POWERED BY MOMENTUM MEDIA
Rising premiums top challenge for risk advisers
Financial planners who provide risk advice cited rising premiums as their top challenge in 2020, according to a survey.
Investment Trends’ ‘2020 Planner Risk Report’ found 61% said rising premiums were their top challenge followed by compliance obligations (53%) and paperwork/admin requirements (50%).
The research house’s associate research director, King Loong Choi, said: “When asked to describe in their own words how insurers helped them navigate COVID-19, planners most often acknowledged premium relief for impacted clients, proactive business development manager (BDM) contact and streamlined online processes.
“Competitive premiums matter for planners and their clients in their choice of insurer, but it isn’t the sole factor. Planners highly value proactive support, meaning that insurers that provide quality BDM support, ongoing communications and quick turnaround times will stand out.”
The majority (80%) of the respondents said they made changes to their delivery of risk advice as a response to the disruptions as a result of the COVID-19 pandemic.
They also said they engaged with clients more frequently (30%), scrutinised premium levels (23%_, and quality of service (23%) when selecting insurers, and accelerated their technology adoptions in their risk advice process (22%).
However, only a quarter of the respondents rated their main insurer as ‘very good’ compared to 57% in 2019.
NEOS was the most highly-rated insurer in terms of satisfaction with 56% of users rating it as ‘very good’. ClearView followed at 54%, and Zurich rounded out the top three.
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment