Protection service review shows increase in support for most products
08 July 2020
Our survey asked advisers which aspects of service they value the most – from provider strength and brand, new business processing, existing business administration, claims handling and administration, commission and remuneration, product design, business development managers, underwriting services, online services and technical assistance – and which individual protection products they recommended in the past 12 months.
In addition to rating the importance of each service category, advisers were also asked to rate their own experience with protection providers to identify gaps in satisfaction experience. This combination of questions gives an interesting insight into the current protection market from the adviser point of view.
Usage of protection providers is up
On average, usage of protection providers is up compared with last year, with Aviva and Legal&General leading the way. The sector continues to be dominated by level term assurance, critical illness with life cover and decreasing term assurance, showing little change in the relative position of protection products.
Products receiving more support from advisers are mortgage payment protection insurance and decreasing term assurance with a three and two percentage point increase respectively. This may suggest a renewed interest in mortgage-related sales among advisers.
Slight change in satisfaction levels
Following a similar downward trend year on year, industry satisfaction levels are generally lower than they were for 2018, except for provider strength and brand, technical assistance and business development managers.
“Underwriting services and claims handling, although being listed as the two most important factors, performed the most poorly when it came to the correlation between importance and satisfaction. The key takeaway for protection providers is that more attention needs to be given to these areas highlighted to improve adviser satisfaction” David Cartwright, Head of Insight and Consulting for Wealth and Protection says.
Want to learn more?
For more details, including the individual satisfaction scores and list of all the providers, download our 2020 Protection Service Review for free here.
About Service Ratings
We use the results of the survey to rate providers Gold or Silver based on their overall satisfaction score. These Service Ratings help advisers in choosing the appropriate provider partners for them as they are based on the feedback we receive. They are available to view and use within Defaqto Engage, our end-to-end financial planning software.
You can learn more about Engage, our end-to-end financial planning tool, and request a demonstration, here.
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