Adviser study ranks insurer performance

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.”

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].