the broader market context”, with the award designed to promote higher benchmarks in life insurance service standards in Australia.
AFA, Chief Executive, Brad Fox said the awards were part of the leadership position the AFA was taking to improve the experience of life insurance for policyholders and claimants.
“We know that consumers who arrange their life insurance through a financial adviser already have a considerably better claims experience than those who rely on direct insurance and group insurance inside their superannuation fund, but the bar can be raised even further,” Fox said.
He added that AFA members wanted to see an improvement in the reputation of retail life insurance arranged with the advice and support of a financial adviser and the Consumer Choice Awards, as a reflection of the opinions of policyholders, would drive up the standards of customer services and experience.
Award winners will be named in November with preliminary awards, based on the research and survey data, to be announced later this month.
Former PM John Howard Announced as Opening Speaker
The AFA has also announced that former Prime Minister John Howard will deliver the opening address at its 2016 National Adviser Conference to be held in Canberra in October.
According to the AFA, Howard will speak on the issue of a global economics and how China, India and Pacific Rim nations will participate in that area in the future.
“We’re delighted to have Hon. John Howard joining us at this year’s Conference in Canberra. He provided our country with valuable economic vision and security strategies that raised Australia’s profile and impact around the world,” Fox said.
“Providing economic leadership in today’s world means taking an adaptive approach and re-envisioning old economic models to discover new ones, and that’s what we look forward to hearing from him on opening night.”
