AFA Life Company of the Year Awards – and the winners are…


TAL Life has taken out the title of AFA Life Company of the Year for the second consecutive year.

TAL Life was named overall Platinum Winner of the AFA Life Company of the Year Awards (the Awards) for 2018 at an event in Sydney tonight. AIA Australia, OnePath Life and Zurich Financial Services Australia were runners up for the Platinum Award.

AFA CEO Philip Kewin said, “We believe it is important to recognise those financial organisations who are delivering outstanding products and services to financial advisers and their clients and congratulate all of our 2018 winners and finalists. These are the companies that are demonstrating a genuine commitment to innovating and improving their offer so that Australians are better protected and invested.”

Categories for the Awards include the overall AFA Life Company of the Year Awards, offered in conjunction with Strategic Insight and the Client Service Team Awards, offered in conjunction with the Beddoes Institute and Riskinfo.

The overall Awards are based on independent quantitative research conducted by Strategic Insight, Actuaries and Researchers, resulting from three separate investigations during the year. Five key areas are compared across the life companies and their products.

Rael Solomon, Regional Managing Director, Strategic Insight, which supports the overall Life Company of the Year awards said, “Market reporting on the life insurance industry shows that trends over the last five years have continued, with overall life insurance premium inflows down 9% but overall risk premium inflows increasing by almost 2% to year-end September 2018. The impact of the Banking Royal Commission is yet to be seen in the figures. We expect that life company activities to attract and train advisers will have a positive impact on inflows in the future.”

The Client Service Team Awards are underpinned by Beddoes’ annual Adviser Experience Benchmarking Study in which a large and representative sample of advisers rate their main insurance providers across all key touch-points between  adviser and insurer, including underwriting, product, BDMs, business support and claims.

In the Client Service Team Awards, BT Financial Group won the Underwriting Award, OnePath took home the Claims Award and Zurich was awarded the BDM/Business Support Award.

Dr Rebecca Sheils, Director of the Beddoes Institute, which supports the Client Service Team Awards said, “We firmly believe these awards and the Beddoes Adviser Experience Benchmarking Study that underpins them is helping life insurance companies to lift their level of service and expertise in order to deliver a better outcome and a better experience for both advisers and their clients. It is encouraging to see that advisers rated products significantly higher in 2018 compared to 2017 across most product attributes, especially definitions.”

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