The wealth data and sentiment business said that advisers rated PPS Mutual as the top retail life insurer, while Neos, Zurich, MetLife, TAL, Clearview, and OnePath all received positive satisfaction scores from advisers.
Adviser Ratings said the awards assigns ratings to insurers across six core areas, based on more than 3,000 adviser comments.
“With more than half of retail life insurance still sold by advisers, this temperature check shows how the insurance industry can grow and adapt to the changing market,” Adviser Ratings chief executive Angus Woods said.
“Our deep dive highlights key areas of opportunity for insurers, whose new business volumes have suffered as a result of the adviser exodus. Pleasingly, some green shoots in quarter one of this year are showing as non-specialised advisers start to entertain re-entering life insurance as a core solution for their clients.”
Adviser Ratings added that, based on its research, the bulk of risk volume is written by just 1,200 advisers.
The Adviser Choice awards category winners are:
- Best Retail Life Insurer – PPS Mutual (Finalists: NEOS Protection and Zurich)
- Ease of Underwriting – NEOS Protection (Finalists: PPS Mutual and ClearView)
- Best Platform Functionality – NEOS Protection (Finalists: Zurich and PPS Mutual)
- Competitiveness of Product – PPS Mutual (Finalists: NEOS Protection and TAL)
- Comprehensiveness of Modules – PPS Mutual (Finalists: NEOS Protection and MetLife)
- Best Adviser Support – NEOS Protection (Finalists: PPS Mutual and Zurich)
- Best Claims Handling – NEOS Protection (Finalists: PPS Mutual and Zurich)
- Most Consistent Retail Life Insurer – Zurich Insurance Group
Adviser Ratings recently released its 2023 Australian Financial Advice Landscape report, which provides a snapshot of the wealth management industry and found the financial advice profession’s numbers are stabilising for the first time in five years.
