CommInsure wins Life Company of the Year

At an awards ceremony held in Sydney last night, the Commonwealth Bank's insurance arm also won the Investment Bond award and was a finalist in three other categories.

Speaking at the event, AFA chief executive Brad Fox said CommInsure was continuing to demonstrate "its commitment to financial advisers, advice practices and clients".

BT Financial Group and TAL were the runners up for the Platinum award.

Macquarie Life won all three client service team awards in the underwriting, claims and business support services categories.

Macquarie Life head of underwriting and claims Sally Phillips said the awards demonstrated Macquarie Life's "continued efforts across underwriting, claims management and business development are recognised by the financial advisers who are so important to our business".

“We value the strong relationships we have developed with advisers and understand the important role we have in supporting them in their relationships with their clients, through providing innovative products and outstanding service throughout their entire experience with us," she said.

Mr Fox said the awards process included a "thorough analysis of the life companies within Australia, ensuring the recognition of premier service and product solutions that best provide for the insurance needs of Australians and the financial advisers that service them.”

Plan For Life manager for marketing and product development Rael Solomon said life companies had continued to innovate in 2013 while paying attention to increased claims rates through increased premium rates.

"In the case of immediate annuities, there was an ongoing rise in the numbers of retirees turning to this product, while investment bonds are also continuing to play a role in client portfolios," Mr Solomon said.

Challenger took out all of the annuity and income stream awards: Overall Annuity Provider of the Year, Long Term Income Stream and Annuity & Income Stream innovation Award.

Zurich won the Service Quality award, AMP Elevate took out the Term/TPD award and AIA won the Risk Product Innovation award.