The ferocity of competition in the Australian life risk insurance market has been highlighted in a new report.
Zurich Financial Services Australia ranked premier life risk provider for the third consecutive year, with Aviva, Tower, Asteron and a composite of other providers all jostling in joint second place.
The WA Taylor Report, an annual study of 1300 advisers commissioned by life insurance and fund management companies, gave Zurich Australia five stars for overall satisfaction.
"Financial services is a particularly difficult area in which to differentiate yourself. Zurich's Life Risk team has put a lot of effort into our differentiated service proposition for advisers, so it's heartening to have that strategy affirmed," Zurich Australia head of investment management and life Barry Tomkinson said.
The report surveyed the views of advisers across a number of life risk service and product quality performance criteria. Advisers ranked Zurich Life Risk number one in life risk administration, general administration, image and reputation and communications.
The WA Taylor Report shows the life risk insurance market is fiercely competitive with four providers tied in second place.
"Aviva is clearly proud to be among those leaders. Our new business figures show that more advisers and clients are choosing Aviva. We believe this is due to a track record of listening to our customers and delivering first class products and service," Aviva wealth protection general manager Natalie Eckersall said.
