Macquarie Life receives five star rating

For the third year in a row, Macquarie Life has been awarded a five star rating in the Beaton Benchmarks – Life Insurance Intermediaries Study, an industry first.

Macquarie Life received an overall satisfaction score of 82.5, the highest satisfaction score ever achieved by a life insurance company in the benchmark study. Not only that, across every individual quality performance factor deemed important by advisers, Macquarie Life received satisfaction scores equal to or better than the market.

According to the study, advisers value Macquarie Life’s:

• product innovation, design and range
• call centre services
• BDM support
• general administration
• communication
• IT services
• underwriting
• electronic applications.

In addition, advisers say Macquarie Life is:

• easy to do business with
• offers superior e-application client suitability
• has great application tracking.

Click on the tabs to find out more about Beaton, the key statistics from the 2010 research report and see other recent awards for Macquarie Life.

Life looks good and we are committed to improving the view in 2011.

Key research statistics

Please find below key metrics direct from the Beaton research report. 

 

Key performance measures summary

 

Overall satisfaction tracking

Industry-wide Beaton IFA Classification weighting applied to 2010 data. Tracking from 2009 indicative only.

 

QPF category performance summary

Benchmarks categories that are significant drivers of overall satisfaction are in bold with the rank or order of importance in brackets.

More reasons to celebrate

Our five star performance rating is not the only achievement Macquarie Life is celebrating.

In November 2010, Macquarie Life Active was awarded the Australian Banking and Finance (AB+F) Best Life Insurance Product of the Year, despite only being in the market since June 2010.

The AB+F Insurance Awards celebrate and highlight the strategies and achievements of Australia’s insurance sector, with awards judged by a panel of industry experts.

When choosing a winner for the Best Life Insurance Product of the Year, judges considered Macquarie Life Active’s coverage, cost, sales, evidence of popularity, claims experience and the point of differentiation in the market.

Also in 2010, Macquarie Life Active was identified by Risk Info as one of the best initiatives released by the life companies during 2010.

Macquarie Life Active at a glance:

• Greater breadth of cover – more medical conditions covered mean fewer gaps and greater financial security for your client.
• Benefit payments that make sense – the more severe the condition, the higher the benefit.
• Ability to make multiple claims – a reduced amount of cover remains in place after a claim and can provide ongoing cover for future health events.
• Pricing efficiencies passed on – providing an integrated product and severity based benefits means that our premiums can often be 20-30 per cent lower than traditional packaged life, TPD and trauma.
• Delinks TPD claim criteria from the client’s occupation.
• One simple, single solution – there’s only one product to explain and it is less likely that your client will trade off one benefit for another.

If you would to organise an appointment with a Macquarie Life BDM to discuss Active, please register your details here

 

Who is Beaton?

Beaton is an Australian research and consulting firm that is renowned for providing world-class benchmark and other research, as well as strategic advice, primarily for professional service firms, financial services businesses and professional associations.

The Beaton Benchmarks 2010 - Life Insurance Intermediaries Study (previously WA Taylor Multi-client Intermediary Study) is the twentieth in a series conducted between 1991 and 2010, commissioned by major Life insurance providers in Australia.

The purpose of the study is to provide information about market insights, lead indicators and industry trends, which includes;

• performance ratings from advisers benchmarked against other insurance providers on a set of operational, sales and marketing categories
• information on products and providers used by advisers
• performance tracking over three years
• performance in relation to key adviser satisfaction drivers.