Protection service review 2018

by Ben Heffer
Insight Analyst - Life & Protection

May 2018

With many providers offering similar products, service is now often one of the key differentiators for advisers when researching and selecting a product. As part of Defaqto’s service satisfaction survey, advisers ranked ‘underwriting services and ‘new business processing’ the most important aspect of service.

This independent publication provides financial advisers with insight to help them benchmark their own personal experiences of protection providers with those of their peers, enabling them to select partners based on service criteria.

As part of the survery, advisers were asked to rate the service they receive from protection providers in relation to ten categories:

  1. Underwriting services
  2. New business processing
  3. Claims handling and administration
  4. Product design
  5. Online services
  6. Technical assistance
  7. Existing business administration
  8. Provider strength and brand
  9. Business development managers
  10. Commission and remuneration

The ranked order of importance continues to show a focus on the acquisition of new business and suggests that advisers are more comfortable with working online and less enamoured of face-to-face interactions with insurers.

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