A new survey by the Beddoes Institute says about 75 per cent of life insurance policy holders are happy with their adviser and life insurer.
- Non-aligned financial advisers were rated highly by new policyholders - the overall rating was 78 per cent, with life insurers rated at 74 per cent
- Policyholder satisfaction dropped off after two years - insurers saw overall satisfaction ratings of 61 per cent and advisers overall satisfaction of 67 per cent
So why the lower rankings?
Beddoes Institute said the decline in satisfaction was due to consumers equating less contact with less value, since service providers in other areas of life are having more contact. Interaction, it seems, pays off in satisfaction rankings, with more contact points equating to higher satisfaction ratings. Customers pay for the attention of their service providers as well as products and services.
Claims were also rated highly, despite contradictory surveys previously. Expectations of the claims process are providing good experiences, since many people expect to have a fight on their hands when making a claim, only to find compassionate and caring staff and a positive experience. Those in the midst of the claims process rated the insurer lower than those who had had an approved claim.
What does this tell us?
The insurance industry is improving based on customer and adviser feedback, to provide better experiences to policyholders.