{"id":27280,"date":"2014-09-01T16:24:46","date_gmt":"2014-09-01T06:24:46","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27280"},"modified":"2024-08-22T12:07:17","modified_gmt":"2024-08-22T02:07:17","slug":"underwriting-will-be-key-battleground-in-2015","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/09\/01\/underwriting-will-be-key-battleground-in-2015\/","title":{"rendered":"Underwriting will be Key Battleground in 2015"},"content":{"rendered":"<p><span style=\"font-size: 14px; line-height: 1.5em;\">Insurers should focus on improving underwriting speed if they want to attract more business from advisers, a new report from Investment Trends has found.<\/span><\/p>\n<p><!--more-->The 2014 Planner Risk Report has revealed that nearly half (45%) of advisers surveyed want insurance providers to increase the speed at which applications are processed, in order to help them with their risk advice.<\/p>\n<p>According to Investment Trends, the average number of days it takes providers to process underwriting submissions has increased since last year. As a result, adviser satisfaction has fallen.<\/p>\n<blockquote><p>The underwriting process is the strongest driver of overall satisfaction with insurers<\/p><\/blockquote>\n<p>Investment Trends Senior Analyst, <strong>Recep Peker<\/strong>, said: &#8220;The underwriting process is the strongest driver of overall satisfaction with insurers. So, any falls in satisfaction with the underwriting process is noteworthy.<\/p>\n<p>&#8220;Underwriting is very important for both acquisition and retention, and will be a key battleground for insurance providers over the next year.\u201d<\/p>\n<p><span style=\"font-size: 14px; line-height: 1.5em;\">Zurich and AIA Australia received the highest satisfaction rating from their primary users, followed by Asteron Life.<\/span><\/p>\n<p>The report also found that advisers are working with a greater number of insurers, up from 3.4 in 2013 to 3.7 in 2014, but are also very likely to switch providers if they are dissatisfied. 40% of planners said they stopped using at least one insurer in the previous 12 months, up from 35% in 2013.<\/p>\n<p>&#8220;Insurer relationships are in a state of flux,&#8221; said Mr Peker. &#8220;Planners are aggressively expanding the number of insurers they use, while cutting those who aren&#8217;t exceptional. There are great opportunities and risks for insurers to either benefit or lose out from this switching.&#8221;<\/p>\n<p>Despite insurer-adviser relationships changing rapidly over the past year, the report showed it is still crucial for an insurer to be a planner\u2019s most-used provider, with the primary insurer receiving an average of 59% of an adviser\u2019s premiums.<\/p>\n<p>The top five insurers in terms of primary planner relationships are:<\/p>\n<ol>\n<li>OnePath<\/li>\n<li>AMP<\/li>\n<li>AIA Australia<\/li>\n<li>BT Life<\/li>\n<li>TAL<\/li>\n<\/ol>\n<p>These providers account for 66% of primary planner relationships.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurers should focus on improving underwriting speed if they want to attract more business from advisers, a new report from Investment Trends has found.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,3,230],"tags":[],"class_list":["post-27280","post","type-post","status-publish","format-standard","category-company-news","category-general","category-underwriting","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27280"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27280\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}