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IFAs rate innovation, features: Macquarie
Life
Investors reveal mixed feelings on FoFA,
advice
26 November, 2012
ANDREW
STARKE
Editor
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Australian financial planners are
becoming increasingly reliant on risk
advice to drive business income as
increased competition and impending
legislation force many practices to
rethink their strategies.
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The customer is at the
centre of what's driving
satisfaction among
advisers with their life
company in 2012, and
rightly so," says Kristen
Turnbull.
On average, the proportion of business
income derived from insurance advice
has increased to 52.8 per cent in 2012,
up from 47.1 per cent in 2011 and 40.4
per cent in 2010, reflecting the shift in
focus in the advice industry from investment growth to asset protection.
SPECIAL REPORT: Insurers locked and
loaded, consumers yet to engage
Aussies in dream world over insurance
needs
FSC “churning” proposal a bitter pill for
risk advisers
According to CoreData’s Annual Risk Report, a strong customer focus on both
the adviser and client remains the number-one driver of adviser satisfaction with
their main risk provider in 2012.
“Competitiveness of cover definitions (income protection)” and “the extent to
which the provider is easy to do business with” are the second and third
(respectively) strongest drivers of overall satisfaction this year, with both of these
attributes increasing in importance from last year.
TAL is CoreData’s Risk Provider of the Year, breaking a three-year winning
streak by Asteron. A total of 11 risk providers qualified for this year’s Life
Company of the Year Awards. Macquarie received the silver in 2012, marginally in
front of Asteron, which took the bronze. AIA and Zurich rounded out the top five.
The award is based on the provider with the highest weighted satisfaction among
main users across 11 categories measured.
Customer central
Kristen Turnbull, head of advice, wealth and super at CoreData, said the drivers
of satisfaction in 2012 reflected both a strong focus on providing quality customer
service and the desire from advisers for systems and processes that streamline
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their businesses.
“The customer is at the centre of what’s driving satisfaction among advisers with
their life company in 2012, and rightly so. Advisers are looking for utility in the life
company’s offer, as seen in the focus on competitiveness of pricing options and
cover definitions across income protection, term life, trauma and TPD,” she said.
“The life companies with the highest adviser satisfaction this year are considered
easy to do business with by their main users and demonstrated an ability to
provide support to advisers around sales, industry changes and business
development. “In an environment where risk specialists and financial planners
generally are facing a myriad of regulatory changes and continued market
volatility, advisers are looking to their life companies to bring greater efficiency to
their practices.”
Upcoming Events
1
2013 SPAA SMSF National Conference
2
Portfolio Construction Market Summit
2013
3
Portfolio Construction Forum Conference
According to market research firm, Investment Trends, 93 per cent of financial
planners surveyed in its 2012 Planner Risk Report say they advise on risk
insurance – the highest level since the firm began measuring planner involvement
eight years ago.
Number one and passionate about life
The result caps a good year for TAL and Japanese parent company Dai-ichi Life,
with TAL’s revenue on a Japanese GAAP-reported basis rising 9 per cent to
$1.195 billion for the six months to September 31, 2012 compared to the same
period the year before. The business’ net profit after tax increased 8 per cent to
$68 million for the period compared to the 2011 half-year result.
TAL managing director, Jim Minto, believes the underlying profit and growth
figures are impressive given the continuing tough business climate.
“TAL continues to implement its strategy of developing a multi-channel distribution
model to ensure we meet constantly changing customer and partner needs,” he
said.
Commenting on the win, Brett Clark, chief executive of TAL retail life, said
“winning this award is a testament to the efforts of staff who go out of their way to
deliver outstanding products and services to our advisers and customers”.
“We congratulate the other finalists and thank our adviser partners who
contributed to this award, and are as passionate about life as we are,” he said.
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