Insurers who delivered proactive BDM support for advice practices during 2020 have received a big tick from advisers.
This was one of the key findings highlighted by Investment Trends in releasing its 2020 Planner Risk Report.
The research firm’s annual in-depth survey noted that insurers who offered both proactive BDM support and streamlined online processes were more highly regarded by the 524 financial advisers who took part in the 2020 survey.
The report revealed that in 2020, the top challenges faced by planners in providing risk advice were:
- Rising premiums (61%)
- Compliance obligations (53%)
- Paperwork/admin requirements (50%)
Within this environment, the report states the insurers that stood out for advisers taking part in the survey were those that effectively helped planners alleviate these issues:
“When asked to describe in their own words how insurers helped them navigate COVID-19, planners most often acknowledged premium relief for impacted clients, proactive BDM contact and streamlined online processes,” said the firm’s Associate Research Director, King Loong Choi.
Planners highly value proactive support
Choi continued, “Competitive premiums matter for planners and their clients in their choice of insurer, but it isn’t the sole factor. Planners highly value proactive support, meaning that insurers that provide quality BDM support, ongoing communications and quick turnaround times will stand out.”
Also highlighted by Investment trends were the top three life companies which led the overall adviser satisfaction ratings for 2020:
- NEOS Life
According the the researcher, NEOS Life marginally overtook ClearView in overall adviser satisfaction in 2020, followed by Zurich, where the adviser’s satisfaction with their main life insurer was measured across 31 key service areas.
The report also notes, however, that at an industry-wide level, overall satisfaction fell significantly during the pandemic, with only 25% of advisers rating their main insurer as ‘very good’ compared to 57% in 2019.