A new survey has revealed how advisers rate the performance of insurance companies in the handling, disputing and denial of consumer life insurance claims.
Adviser Ratings’ 2016 Adviser Sentiment Life Insurance Report found Hannover Re (Real Insurance) and CommInsure had the lowest satisfaction score, with 45 and 42 per cent of advisers, respectively, rating them among the poorest-performing insurers.
St Andrew’s Life, MetLife and Allianz rounded out the top five poorest-performing insurance companies for claims conduct.
Asteron Life was the most highly rated insurance company with 27 per cent of advisers surveyed rating them among the best-performing insurers, followed by AIA Australia (24 per cent), TAL Life (23 per cent), Zurich Australia (23 per cent) and One Path (22 per cent).
Adviser Ratings managing director Angus Woods said public access to information that clarified the insurance companies that inadequately handle claims is important to empower consumers and highlight the major shortcomings in the life insurance industry.
“The perspective of financial advisers is a valuable consideration when determining the best life insurance policies, as these professionals are at the frontline of the claims process, acting on behalf of clients who are attempting to claim against retail life and, often, group and direct life policies,” Mr Woods said.
“Australian consumers have a right to know which companies are the most likely to make the claims process difficult for them.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The corporate regulator has cancelled the licence of a Queensland based SMSF advice firm that failed to lodge its financial accounts. ...
The Federal Court has issued BT and Asgard penalties of $1.5 million each for charging fees for no service and making misleading statements. ...
The wealth giant has announced a raft of further changes to its advice model, including the conclusion of client register buy-back arrangements for i...