Study reveals worst-performing insurers
An adviser study has uncovered the poorest-performing 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 as 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, according to 27 per cent of advisers surveyed, followed by AIA Australia (24 per cent), TAL Life (23 per cent), Zurich Australia (23 per cent) and OnePath (22 per cent).
Adviser Ratings managing director Angus Woods said public access to reports that flag the insurance companies that inadequately handle claims is important as it empowers consumers and highlights the shortcomings of 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 front line 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.”
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