If the range of finalists at a major life insurance awards ceremony is anything to go by, the industry has a bright future, according to the CEO of the AFA.
Speaking after the Association of Financial Advisers (AFA)/ Plan for Life (PFL) awards, CEO Brad Fox congratulated the life insurance company of the year, CommInsure.
As well as taking the overall platinum award, CommInsure also won the investment bond award and was a finalist in the award categories of trauma, overall annuity provider of the year, and long term income stream awards.
Fox said the CommInsure brand has stood the test of time.
“CommInsure continues to demonstrate its commitment to financial advisers, adviser practices and their clients and the AFA highly commends [it] as the 2013 AFA platinum award winner,” he said.
Fox also singled out the innovation award winner AIA for special recognition. As the theme of AFA for 2014 is “innovate: think, create, and act”, he said AIA’s Vitality initiative is particularly exciting in that it challenges the way insurance connects with consumers.
Macquarie Life was another insurer that did particularly well on the night, taking out all three of the client service team awards: underwriting team of the year, claims team of the year, and business support services/BDM team of the year.
Sally Phillips, the head of underwriting and claims for Macquarie Life said she was delighted that the company’s continued efforts across those areas have been recognised by financial advisers.
“We value the strong relationships we have developed with advisers and understand the important role we have in supporting them in their relationships with their clients,” she said.
The manager of marketing and product development at PFL, Rael Solomon, said the results prove that life insurers have continued to innovate their risk products at the same time as dealing with increased claim rates, particularly in the trauma sector.