Risk product features have become one of the top drivers of satisfaction among independent financial advisers, according to the 2012 Macquarie Life Satisfaction Survey.
While value for money retained its number one position, product features made it into the top three drivers of satisfaction for the first time since the survey began five years ago.
Interestingly, product features were recognised as being much more important among IFAs than risk specialists, who placed a greater focus on business development managers and underwriting support.
Head of Macquarie Life Justin Delaney said the results reinforced the importance of innovation, and that the ability to provide these solutions was what differentiated insurance providers in the market.
"In what is otherwise a relatively homogenous space, product innovation is an area where providers can help carve out a unique position in the market and, importantly, offer advisers and their clients insurance solutions which best meet their individual needs," he said.
The survey also found that, when it comes to the application process, time is of the essence, with advisers placing importance on being able to generate and finalise policies quickly and being kept informed along the way.
"We are in an environment where efficiency is key for advisers and if they are using the services of an underwriter, for example, they want to know the job is being done to a high standard in the quickest possible time, with minimum intervention required," Delaney said.
