Life insurance client experience better than assumed

Claimants who have an adviser have a much better experience with life insurance companies than is commonly assumed, according to a study by the Beddoes Institute.

Interim results of the Beddoes Institute's Claimant Journey Study found that income protection claimants' satisfaction with insurance companies sits at 80 per cent, with the strongest performing company achieving 85 per cent satisfaction.

For individuals who made a trauma or total and permanent disability claim, satisfaction was even higher, at 84 per cent, with the highest performing company achieving 90 per cent satisfaction, a statement said.

The Beddoes Institute said the results prove that the claimant experience is better than is assumed and that advocacy of life companies from income protection and lump sum claimants is strong.

Beddoes Institute director Dr Rebecca Sheils said the starting point for this study was to build a large body of evidence about actual claimants' experiences rather than focusing on the opinions of just a few.

"We need to use this data to really understand claimants' needs at different stages of their journey so that life companies can develop tailored services and solutions that deliver better outcomes for people on claims," Dr Sheils said.

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"It's all about giving the consumer a voice and placing them at the centre of new and improved models of claims service delivery."

The release of the study follows a recent announcement from the Association of Financial Advisers (AFA) that it will partner with the Beddoes Institute in launching its inaugural Consumer Choice Awards in November.

Those awards, as well as the AFA's interim Claimants and Policyholders Consumers' Choice Awards, to be announced next week, will be based on the results of the Beddoes Institute's Life Insurance Industry Performance Barometer.

Life insurance client experience better than assumed
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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