A Victoria-based provider of life, income, and funeral insurance has ranked first in satisfaction among the 13 largest risk and life insurers, a recent survey showed.
In the year to Oct. 2017, Insuranceline has achieved the highest rating in satisfaction, with 79.2% – up by 5.4% from last year's and well above the industry average of 66.2%, according to Roy Morgan's
Single Source survey.
Also rating high in customer satisfaction were
Allianz (75.2%),
AIA Australia (73.2%), and Real Insurance (72.6%). In terms of the number of policies, the market leaders were AMP, with 65.1% satisfaction; and MLC, with 66.9%.
The survey, which polled over 50,000 consumers per annum, also found that overall satisfaction with risk and life insurers suffered a slight decline over the last year, from 67.5% down to 66.2%.
Some insurers defied this trend, however, with AIA Australia (up 6.6%), Insuranceline (5.4%), and Allianz (up 2.0%) showing the biggest improvement. The major brands that saw their satisfaction rating drop over the year, on the other hand, were Asteron (down 12.2%),
Zurich (down 9.9%), Comminsure (down 4.2%) and
OnePath (down 3.7%).
“These results show that it is generally the smaller players in this market that have the highest satisfaction, with none of the majors being among the top five for customer satisfaction,” said Norman Morris, industry communications director at Roy Morgan.
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