Technology and ratings firm, Adviser Ratings, has announced its life insurance Adviser Choice awards, which it says reveals the industry’s most trusted retail life insurers in Australia.
The firm says PPS Mutual took the top spot, while Neos, Zurich, Metlife, TAL, Clearview and Onepath received positive satisfaction scores from advisers.
The awards assigns ratings to insurers across six core areas, based on more than 3,000 adviser comments.
The 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
- Most Improved Retail Life Insurer – TAL
…1,200 advisers now write the bulk of risk volume…
Adviser Ratings also notes that one of its key insights was that just 1,200 advisers now write the bulk of risk volume.
The firm’s CEO Angus Woods says that 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.”
He says the firm’s 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.”
The firm confirmed it has also has also recently acquired independent data company, the Beddoes Institute (see: Adviser Ratings Acquires Data Firm).
“Beddoes’ focus on data, insights and growth opportunities within the life insurance industry pairs … well with Adviser Ratings’ existing suite of products,” Woods says.