BT Financial Group has won the Strategic Insight / AFA Life Company of the Year 2016 overall Platinum Award for the second year running. Award winners were announced at a black-tie premier event in Sydney on Thursday 9th March 2017, recognising Life Insurance Company excellence in the provision of products and service to financial advisers and clients.
TAL received the Service Quality Award covering New Business / Underwriting Services, Claims Services and Business Support Services. In the Product Award categories, ANZ OnePath – OneCare Life Cover Plan received the Term Life / TPD Award, ANZ OnePath – Trauma Premier Plan received the Trauma / Critical Illness Award and BT – Income Protection Plus Plan received the Income Protection Award.
The Risk Product Innovation Award was given to CommInsure – Back to Wellness Program. CommInsure received the Investment Bond of the Year Award.
Challenger received two awards in the Annuities category, specifically the Annuity Provider of the Year Award and Long Term Income Stream Award. CommInsure received the Annuity & Income Stream Innovation Award for its Death Benefit Guarantee on Lifetime Annuities.
Rael Solomon, Head of Sales, Marketing and Product Development at Strategic Insight said, “The Retail Life Insurance Market continues to be driven by a high level of competition between all life companies, resulting in innovation in not only products, but also in the aspects of underwriting, customer service and adviser training. Health and Wellness has become a major theme and is already playing a part in the benchmarking which Strategic Insight applies to providers and their products.”
Simon Solomon, Actuary said, “Investment Bonds maintained their significant place in 2016, with sales of $750 million being realised. Immediate Annuity sales rose to even higher levels during the year, achieving a figure of $3.7 billion. Clearly these two products are now filling a most important part of clients’ savings and retirement portfolios”.
- More Information: Research underpinning the Life Company of the Year Awards
- Media Release (PDF): SI PFL Media Release Life Insurance Awards 2016
- AFA - Association of Financial Advisers
History of the Awards
The Life Company of the Year Awards have been presented by Strategic Insight for over 10 years. The original idea was to support the Australian Life Insurance Industry by independently recognizing providers and their products based on objective research through a unique and rigorous, holistic approach by combining factors of market share, financial strength, premium rates, policy definitions and product features and customer service input from advisers and Licensees.
Platinum winners since the inception of this Award have been:
2016: BT Financial Group
2015: BT Financial Group
2010: TOWER/CommInsure (Joint winners)
2008: Asteron/Aviva (Joint winners)