The ‘Temperature Check’ has been designed to provide smaller advisers with a collective voice in terms of providing feedback on providers’ service levels
Air Group has published its latest ‘Temperature Check’ report focusing on a number of key service measures within the equity release market, as experienced by advisers.
The ‘Temperature Check’, which in this iteration covers H2 2020, has been designed to provide smaller advisers with a collective voice in terms of providing feedback on providers’ service levels.
The review was first published in November.
Air Group is using this to deliver stronger dialogue in order to improve service standards across the sector.
Over 250 smaller advisers who account for 8% of the plans taken out in H2 2020 rated providers they had used on five key service areas and three net promoter factors.
The top four in the overall category were Pure Retirement (8.11 out of 10), more2life (8.07), Legal & General (7.88) and Canada Life (7.86).
Other providers whose service levels were reviewed in the second half of 2020, included Aviva, LV=, Just, One Family and Pure Retirement.
Air Group engages with each one to ensure the “collective voice of the smaller advisers who use its services are heard”.
Stuart Wilson, chief executive at Air Group, said: The second half of last year was an incredibly busy period for all those involved in the equity release sector, as we saw a significant uplift in demand and activity from clients.
At the same time, we had a necessary shift in working practices, with the vast majority of providers having all their staff working remotely, and of course it did take some time to get used to this and to ensure systems and processes were able to cope with lockdown life and the upsurge in demand, Wilson said.
Perhaps understandably, this iteration of the ‘Temperature Check’ has seen a number of providers post scores which fall slightly below what they were able to achieve in the first half of the year, which included the Q1 pre-lockdown period, he said.
Having said that, a number have seen an improvement, and without wanting to necessarily single out individual providers, a special mention should go to Pure Retirement who – in a number of categories – didn’t just break into the top tier but hit the highest position, specifically in terms of communication and the speed of its post-offer process, Wilson said. And more2life, Legal & General and Canada Life all maintained their positions at the top of the rankings, with good scores across all areas.