Protection Guru is set to publish a series of reports which will benchmark 12 of the leading insurance providers according to their capabilities across 10 different operational features.
The three highest scoring insurers reports will be published initially later this week, with a further three reports being published at weekly intervals.
The benchmarking is based on the features highlighted in FTRC’s research paper “Understanding Adviser Preferences when dealing with insurers” published in November 2019.
This involved research with firms across seven different “tribes” of advisers, Mortgage Advisers, Protection Specialists, Holistic Advisers, Wealth Advisers and Networks Niche Protection Advisers.
Through independent and data driven analysis of the strengths and weaknesses of how each provider makes their full range of products and services available to the market, Protection Guru’s reports aim to make the market more transparent and accessible, for both advisers and in turn, consumers.
Each report will analyse providers on their performance across each of the operational features included in the analysis, based on how comprehensive and functional each operational feature is. Providers will also receive an overall rating out of 10, by aggregating the score for each individual feature measured in the analysis.
Ratings will be included in an overall ratings table which enables advisers to directly compare the performance of each provider.
Operational features include providers’ online application process, claims process, and annual statements for consumers and advisers.
Adam Higgs, head of research at Protection Guru, said: “Protection Guru’s operational reports are designed to lend clarity on which insurers are best placed to provide a streamlined service to advisers and their clients, measured against the services advisers see as most valuable.
“This approach takes account of the needs of advisers who may not regularly provide protection advice, and many of whom find it difficult to deal with life insurers.
“Through a unique, data-driven approach, the reports equip financial advisers with information based on fact, enabling them to better understand different operational propositions and why they are important to the consumer.”