Retirement
Top-performing insurers get green light on price, policy and service
Retirement
Top-performing insurers get green light on price, policy and service
Insurance consumers want better communication, innovative services and faster paying of claims from their providers, and new market research indicates a handful are getting the nod from their customers.
Top-performing insurers get green light on price, policy and service
Insurance consumers want better communication, innovative services and faster paying of claims from their providers, and new market research indicates a handful are getting the nod from their customers.
In an analysis of reviews left on its website in the past 12 months, Insurance Watch, an online insurance comparison platform, found that consumers were tired of long processing periods and the amount of documentation required by some insurers to make a claim.
Of the hundreds of reviews, which were provided by current life insurance, TPD, trauma and income protection insurance policyholders, the biggest number of complaints related to the service provided when making a claim.
Customers cited high premium increases, prolonged waits on the phone, their phone calls not being returned, and being transferred from consultant to consultant as their biggest bugbears.
“The royal commission emphasised the need for life insurance companies to meet community standards and expectations,” said Wally Ripper, managing director of Insurance Watch.
“The reviews reveal that if a consumer receives poor customer service from an insurer, they are likely to assume they will also have a poor claims experience.”
“Insurers would therefore do well to listen to this feedback about their claims processes,” he said.
Who came out on top?
It wasn’t all bad news for insurance providers, however, with some funds ranking highly among customers for their extra benefits and customer service.
The reviews found that clear and regular communication, interacting with personable staff, being able to access the policy details online, well-priced cover, comprehensive features and easy to understand documentation were regarded well by consumers.
Insurers that offered added benefits, such as health incentives and medical services, also were well received.
The three top performing insurers from the analysis of the reviews were ClearView, AIA and OnePath.
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