October 29, 2019
Research released by Beddoes Institute has identified six fundamental areas where advisers want more support from their insurers in 2020.
According to Dr Rebecca Sheils, Director at Beddoes Institute, the findings of the research are clear: “We’ve received specific feedback from over 400 advisers about how insurers can better support them, their clients and the industry overall.”
While the research is still underway, Dr Sheils identified the six key areas in which advisers say they want more support from insurers:
1. The affordability issue of premiums
The information indicates advisers want this addressed via more affordable premiums, better price stability and for ongoing premium increases to stop.
2. Streamlined admin processes
Feedback shows advisers want simpler and quicker processing for new and existing policies.
3. Advocacy for advisers
The findings show advisers want insurers to lobby the Government to address issues such as commissions, grandfathering and the development of educational initiatives directed towards consumers to promote the value of insurance.
4. New and improved client retention initiatives
Feedback reveals advisers would like to see health & wellness programs that increase engagement levels and reward clients.
5. Client-focused educational initiatives
Advisers believe more education is needed to explain the benefit of a fee for service advice model, as well as to better articulate the value of insurance.
6. Innovative technology
The findings demonstrate advisers want innovative tools such as adviser portals, integration tools, the ability to amend cover online, comparative ratings software and easier quoting portals.
This information was obtained through the 2019 Beddoes’ Adviser Experience Study. This annual study has been helping insurers better support advisers for over ten years through the collection of adviser feedback on the services they provide.
“These responses reflect and align with other findings from the study that confirm there are widespread repercussions from the Royal Commission on advisers,” said Dr Sheils. She said these repercussions included:
- A more onerous regulatory burden which makes it more costly and time consuming to write new business
- A more sceptical market sentiment
- Increased premiums impacting the affordability of insurance and client retention
Dr Sheils said the stark reality of a changed market landscape is clear: “It’s apparent that the fallout from the Royal Commission means advisers need more support from insurers. Offering better support, innovation and advocacy will not only have a positive effect on the adviser’s propensity to write insurance but will also subsequently impact the overall profitability of the insurance sector in its entirety,” she said.
Don’t miss this opportunity to tell insurers what you need!
More voices means clearer advocacy for all. Complete this year’s Adviser Experience Study to tell insurers how to better support you when you rate their BDMs and key operational areas. This Study has been in the market for 10 years and has supported insurers by providing adviser feedback on the services they offer to support you as a business, as well as your clients throughout the life of their policy. And this year we’re also examining the impact of the Royal Commission. This Study also underpins the Client Service Team Awards (Claims, BDM and Underwriting Teams of the Year) that are part of the AFA Life Company of the Year Awards suite, as well as the inaugural Most Valued BDM of the Year Award.
Simply complete the survey to receive access to over $3000 worth of business resources and potential eligibility to join Beddoes’ Most Trusted Advisers (MTA) Network, which is aimed at restoring trust and confidence in the advice sector.
Click here to learn more and register: