Welcome to the third edition of the Corporate Adviser Service Ratings Report, which measures the service performance of all the key providers across the workplace benefits sector. To receive a PDF of the report, click HERE.
The ratings given by advisers this year indicate that providers across all areas of employee benefits have faced challenges in meeting their usual service standards. The impact of the opening up of the economy and challenges in sourcing staff and adopting to new remote working practices appears to have taken its toll on provider service standards. But in some business channels this year’s lower marks from advisers also reflects the way benefits are delivered now. Across group risk, healthcare and cash plans providers now offer a greater range of added-value support services such as virtual GPs and employee assistance programmes. These have been a source of great support through the pandemic, and increased usage of them is to be celebrated. But feedback from advisers suggests that increased demand for these services means greater challenges in terms of availability, which can in turn be reflected in a negative view on a service proposition.
In the group pension sector Royal London is the only provider to maintain its Five Star Ratings, with Fidelity and Hargreaves Lansdown both earning Four Star Ratings.
In the group risk category advisers voted Canada Life and Unum worthy of a Four Star Rating this year. The healthcare category saw big changes, with only Axa Health earning a Four Star Rating, the highest performer in the sector, while Medicash was the highest rated corporate cash plan provider, earning a Four Star Rating in this year’s report.
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.”
PROVIDER SERVICE RATINGS
WORKPLACE PENSIONS
Five Stars
Royal London
Four Stars
Fidelity International
Hargreaves Lansdown
GROUP RISK
Four Stars
Canada Life
Unum
HEALTHCARE
Four Stars
AXA Health UK
CASH PLANS
Four Stars
Medicash