Protection service review 2020

by Ben Heffer
Insight Consultant

March 2020

With many providers offering similar products, service is now often one of the key differentiators for advisers. As part of Defaqto’s protection service satisfaction survey, advisers ranked ‘underwriting services’ and ‘claims handling and administration’ the most important aspect of service.

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

As part of the survey, 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

A cross-match of ranked importance and ranked satisfaction revealed that for the industry as a whole, with the exception of underwriting services and claims handling and administration, there is a good correlation between satisfaction and importance.


Share this