Not all insurance companies are created equal as the recent announcement of TAL (formerly Tower) as the 2011 winner of the Plan for Life/AFA Life company of the year award demonstrates. This is the second year running that TAL has taken this prestigious award after a thorough evaluation process which also takes into consideration feedback from financial advisors.
A number of different criteria are used to decide the award including:
- Features of the products
- Customer support and use of technology
- The quality of underwriting performance and the claims process
- Quality of customer service
- Sales performance
As well as the above factors, direct feedback from financial services providers makes a significant impact on the final decision. The broad assessment process means that this particular award is extremely highly regarded in the industry and competition is fierce. TAL’s success over the previous two years is demonstrable proof of their high quality of service and products as well as their consistent performance across the nominated criteria.
As well as the life company award, there were a number of other insurance companies nominated for different awards including Zurich as the winner of the Service Quality award and a number of category specific awards for different products including income protection, trauma and term life insurance or tpd. Other strong performers across the different categories included Comminsure and AXA.