The high level of competition between life insurance companies has resulted in innovation in products, underwriting, customer service, and adviser training, according to Strategic Insight.
Speaking about the Association of Financial Advisers (AFA) / Strategic Insight (SI) Life Company of the Year Awards, SI’s head of sales, marketing, and product development, Rael Solomon, said health and wellness had become a major theme and was already playing a part in benchmarking.
BT Financial Group (BTFG) won the Overall Platinum award for the second time. TAL, MLC, and OnePath were named as runner ups.
BTFG also won the income protection award for its BT – Income Protection Plus Plan product.
AFA chief executive, Brad Fox, said: “These awards are designed to encourage life insurers to invest in product and service innovation and to strive for excellence so that financial advisers can offer their clients the best possible risk protection”.
He noted that financial advisers arranged half of life insurance in Australia, and $5 billion of the total $7.2 billion in claims was paid to clients of financial advisers.
