The formal introduction of Partners Life’s Customer Outcome Matrix (COM) has been delayed until 1 October to give advisers more time to adjust to the firm’s new customer feedback system.
The company’s COM system involves surveying customers on the advice they were given by an adviser when taking out a policy, as well as following up on clients who cancel a policy with the insurer.
Customer responses to six survey questions are translated into a score to determine the value of each adviser’s annual bonus.
The firm has been sharing details of its survey findings with advisers since April 2020 and the new system was to be adopted on 1 July this year.
Partners Life says it had always wanted to provide at least three months’ visibility to the COM reporting prior to any bonus commission changes coming into effect, allowing advisers time to review their reporting, understand client feedback, and how this relates to their engagement and servicing of clients.
“Given the material changes associated with COM, and with the many other industry changes that are occurring, we have however, made the decision to extend the ‘go-live’ date for potential bonus rate changes to 1 October 2021,” says the firm.
Partners Life says the delay will help it provide a “robust reporting period” as well as give advisers time to encourage their clients to take part in the surveys.
See our story: Partners Life Surveys Well Received