Consumers who make a life insurance claim are highly satisfied with the outcomes if they have used a financial adviser according to indicative research released by the Beddoes Institute.
Interim results from Beddoes’ Claimant Journey Study – which includes an independent assessment of life insurance, Trauma, TPD and income protection claimants from the last twelve months for three major life insurers – found satisfaction rates were above 80% for claimants who have a financial adviser.
According to the results income protection claimants’ satisfaction with insurance companies was 80%, with the strongest performing company achieving 85% satisfaction.
Satisfaction among individuals who made a trauma or TPD claim averaged 84% across the three participating companies, with the highest performing company scoring 90% on overall satisfaction.
While the Beddoes Institute said the results demonstrate claimant’s experiences are better than assumed, it has joined with the Association of Financial Advisers (AFA) in calling for more insurers to be involved in the study to create an industry wide picture of consumer experiences.
Beddoes Institute, Director, Dr Rebecca Sheils said the study aimed to build a large body of evidence that reflected a range of claimant experiences.
“We need to use this data to really understand claimants’ needs at different stages of their journey so that life companies can develop tailored services and solutions that deliver better outcomes for people on claims. It’s all about giving the consumer a voice and placing them at the centre of new and improved models of claims service delivery,” Shiels said.
The two groups have recently announced the launch of the Consumers’ Choice Awards based on the experience of claimants and policyholders collected in the Beddoes
Life Insurance Industry Performance Barometer, with AFA, Chief Executive, Brad Fox urging insurers to contribute to the study before the awards are announced later this year.
“We encourage all life insurance companies to participate in the Life Insurance Industry Performance Barometer policyholder and claimant studies in order to reassure the community of their commitment to transparent and independent performance appraisal and continuous improvement in the service they provide to policy holders as the clients of financial advisers,” Fox said.
