NobleOak Life wins Direct Life Insurance Overall Excellence Award 2023

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NobleOak Life wins Direct Life Insurance Overall Excellence Award 2023

NobleOak Life is the winner of the Overall Direct Life Insurance Excellence Award for 2023, announced by Plan For Life on Wednesday, December 6, 2023.

The 10th Annual Direct Life Insurance Awards recognise Life Insurance company excellence in the provision of Direct Life Insurance products and services to Australian consumers over the past year.

The Term Life Award went to NobleOak Life (Premium Life Direct), the TPD Award went to TAL Life (Accelerated Protection), the Trauma Standalone Award went to NobleOak Life (Premium Life Direct - Trauma), the Trauma Rider Award went to NobleOak Life (Premium Life Direct Life - Trauma Rider) and the Income Protection Award went to TAL Life (Accelerated Protection).

The award for Accidental Injury went to HCF Life (Personal Accident Insurance) and the Funeral Cover Award went to Suncorp (Funeral Insurance).

The Customer Service Award for Life Companies went to NobleOak Life and the Innovation - Distribution Award went to Medibank

The Debt Insurance Award went to MLC Life Insurance (Debt Insurance).

The Marketer - Customer Online Experience Award went to RAC WA, the Marketer - Term Life Award also went to RAC WA (My Protection Plan) and the Marketer - Income Protection Award went to Insuranceline (Income Protection Plus).

Award

Winner

Product

Overall Excellence Award

NobleOak Life

  

Accidental Injury

HCF Life

Personal Accident Insurance

Customer Service

NobleOak Life

  

Debt Insurance

MLC Life

Debt Insurance

Funeral Cover 

Suncorp

Funeral Insurance

Income Protection

TAL Life

Accelerated Protection

Innovation - Customer Service

Medibank

24/7 Nurse On Call Service

Innovation - Distribution

Medibank

NEOS Direct as Distributor and administrator, Medibank as promoter of the brand

Innovation - Underwriting

Medibank

Optimized Underwriting Engine - 21 Base questions against 64 by competitors

Marketer - Customer Online Experience

RAC WA

  

Marketer - Income Protection Award

Insuranceline

Income Protection Plus

Marketer - Overall Product Award

Budget Direct

  

Marketer - Term Life Award

RAC WA

My Protection Plan

Promoting the Industry

Insuranceline

Importance of Life and Funeral Insurance on TV and Social Media with "Gary the Tortise" Campaign

Term Life

NobleOak Life

Premium Life Direct

TPD

TAL Life

Accelerated Protection

Trauma - Rider

NobleOak Life

Premium Life Direct Life (Trauma Rider )

Trauma - Stand Alone

NobleOak Life

Premium Life Direct - Trauma

Platforms' Reported Funds Under Management decreased by $19.5bn over the year to March 2023

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Masterfunds ended the year to March 2023 a little lower down 1.9% to $982.5bn as global investment markets recovered in the last six months to finish fairly flat. This was despite central banks ending an unprecedented era of ultra-low interest rates as they normalise their monetary policies in an effort to control inflation. Year on year Inflows declined 5.9% to $164.7bn but they still significantly exceeded Outflows that rose 3.2% from $145.8bn to $150.5bn resulting in a $14.2bn overall Net Inflow.

The Top 4 Insignia ($198.5bn down 4.2%), BT ($162.6bn down 7.1%), Commonwealth / Colonial ($137.4bn down 4.5%) and AMP ($134.0bn down 6.8%) all experienced decreases in funds under management. However all the other leaders finished higher with netwealth ($65.9bn up 14.4%) and HUB24 ($59.4bn up 16.5%) both reporting double digit percentage growth while Macquarie ($121.9bn up 3.8%), Mercer ($30.5bn up 4.8%) and Praemium ($21.7bn up 4.9%) also recorded increases.

Source: Plan For Life

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