Protection Guru has published three of its four insurance provider reports, which will benchmark 12 of the leading providers across 10 different operational features.
The research service has published the reports in order of the highest scoring insurers, with the names of the final group of providers set to be released this week.
The benchmarking is based on the features highlighted in FTRC’s research paper “Understanding Adviser Preferences when dealing with insurers” published in November 2019. Operational features include providers’ online application process, claims process and annual statements for consumers and advisers.
Protection Guru said the data-driven approach of its reports aims to equip advisers with information based on fact, enabling them to better understand the different operational propositions and their importance to consumers.
Adam Higgs, head of research, Protection Guru (pictured), said: “The protection market is innovating rapidly, and it is imperative that advisers are able to identify exactly the right protection product for their client, of which operational resilience is an important consideration.
“Protection Guru’s operational reports equip advisers with the data and insight to make more informed choices, enabling them to better understand different operational propositions and why they benefit the consumer.”
The first three insurers to be included were Zurich, The Exeter and Scottish Widows. Zurich received the highest overall rating of the providers published to date, with a rating of 7.3/10. The Exeter and Scottish Widows received 6.4/10 and 6.3/10 respectively. All three providers ranked highest for their annual statements procedure for advisers and consumers, receiving 9/10.
Protection Guru’s second report featured Guardian, AIG and Aviva. Guardian received an overall score of 6/10, whilst AIG and Aviva both received 5.7/10.
L&G, Vitality and Royal London became the third group of insurers to be ranked in the firm’s operational ratings. L&G received an overall score of 5.7/10, Vitality scored 5.5/10 and Royal London received a score of 4.8/10.
