Defaqto's Protection Service Satisfaction survey has found the timeliness of processing new business is the most important aspect of service for advisers recommending individual protection products.
As a result, Defaqto has released a new Protection Service Rating, where the top providers achieve a Gold, Silver or Bronze Service rating based on satisfaction scores.
Since 2005 Defaqto has been conducting annual service satisfaction surveys among the adviser community to collate their views on the service they receive from product and service providers.
Defaqto has now taken data collated from this research to create Service Ratings, which provide an unbiased assessment of service to help inform advisers' choices regarding the providers they use - based on their peers' perceptions.
Product and service providers that achieve the highest satisfaction scores are rated Gold, Silver or Bronze based on their overall satisfaction score using a comprehensive and detailed measurement of service provision.
Advisers can access Defaqto's Protection Service Ratings at www.defaqto.com/adviser/service-ratings
Ben Heffer, Defaqto's Insight Analyst for Life and Protection, said: "The processing of new applications has a direct relation to customer satisfaction and the income stream for advisers.
"Having convinced the customer of the need for individual protection, there should be no delay in actioning that plan and putting the cover on-risk. This is particularly important where the cover is to protect a mortgage or some other form of large debt."
The Big Interview
Total of 16 providers
‘Either write it or refer it. Do not ignore it’
'We've seen a lot of changes over that time'