The results shown here are a very high level example of the information that will be made freely available to all advisers in our Adviser Marketplace. If you're still not sure how it will work, we've provided a quick walk through in this short article.
Do you agree with the Net Promoter Score (NPS)* of these insurers at the halfway mark of our Marketplace Survey?
Results from the halfway mark in Marketplace Phase 1 show that Zurich is one of only 3 insurers with a positive NPS. How would you rate your insurer? We’d encourage anybody using MetLife Australia, Integrity Life or NEOS Life to jump on the link to bring up their stats to be counted in this table.
These results are the "overall" NPS results we've calculated so far.
It is important to note that when accessing the marketplace, advisers will be able to see the breakdown and rating of several different components of these overall ratings, and also how vendors are responding to this feedback.
In terms of actual components, the leaders from the responses we have thus far received are as follows:
1. Underwriting - BT Life in 1st place at the 3rd baton change
2. Comprehensiveness - Zurich
3. Platform Functionality - MLC Life
4. Competitiveness - TAL
5. Adviser Support - Zurich
6. Claims Handling - BT Life
Feedback is still open to all advisers, admin staff and practice management. Advisers get free access to the Marketplace where you can see all of this centralised in one place and see how vendors are responding and meeting your ongoing requirements. So if you haven't already - get involved!
*A note on Net Promoter Scores (NPS)
NPS is calculated by getting customers to rate a product or service out of 10.
Customers that give you a 6 or below are Detractors, a score of 7 or 8 are called Passives, and a 9 or 10 are Promoters. To calculate your Net Promoter Score, subtract the percentage of Detractors from the percentage of Promoters. It is that simple.
Given the NPS range of -100 to +100, a “positive” score or NPS above 0 is considered “good”, +50 is “Excellent,” and above 70 is considered “world class.” Based on global NPS standards, any score above 0 would be considered “good.”