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The high life for five-star Partners and Fidelity

Partners Life and Fidelity Life were the only insurers to receive the highest available five-star rating in the Beaton Benchmarks survey, which rates adviser satisfaction with insurance companies.

Friday, August 17th 2012, 7:05AM 7 Comments

by Benn Bathgate

Fidelity Life chief executive Milton Jennings said the company rated number one among advisers' for claims, supplier reputation, BDM support, administration and were "a country mile" ahead when it came to IT services.

Jennings said the company performed well across the board and that the results affirmed their efforts over the last year to improve underwriting and claims handling.

"We know we're making an impact in the market," he said.

Partners Life marketing manager Sally Cousins said the company achieved the highest overall adviser satisfaction score at 84% and was considered by advisers' to be one of the top providers for risk products including term, TPD, trauma and income protection.

She said innovative products, competitive premiums and good communication with advisers' were also cited as reasons for the company's strong performance in the survey.

Partners Life managing director Naomi Ballantyne said the results were especially pleasing as they provided validation from advisers "that together we're doing the right thing."

"It's particularly pleasing to receive such high ratings on product quality areas," she said.

The 2012 survey also reflected the fact advisers' have adapted to the new regulatory environment.

In the 2011 survey insurance company support around regulation and legal matters was cited as the most important factor determining overall satisfaction, something Jenning's said was "right down the priority list" in the latest survey.

He said advisers rated supplier reputation as the most important factor, followed by BDM support, underwriting and products.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

« Partners Life joins the Financial Services CouncilNew life business bounces back »

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Comments from our readers

On 17 August 2012 at 3:03 pm Dirty Harry said:
So Sov gives Beaton the boot and suddenly Fidelity is doing everything right? Fidelity may be "making an impact" according to the survey, but the lack of the market's biggest player and previous dominator of the survey had a bigger one!

And while I'm at it, how many of Partners 'satisfied' advisers used to vote up OnePath?

IMHO this survey has become irrelevant.
On 17 August 2012 at 4:31 pm Simple Simon said:
Harry, perhaps Sov gave Beaton the boot because they were becoming increasingly aware of the dissatisfaction by many plus the new market player was creating big dents in their side and didn't want the next Beaton report to reflect that. Sov were only too happy to puff their chests out when Beaton favoured them. Fidelity & Partners have every right to be proud.
On 17 August 2012 at 4:50 pm Amused said:
I seem to recall Beaton surveying Sovnet brokers when Sovereign was using them. As far as I'm concerned any results received from an "aligned" Sovereign adviser defeated the whole point of Beaton conducting a satisfaction survey in the first place.
If you want to know what advisers really think of you then don't ask advisers who place the bulk of their business with you by default.... As Dirty Harry says it makes the survey become irrelevant.

No surprise Partners Life have ranked so well. Great products, good service levels and competitive premiums. Kind of hard to go past.
On 18 August 2012 at 6:58 am JM said:
Silly comments colleagues, congrats to both Fid and Partners for continuously improving your companies and Sov, good on you for taking a position. It's your businesses and make them better and better so we all benefit, including our customers.
I tire of the irrelevant quibble and high time our industry stopped whining and recognised the more world class AAA rated carriers we have the better off we all are.
What an environment we would have if we and our customers were spoilt for choice.
Now go write some business
On 18 August 2012 at 12:16 pm Cynic said:
If I got paid 230% commission I'd be rating them a five too.
On 20 August 2012 at 3:08 pm Johnny said:
230% for the 'least cost' part of your recommendation, and a middling sum for the other much greater portion of the annual premium. You are a cynic indeed.
On 20 August 2012 at 4:00 pm David Whyte said:
Seems to be some misunderstandings re the Beaton Survey. Client companies are invited to nominate lists of advisers which gives rise to two reports; first, the responses from the advisers you wish to have surveyed, say Sovnet; secondly, responses from ALL the advisers every company nominated, the industry report. Granted the dominance of any one company can distort the outcome, but there is a margin for error accommodated in the methodology. The trends identified are reliable, and it's more likely that Sovereign now don't allocate the same priority to adviser views as they did previously - at least not those represented by this year's industry report. The value in the report is/was tracking the trends identified over the years from a longitudinal study of this nature, and seeing with which of the Quality Performance Factors (QPF) life companies were either delivering or disappointing. Armed with this data, and grouping the QPFs under line or departmental management headings, it is possible for an organisation to make an informed judgement on resource allocation, or at least where advisers see the most/least attention is needed. Of course, if those advisers only make up a small percentage of your new business production, it isn't necessary to worry about what they think. Finally, Cynic, Fidelity don't pay 230% commission but are also highly rated.

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