{"id":46394,"date":"2019-09-20T10:44:58","date_gmt":"2019-09-20T00:44:58","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=46394"},"modified":"2019-09-24T19:35:22","modified_gmt":"2019-09-24T09:35:22","slug":"satisfaction-with-risk-and-life-insurance-continues-to-decline-roy-morgan-research","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/09\/20\/satisfaction-with-risk-and-life-insurance-continues-to-decline-roy-morgan-research\/","title":{"rendered":"Satisfaction With Risk and Life Insurance Continues to Decline"},"content":{"rendered":"

Satisfaction with risk and life insurance continues to fall, according to new research from Roy Morgan.<\/span><\/p>\n

<\/p>\n

\"\"<\/a>
Roy Morgan CEO, Michele Levine \u2026 financial planners remain an important channel to purchase risk and life insurance<\/figcaption><\/figure>\n

The findings from Roy Morgan\u2019s Single Source Survey (Australia) show that satisfaction with risk and life insurance has fallen to 64.6 per cent in July 2019, down from 65.6 per cent in 2018 and 68.4 per cent in 2016. <\/span><\/p>\n

These levels place risk and life insurance as having the lowest satisfaction of all major household and personal insurance types, including general and health insurance.<\/span><\/p>\n

The research found how Australians obtain risk and life insurance is becoming increasingly fragmented \u2013 with insurance companies, insurance brokers or agents, financial planners \u2013 either independent or working for a financial institution, accountants or employer via superannuation all provide insurance to Australians.<\/span><\/p>\n

Among satisfaction ratings in the year to July 2019, Insuranceline topped the ranks with a satisfaction rating of 78.9 per cent ahead of second placed Allianz (74.1 per cent) and Zurich (71.8 per cent).<\/span><\/p>\n

\"\"<\/a>
Satisfaction with Risk and Life Insurance – Largest 12 Insurers<\/figcaption><\/figure>\n

Although overall satisfaction with risk and life insurance declined over the year, some companies showed improvement, with Allianz and MLC increasing the most (up 4.3 percentage points) followed by Zurich (up 3.4 percentage points) and Westpac (up 2.1 percentage points). <\/span><\/p>\n

The research also indicated that satisfaction improves likelihood of customer retention. Policy holders that say that they are \u2018extremely likely\u2019 to renew their insurance with the same company have a satisfaction rating of 72.4 per cent, well above the market average of 64.6 per cent.<\/span><\/p>\n

\"\"<\/a>
Likelihood of Renewing Risk and Life with Same Company and Satisfaction Level<\/figcaption><\/figure>\n

Roy Morgan CEO, Michele Levine<\/strong>, says, \u201c\u2026the use of insurance brokers and financial planners remains an important channel to purchase risk and life insurance which now accounts for around 17 per cent of the market, but thi s is down from 21.3 per cent three years ago.<\/span><\/p>\n

\u201cThe use of these third parties to purchase risk and life insurance has the potential to take the customer relationship away from insurance companies and as a result they are likely to have less control over satisfaction and retention levels.”<\/span><\/p>\n

Levine added: \u201cThese results also indicate that fewer Australians are taking out risk and life insurance, 199,000 in the past year down from 236,000 three years ago. This is likely to lead to a smaller market over time if this trend continues.”<\/span><\/p>\n

The Roy Morgan Single Source Survey is based on in-depth personal interviews conducted face-to-face with over 50,000 Australians per annum in their homes, including around 10,000 with risk and life insurance policies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Satisfaction with risk and life insurance continues to fall, according to new research from Roy Morgan.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-46394","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46394","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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=46394"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46394\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=46394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=46394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=46394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}