Australians dissatisfied with risk, life insurance
Satisfaction fell across all forms of insurance in 2016.
Satisfaction among Australian consumers with regards to insurance policies, particularly risk and life cover, continues to dissipate, according to the latest customer research findings.
Roy Morgan Research reveals that in the year to December 2016, satisfaction levels fell across all forms of insurance. The greatest year-on-year declines were in the areas of private health insurance (-2.3%), risk insurance (-1.9%), household contents insurance (-1.4%) and household building insurance (-1.2%).
The two lowest rated insurance categories were life insurance (68.7%) and risk insurance (66.3%).
Even when combined, satisfaction among risk and life insurance policy holders was just 67.4% in 2016 (-1.4% year-on-year), lower than all other major insurance types.
Less than one in four (23.9%) risk and life policy holders were "very satisfied" with their current insurer.
The research also shows those policy holders who purchased their insurance in person from a company branch retain a much higher satisfaction level (76.4%) than those acquiring insurance via alternative methods. Purchasing products directly online (74.9%) or by phone (71.9%) also generated better results.
Currently, most Australians don't use technology to buy life insurance but as online engagement expands, there are increasing intentions to purchase life insurance online in the future, according to new research.
Satisfaction among customers buying products through insurance brokers was below average (67.1%).
Satisfaction levels were even lower among those who obtained insurance through their employer, either as part of superannuation (64.1%) or separately (61.6%) and were worst among those who purchased policies via an independent advisor/planner (58.4%).
Wondering where to start with life insurance? Use our detailed guide to get you from start to finish.