Advisers improve insurance claims experience
Insurance claimants who are assisted by a financial adviser are likely to have a better experience when dealing with life insurance companies, according to the interim results of a study conducted by the Beddoes Institute and publicised by the Association of Financial Advisers (AFA).
The so-called Claimant Journey Study flowed from an assessment of the three of the largest life insurance companies conducted by the Beddoes Institute covering claims experience with respect to life insurance, Trauma, total and permanent disability (TPD), and income protection.
AFA chief executive, Brad Fox, said the outcome of the study should encourage all insurers to participate in the process "in order to reassure the community of their commitment to transparent and independent performance appraisal and continuous improvement in the service they provide to policy holders as the clients of financial advisers".
The study found that income protection claimants' satisfaction with insurance companies was 80 per cent, with the strongest performing company achieving 85 per cent satisfaction and a net promoter score (NPS®) of 45.
It found that satisfaction among individuals who made a trauma or TPD claim was even higher at 84 per cent across participating companies, with the highest performing company scoring 90 per cent on overall satisfaction and a NPS® of 65.
Beddoes Institute Director, Dr Rebecca Sheils, said the data was useful in really understanding claimants' needs at different stages of their journey so that life companies could develop tailored services and solutions that delivered better outcomes for people on claims.
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