Life insurance satisfaction declining, but Asteron Life way out in front

Recent Roy Morgan research has revealed that satisfaction in life and risk insurance policies by holders has dropped almost two per cent over the past year. Satisfaction levels are down to 67.5 per cent, but this is still a net increase as of three years ago, which saw satisfaction levels sitting at 66.3 per cent. Many funds have improved their ratings over this time. 

The survey of over 16,000 risk and life insurance policy holders found that almost everyone would be 'fairly likely' to renew their policies with the same provider (96.8 per cent), only 35.3 per cent said they would be 'extremely likely' to do so. 

Asteron Life has the highest customer satisfaction ratings amongst the largest risk and life insurers, with 78.1 per cent of its customers happy, up 10.6 per cent on last year. The following top two include Insuranceline (73.8 per cent, down 5.3 per cent) and Allianz coming in at third with 73.2 per cent, down five. AMP was ranked lowest for satisfaction with 66.1 per cent, with the top three being rounded out by AIA Australia next at 66.6 per cent and then OnePath at 67.1 per cent.