Advisers have named ClearView as the life insurer with which they are most satisfied, according to industry research group, Investment Trends which has also given the insurer its Overall Satisfaction – Insurer Award for the first time.
ClearView was given the award, ahead of BT Life and AIA Australia, based on research compiled by Investment Trends for its ninth annual Planner Risk Report which conducted an in-depth study of the views of financial advisers on life insurance.
The Report, which surveyed 495 financial advisers in June 2017, found that ClearView had the highest Net Promoter Score of any life insurer at 62%, more than 20% ahead of the next highest rated insurer and a composite satisfaction score of 83% for the group of 10 retail life insurers in the study.
Clearview was ranked number one for adviser satisfaction across nine of 13 categories including products, premiums, submission of new business/changes to existing business, underwriting and commissions/remuneration.
“Clearview was ranked number one for adviser satisfaction across nine of 13 categories…”
Investment Trends also measured the overall satisfaction of advisers with their primary life insurer and found that, industry wide, 90% of advisers rated their primary life insurer as ‘good’ or ‘very good’, down slightly from 94% in 2016.
Despite this, Investment Trends Senior Analyst, King Loong Choi said the level of switching between insurers had increased to a record high with 47% of advisers stating they had stopped use at least one insurer in the 12 months, up from 45% in 2016 and 35% in 2015.
The Report stated that high premiums was the leading cause of advisers switching insurers and Choi also said the level of switching was likely to continue with 27% of advisers stating they would consider a relationship with a new insurer, to either replace an insurer or in addition to existing relationships, over the coming 12 months.
“To strengthen planner relationships, insurers must demonstrate a value proposition that extends across the entire value chain,” Choi said.
“Insurers need to provide support from the back end, through seamless underwriting and online applications, all the way to the front end, by assisting planners with client engagement and education,” he said.