The findings are from the latest ‘Customer Satisfaction: Risk and Life Insurance’ report.
The report, based on interviewing more than 10,000 life insurance policyholders continuously throughout the year, provides rolling 12-monthly averages up to February 2021. Respondents are those holding life insurance or various types of risk insurance income protection insurance, disability insurance, accidental death insurance, and trauma or critical injury insurance, and this particular report covers directly held policies (as opposed to insurance held via superannuation funds).
Satisfaction ratings are derived from the percentage customers who say they are either ‘fairly’ or ‘very’ satisfied with their insurer, and insurers are grouped by parent company.
Allianz topped the list with a satisfaction rating of 87.3%, averaged over the 12 months to February 2021. This is rise of 2.6% since December 2020. It was followed by Medibank on 81.9% (down 0.5% on two months earlier), the Zurich Group (OnePath, Macquarie Life and Zurich brands) on 77.6% (down 1.5%), Westpac on 74.5% (down 0.5%) was closely followed by MLC Life on 74.4% (up 2.9%), then AIA Group (AIA Australia and CommInsure) on 71.3% (up 1.9%) and TAL Group (Asteron, Insuranceline, Suncorp and TAL) on 67.2% (down 1.3%). AMP was a distant last on 54.4% (down 1.1% on December 2020).
Roy Morgan CEO Michele Levine says: