Royal London, Standard Life, Canada Life and Vitality have all been awarded five stars in the fourth edition of the Corporate Adviser Service Ratings Report, which assesses the service performance of all major corporate benefits providers. Request your PDF copy of the full report here
The data in this year’s report shows an improvement on last year in the service standards delivered by most providers across all key employee benefits areas. In last year’s report, advisers gave providers low marks for poor service across many channels, with healthcare, cash benefits and group risk facing particular challenges as providers struggled with increased usage and difficult supply chains following the post-Covid opening of the economy. This year’s figures show that many providers are starting to overcome these challenges, and have received more five-star ratings this year than last, although some providers have seen their ratings drop. But overall, ratings are still below those of three years ago.
In the group pensions sector, Royal London maintained its five-star rating. This year it was joined by Standard Life, which also received a five-star rating. Aviva received a four-star rating.
In the group risk category, Canada Life achieved a five-star rating this year – no group risk provider achieved this level last year. Unum maintained its four-star rating.
In the healthcare category, Vitality jumped from three to five stars. Axa Health saw its rating drop while other providers improved theirs. Bupa just missed the four-star rating.
In the cash plan category, Medicash received a five-star rating and Simplyhealth received a four-star rating.
John Greenwood, editor of Corporate Adviser, says: “Service levels are central to the relationship between provider and intermediary. Poor service is felt badly by advisers, consultants and brokers as it increases their workload, creates potential for error and strains their relationship with their employer clients when things go wrong. Good service strengthens the intermediary’s client relationship and proves why they recommended a particular provider in the first place.
“Congratulations to the providers who received five and four stars for their service in this year’s survey.”
The Corporate Adviser Service Ratings provide advisers, consultants and brokers with an unbiased and independent assessment of the quality of services provided by service providers in the market. These ratings help advisers understand what to expect from providers and allow them to compare their own experiences with providers against those of their peers.
The study analyzes vendors based on six criteria. By understanding how they perform on each of these criteria, vendors can focus their resources on the areas where there is the greatest need for improvement.
