ING Life has taken out the risk trauma category to secure another win in this year's Money Management/Dexx&R Adviser Choice Risk Awards.
Moving up a notch from silver in this category last year, ING Life has taken out the risk trauma category to secure another win in this year’s Money Management/Dexx&R Adviser Choice Risk Awards.
Clearly a success with advisers, the firm says the continued evolution of its product ensures it meets the ever-changing needs of its customers.
Gavin Pearce, general manager, insurance, at ING Australia, says the increased awareness among consumers has certainly helped the insurance cause.
He says: “A lot more Australians are beginning to realise that family and loved ones need to be protected and are seeking to package together a number of their protection needs.
"With more people buying a wider range of cover, we need to ensure we evolve so that we can continue to meet these needs by listening to feedback and delivering on our promises.”
Pearce adds the increase in the number of consumers seeking advice means the differing needs of consumers can be addressed adequately, improving consumer understanding of their different protection needs.
“The advice process enables people to identify their priorities and see what would happen to them, their family or their homes if they were to die, suffer a major illness or couldn’t work through disability.”
Rewarding customer loyalty and keeping pace with medical developments are two of the reasons behind Asteron Life’s success in this category, with the life office taking silver for its risk trauma product.
The insurer has made a number of changes to its product such as enhancing its prostate cancer cover to reflect the wider scope of treatment now available as well as the introduction of diabetes cover.
David Wright, executive manager, life risk products at Suncorp Life, says keeping up with medical developments is vital.
“Keeping pace with medical changes is crucial as we recognize there is now a wider scope for treatment in cases such as prostate cancer, which can be treated at an early stage and has less of an impact on the individual. Similarly, we have moved to include diabetes as we are seeing increased incidents of the condition,” he says.
The insurer has also introduced a reward system for loyal customers as part of its Asteron Life & Wellbeing program. The firm says it is encouraging customers to be fit and healthy by rewarding those monitoring cholesterol levels and regularly partaking in fitness and healthy eating regimes with discounted premiums.
Bronze in the risk trauma product category goes to Aviva. The insurer has undergone significant change over the last year following its acquisition by MLC in June 2009, but its Recover Money product is still highly rated by advisers.
While the product hasn’t undergone any significant changes, Meredith Barnes, head of onsale advice products at MLC, says the product has a number of outstanding features that makes it stay ahead of the game.
“Recovery Money includes a child support benefit which is a major pull for those with families,” she says.
Barnes says the firm is active in reviewing its product in terms of medical enhancements in order to ensure it remains tangible for consumers. She adds MLC is currently reviewing all its products for the relaunch in first quarter 2011.