The second edition of the Corporate Adviser Service Ratings Report, which measures the service performance of all the key providers across the workplace benefits sector, is now available online.
This year’s report sees Royal London, Canada Life and Medicash maintain their Five Star Ratings for their group pensions,group risk and cash plans respectively.
Standard Life earns a Four Star Rating for the first time, joining Scottish Widows and Aviva, with Fidelity slipping to three stars.
In the group risk category advisers voted Zurich’s service worthy of a Three Star Rating this year, down from four stars last year, meaning Aviva and Unum were the only two group risk providers with Four Star Ratings in the 2022 report. Both Generali and Legal & General slipped from three to two stars this year.
The healthcare category saw big changes, with Vitality dropping from five stars to a Four Star Rating, while a good year for service from Western Provident Association and Permanent Healthcare Company (PHC) saw both these providers earning Five Star Ratings. Vitality was joined on four stars by Axa Health, Aviva and Bupa.
Western Provident Association also earned a Five Star Rating for its cash plan offering, with BHSF rated a four-star provider by advisers this year. Health Shield slipped from four to three stars in this year’s report, while Bupa’s cash plan fell from three to two stars.
Corporate Adviser editor John Greenwood says: “Service levels are central to the relationship between provider and intermediary. Bad service is keenly felt by advisers, consultants and brokers, causing them increased workload, creating potential for errors and straining their relationship with their employer clients when things go awry. Good service strengthens the intermediary’s client relationship, evidencing why they recommended a particular provider in the first place.
“The Corporate Adviser Service Ratings give advisers, consultants and brokers an unbiased and independent evaluation of the levels of service providers are delivering across the market. These ratings support advisers in understanding what they should expect from providers and enable them to see how their own experiences of providers compare with those of their peers.
“Congratulations to those providers that have earned Five Star Ratings in this year’s survey – this is a true hallmark of service excellence – and also those providers receiving a commendable Four Star Rating.”
The Corporate Adviser Service Ratings cover workplace pensions providers, group PMI providers, group risk providers and corporate cash plan providers. Ratings are based on independent market research conducted with over 100 verified advisers, consultants and brokers. Providers are ranked by intermediaries for their overall service proposition across six sub-areas: Communication; Provider-generated adviser support content; Ease of use of adviser-facing technology; Staff expertise; Quality of administration; and Appreciating my business.
REQUEST YOUR COPY OF THE PROVIDER SERVICE RATINGS REPORT 2022
