Insurance Watch survey released: 12 August 2013
by Wally Ripper
Customer reviews of the life insurers on the Insurance Watch website have given OnePath the highest overall satisfaction rating. OnePath is 100% owned by ANZ Bank and has over $1.35 Billion premiums in force. Following close behind OnePath were AIA and Macquarie Life, who were rated second and third highest respectively by their customers.
These were the results of a survey by Insurance Watch asking visitors to its website www.insurancewatch.com.au to rate the performance of their life insurance companies.
Insurance Watch Managing Director, Wally Ripper, believes that this form of customer feedback is valuable information for potential purchasers of insurance. “Often review sites are targeted by disgruntled customers rather than presenting the view of a broad cross section of customers,” explains Ripper. “Our survey asked the owners of existing Life, TPD, Trauma and Income Protection policies to give an overall rating for their insurance company. In addition they were asked to provide a rating on a number of criteria covering pre and post purchase.”
Customers were asked to consider their life company’s performance in respect to:
- Value for money
- Features and benefits offered
- Ease of Application process
- Timeliness of processing
- Customer service and communication
While OnePath received the highest overall rating from their customers, Macquarie Life performed best in the categories of value for money, features and benefits and ease of application. Also rated highly were Asteron for timeliness of processing and AIA for customer service and communication.
Ripper said, “It was pleasing to see that all of the insurance companies featured on the Insurance Watch website achieved an overall rating of three stars or better from their customers. This reinforces our belief that the insurance companies featured on our website are all quality companies.”
The Insurance Watch survey also asked customers about their claims experience with their insurer. While only a small number of respondents had had a claim, of the feedback received by the survey AMP were rated best for overall claims experience. Customers were also asked to rate the ease of lodging their claim, processing time and helpfulness with enquiries and to indicate whether their claim had been successful.
Insurance Watch receives thousands of visitors to its website each week and intends to build on its database of reviews by continuing to ask for feedback from current policy owners. “These customer reviews,” says Wally Ripper, “combined with the online quotes, policy benefit comparisons and other extensive information and calculators on our website enables consumers to be well informed when buying their insurance.”
Check out the results and read the customer reviews at: www.insurancewatch.com.au