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Adviser Ratings - Life Insurance Survey Info Graphic

Infographics Economic update, General, Insurance & Protection 14 Dec 2016

Adviser Ratings

The following is a snapshot summary of findings from a survey conducted by Adviser Ratings.

The 2016 Adviser Sentiment Life Insurance Report was conducted with 1,017 financial advisers between 18 October 2016 and 9 November 2016.

 

Life Insurance Survey Infographic

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16 comments

"Interesting infographic Adviser Ratings. Thank you for taking the time to attempt to get some meaningful feedback for others. I've been lucky in my ten years advising to manage only a handful of claims and hope I don't see my fair share (for my clients' sake). My first response is always to call others and ask questions, and find out what they have experienced that helped or hindered the process. Ultimately, were all want the best outcome for our clients! Knowing how to effectively apply is half the battle! I'm just so thankful I have such great, experienced advisers around me who so willingly mentor (both independent and insto-aligned)."

Ryan David Grant 20:23 on 20 Dec 16

"We can all have an opinion about how a particular insurer is rated. My view is simply this, ratings are a good thing. Rate the adviser, licensee, insurer, platform, fund manager etc. If the rating is poor, the recipient of the rating needs to lift there game. If the rating is good, the recipient deserves to get the business. "

Phillip 04:50 on 17 Dec 16

"Best thing CommInsure could do is rebrand. It's too tainted and no doubt will impact the bank overall and the financial planning arm, which is getting its house in order. IMHO"

CBA Adviser 18:57 on 15 Dec 16

"Jason - not a CVW adviser, belong to an independent licensee. Your insinuation that all who speak highly of the aforementioned insurers are aligned to them is rather short sighted. What is with this obsession of trying to fit into the mainstream, bandwagon narrative that the media portrays? We have had over 10 claims with Comminsure over the last 24 months, i think the longest one took 10 days to settle. Poor claims experience is as much down to the adviser as it is the insurer, good advisers will always find a way to get the claim handled efficiently - regardless of the insurer. Whilst our experiences with CVW claims hasnt been incredible at times, it still knocks Zurich out of the park. Zurich have a 5 business day SLA to even acknowledge receipt of the claim forms - you wont have that experience at CINS or CVW."

Risky 12:44 on 15 Dec 16

"As an adviser, I'm not sure that I would trust a survey of "claims experience" from other advisers. I don't think we (myself included) realise how deep our biases run regardless of whether we're interdependent, interdependently owned, bank owned, salaried etc."

Dan 12:08 on 15 Dec 16

"CommInsure, another notch in your belt. Well done."

Life Adviser 12:06 on 15 Dec 16

"Can't really comment, but good to see Asteron and Zurich up the top. They have always handled the few claims we have had really well."

Sarah Wright 12:05 on 15 Dec 16

"Arguments again ... its a matter of opinion fellows, we all get good , bad, slow, inaccurate claims issues and payments. it might be best if we just use our preferred underwriters / product providers, get it right at inception, give the client a good experience and most claims will be completed without a minimum of disruption or time. Opinions we all have one."

Ian Hamilton 11:54 on 15 Dec 16

"Hi Lea - we factored 2 things into our survey to ensure the sampling was reflective of the market. 1) That advisers were not concentrated to one particular employer 2) And ensuring at least a sampling error of +/- 4% on a confidence interval of 95%. The first was actually fairly reflective of market share and we actually achieved a sampling error of +/- 3% on a confidence interval of 95%, which was better than we had envisaged to achieve statistically significant results."

Adviser Ratings 11:54 on 15 Dec 16

"Sample size too small to warrant comment. No, I did not contribute due to questions posed being more about my employer than my opinion and experience with insurers. Bad experience at claim time in most instances reflects a mismatch of product in the beginning."

Lea 11:45 on 15 Dec 16

"Funny that 3 of the top 4 are pure insurers - banks should stick to banking. "

Bazza 11:34 on 15 Dec 16

"@risky - it's people like you that give us a bad name. 1k advisers are wrong, and you're right! Probably an insurance plant. These guys are actually trying to help us, not hinder us. Idiot."

Sel 11:19 on 15 Dec 16

"@risky - I'm a long lifer, and whilst I don't necessarily agree Asteron is the best, I think the bottom guys are a true reflection from my experience. Yes, I participated in the survey and have dealt with claims over many years. You're probably a Clearview adviser. Enough said."

Jason 11:15 on 15 Dec 16

"Having personally handled multiple claims at the majority of the listed insurers, these survey results are nothing short of laughable. The top 4 you have named all have longer SLA's than ClearView and Comminsure but i suppose it doesnt fit the narrative. Of the 521 negative responses to Comminsure, how many actually dealt with a claim there? ClearView have received approximately 25% of the amount of votes that Comminsure received yet they have approximately 5% of the amount of claims...... This is pretty strong evidence to suggest that the people voting on this have not actually had a claim through ClearView..... Might be worth doing some due diligence before posting content that misleads consumers and adviesrs alike. Also worth noting that the majority of advisers dont have the time required to answer all of these industry surveys, those that do probably arent handling many claims. Plenty of FUD here, the last thing this industry needs. "

Risky 11:02 on 15 Dec 16

"I reckon that unless an adviser has had at least 10 years in the business then their opinions are worthless. Limited claims experience is worthless. Looking at the chart Over 30 years I've had some poor experiences with those at the top of the chart and some good experiences with those further down. The random review of claims conducted by the Risk Store has more validity. Why is it that very few of those on the chart open their claims to an independent review? What have got to hide. BT Life has received an A+ year in year out. It's a pity that no others participate."

Mark 10:57 on 15 Dec 16

"Looks like Clearview, Metlife, Comminsure need to pull up their socks!! No surprises there. Is it just a coincidence that ClearView is made up of ex-Comminsure staffers?"

Risk Writer 09:34 on 15 Dec 16

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