Australians are increasingly satisfied to bypass monetary brokers and advisers to buy some economic goods on the web and this year for the 1st time, CANSTAR has researched and rated direct income protection policies.
Our inaugural research into Direct Earnings Protection appears at 13 policies offered by 11 insurers in the industry, and drills down into 80 profiles covering a variety of ages, occupations, gender and smoking status. As with all ratings, we have analysed the mixture of price tag and attributes offered by each provider to determine which direct insurance providers offer outstanding value for funds.
When it comes to 5 star value, Virgin Money’s Tailored Income Protection policy streaked ahead in the characteristics comparison. We caught up with Head of Insurance at Virgin Funds Australia, Ken Bryan, for a swift Q&A on the product.
Q. It is 2 and a half years considering that Virgin Cash launched its revenue protection supplying. What has take-up of the product been like? Has it met your expectations?
A: At Virgin Cash we comprehend that when it comes to people’s insurance coverage requirements, 1 size does not match all. Study of our current consumers prior to launching our earnings protection providing helped validate this. It also helped us understand what customers expected from a ‘Virgin’ Earnings Protection product.
Putting the consumer at the heart of every thing we do has paid off the take up of the product has exceeded our expectations.
Q: Any powerful trends in the demographic of these applying for cover?
A: Though Virgin could be considered a youthful brand by many our revenue protection covers a wide spectrum. Certainly the capacity to tailor cover to individual requirements and spending budget appeals to absolutely everyone.
As you may well count on, life stage events play a role influencing people’s motivation to shield their life style. Our client base is mainly aged among 35 – 55 years old.
Q: In terms of consumer feedback, what are some of the attributes of Virgin Money’s revenue protection supplying that have genuinely resonated with clients?
A: We carry out monthly surveys with our current customers and their feedback is invaluable in assisting us continually improve our service and supplying. Consumers enjoy the flexibility of our product providing, there are a wide variety of attributes with sturdy take up but our optional Involuntary Unemployment Cover has resonated well, obviously economic issues play a role right here.
CANSTAR congratulates Virgin Funds on its win readers can download the Direct Revenue Protection report here.
Virgin on the funds for earnings protection
