New research from Investment Trends has measured how satisfied risk advisers are with their main life insurers across key service areas, NEOS Life and ClearView on top.
It found that NEOS overtook ClearView to become the insurer advisers are most satisfied with in 2020, with 56% of primary users rating it as providing the best service as opposed to 54% favouring ClearView.
Zurich was the next most satisfactory insurer, according to the 524 advisers surveyed by Investment Trends.
The survey found the top challenge faced by risk advisers was rising premiums (61% said this) followed by compliance obligations (53%) and paperwork/admin requirements (50%).
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With these challenges, Investment Trends said the insurers that stood out in terms of adviser satisfaction were those that helped alleviate these issues through proactive business development manager support and streamlined online processes.
"When asked to describe in their own words how insurers helped them navigate COVID-19, planners most often acknowledged premium relief for impacted clients, proactive BDM contact and streamlined online processes," Investment Trends associate research director King Loong Choi said.
"Competitive premiums matter for planners and their clients in their choice of insurer, but it isn't the sole factor. Planners highly value proactive support, meaning that insurers that provide quality BDM support, ongoing communications and quick turnaround times will stand out."
Investment Trends' research also found 80% of advisers had altered their delivery of risk advice in response to the COVID-19 pandemic.
Advisers said they engaged with their clients more frequently (30%), scrutinised premium levels (23%) and quality of service (23%) when selecting insurers, and accelerated their adoption of technology in their risk advice process (22%) in 2020.