Aviva tops life insurance benchmarking report
Aviva has emerged the overall leader in the inaugural Investment Trends Life Insurer Benchmarking Report.
The report, released today, named Aviva as the overall leader based on its superior transactional capabilities, while AMP secured second place overall based on the highest ratings for reporting and integration.
CommInsure received favourable mention for its WriteAway product and AXA was similarly highly regarded for its Elevate product.
Commenting on report, Investment Trends advisory board member Tim Cobb said the outcome reflected the insurers’ increasing commitment to technology.
“Until recently, only a handful of insurers had really committed to technology,” he said. “What we are now seeing is all the major players investing significantly and, for the first time, delivering real flexibility and usability.”
While AMP gained its second place overall based on achieving the highest ratings for reporting and integration, the Investment Trends analysis acknowledged that integration with financial planning software was still in its infancy.
“Macquarie and AMP are the leaders in this area, but there is still a significant gap between insurer capability and adviser needs,” Cobb said.
The Investment Trends report was based on a review of the online offerings of 10 Australian life insurers across 150 functional areas and a survey of 1,400 financial planners aimed at determining what is important to them.
AUTHOR
Mike Taylor
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