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Sovereign awarded five-star rating by advisers

Sovereign awarded five-star rating by advisers

Sovereign has been awarded a five-star rating, the highest rating achievable, according to a survey by an independent research company.

Beaton Research and Consulting has just released results of the Beaton Benchmarks 2010 study of life insurance intermediaries. Advisers were asked to rate the service and support given by life insurance providers and give satisfaction ratings. Sovereign was the only company to get a five-star rating when both SovNet and independent advisers are considered.

The survey was the first undertaken by Beaton since it merged with WA Taylor Management Consulting in September 2009. Previously, the annual industry benchmarking surveys were administered by WA Taylor.

Beaton reported that Sovereign “are significant leaders” on overall satisfaction, with a mark of 84%, slightly ahead of last year’s result of 83%, and the highest of the eight key insurance providers in the study. It’s the fifth year in a row that Sovereign has been awarded the highest absolute rating in the survey.

Advisers also named Sovereign as the company they were most likely to recommend to colleagues and friends.

“Naturally, we’re very happy with these results,” says Sovereign’s General Manager of Marketing and Product, David Drillien. “They validate our commitment to giving our valuable network of advisers the best possible service and support.”

Beaton sought comments from the advisers, as well as ratings. Sovereign earned praise for its commitment to up-skilling the adviser workforce in the face of recent regulatory changes, its efficiency and its customer service.

“I am happy with Sovereign’s overall performance,” said one adviser. “We are well supported …and Sovereign has integrity and their staff have excellent training.”

Another said: “I am impressed with Sovereign, especially with the …promotions of the company, e.g.: marketing, updates and ads for TV. The staff are so helpful and everything runs smoothly.”

Sovereign was significantly ahead of the industry average in nine of the eleven benchmarking categories canvassed in the survey: administration, underwriting and policy documentation, supplier reputation, call centres, BDM support, communications, legal and regulatory, IT services and adviser remuneration.

The survey of 730 advisers was conducted by Beaton by telephone between 25 May and 25 June 2010. Almost two-thirds (61 per cent) had used Sovereign as a supplier, of which two thirds were SovNet advisers and one third were independent advisers making Sovereign the leading choice for life insurance.

“The results demonstrate that although Sovereign is the market leader, we are in no way resting on our laurels. We have made a commitment to continuously set the standard in the industry and we take that very seriously.”

ENDS

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