Macquarie Life scores sixth consecutive five-star rating from Beaton
Macquarie Life has achieved five-star status for overall satisfaction in the Beaton Benchmarks 2013 – Life Insurance Intermediaries Study for the sixth time consecutively, making it the only insurer to have maintained this consistency of rating and the only five-star insurer in this year’s report.
The survey, which includes responses from 748 financial advisers across Australia, awarded Macquarie Life an overall satisfaction rating of 84 per cent. This is up from 82 per cent in 2012 and significantly above the industry average of 77 per cent.
The 2013 results indicated that Macquarie Life leads the industry in three of the key drivers of overall satisfaction for advisers: BDM support, underwriting support and product quality. Macquarie Life experienced no declines in any quality performance function (QPF) categories, including reputation, call centre and technology services, in which it outperforms the market average.
Justin Delaney, Head of Wealth Product, Macquarie Banking and Financial Services Group, said he is delighted with the response received through the Beaton Benchmarks study and advisers’ appreciation of Macquarie Life’s focus on what they need and value.
“The consistent five-star rating is recognition of our innovative, market-leading product range, which we continue to evolve, and Macquarie Life’s exceptional team.
“It is important to us to work with advisers to provide the absolute best outcomes for their clients and, to this end, we aim to put clients at the centre of everything we do.
“Beaton Benchmarks continues to deliver us with insights into what advisers truly appreciate. Listening to and acting on this feedback is an essential element in our product and service development, and ultimately guides how we run our business.”
Advisers provided positive comments about underwriting support when asked the reasons for their satisfaction in Macquarie Life, including: “Underwriting is excellent. They have underwriters you can talk to, and decisions are sound and consistent” and “I have very good working relationships with the underwriters. They are fair, fast and efficient”. When it came to the overall strength of their relationship with Macquarie Life, advisers provided the highest score in the market, 84 per cent.
John Morrow, Head of Financial Services Research at Beaton, said: “Macquarie Life’s achievement in holding a five-star rating for six consecutive years is unique. For the advisers who participated in the survey, Macquarie Life sets an impressive benchmark in delivering to advisers’ expectations for service, support and performance.”
