Life Insurance Company Performance Barometer

We undertook claims research in 2012-13 and approached life companies with the idea of an inter-company policyholder and claims ‘barometer’ of performance.  During the design phase there was close collaboration with over 70 stakeholders including consumers (policyholders and claims customers), advisers and the life insurance industry.  All parties were asked what underpins a great insurance customer experience and this informed the assessment of insurance companies’ performance.  Doing this kind of research is very difficult for technical, regulatory, legal and logistic reasons.  Interviewing claims customer (and policyholders) has unique challenges and creating a benchmarking platform that extends across multiple life companies in this space has taken nearly three years to develop and required the help and cooperation of many stakeholders.  Having established and managed many prominent industry benchmarking programs in several sectors for over 15 years, this has been the most difficult project I’ve ever taken on.  It now sits as an industry first, with an unprecedented level of inter-company engagement and widespread cooperation in a previously unexplored space.  The Life Insurance Industry Performance Barometer will continue to evolve as we will keep the conversation going with all stakeholders on what constitutes great insurance and service.