Life Insurance Industry Performance Barometer

Life Insurance Industry Performance Barometer

An ongoing measurement and tracking program that provides a 360-degree view of a life insurance company’s customers. This program has been designed to help insurers deliver an improved customer experience to drive stronger advocacy, better customer retention and a more profitable and sustainable business.

The Barometer incorporates three industry benchmarking studies:

1.           An Adviser Experience Study;

2.           A Policyholder Engagement Study; and

3.           A Claims Journey Study.

These three studies share a common measurement framework that enables the performance of life companies to be mapped across each customer group (Claims, Policyholders and Advisers) to provide an integrated and holistic view of how well life insurance companies perform on meeting the needs of their customers.

Adviser Experience Study

This is conducted annually and uses an evidence-based approach to measure the experiences of independent financial advisers working with their main insurance providers. It provides life insurance companies with clear and actionable guidelines on how to better support to financial advisers and create stronger more collaborative relationships in managing the end-customer. Areas covered include underwriting, claims, products, the BDM team and business support services, marketing and communication.

Policyholder Engagement Study

This is conducted annually and provides life companies with insights into the experiences of new and longer terms income protection, trauma, TPD and death policyholders, showing how these customers perceive their insurer, their adviser and their policy. In addition, it quantifies demand for specific contact and engagement initiatives as well as the communication preferences of policyholder customers in terms of desired content, channel and frequency of communication.

Claims Journey Study

This is conducted biannually which measures and benchmarks life company performance against industry benchmarks in managing customers across the claims journey. The aim of the study is to assist companies in identifying the most effective strategies and approaches for achieving an optimal claims experience and fast and enduring return to work for claims customers.