World Business and Finance

NobleOak Life Limited (NobleOak) has continued its dominance as the most awarded direct life insurer by winning the inaugural Money Magazine Consumer Finance Awards Direct Life Insurance Cover of the Year 2022.

Anthony Brown, CEO of NobleOak, said, “This is the first time Money Magazine has awarded an insurer in the life insurance category. To be the first company to receive this distinction is very gratifying.”

Money Magazine partnered with Plan for Life, Actuaries & Researchers who are specialists in analysis of the Australian financial services industry, to complete the independent review of products offered direct in the market.

Plan for Life compared product offerings from direct life insurers based not only on their financial position but also market performance, product excellence and features, premium rates and customer service.

Mr Brown continued, “The combination of low premiums, outstanding personal service and range of product options was identified as being best

The NobleOak sales team has just been crowned the number 1 sales contact centre in Australia by GRIST Consulting. They are ranked number 1 out of 34 Australian contact centres across six different industries, including banking, energy and health and life insurance.

Anthony Brown, CEO of NobleOak, commented, “We are absolutely delighted to receive this prestigious title of being the best sales contact centre nationally. It validates our approach on how we engage with customers and our core value of always putting customers first in everything we do.”

Winning this award has been a journey for NobleOak. After placing 2^nd in 2020 (and with COVID-19 preventing the awards taking place in 2021) NobleOak increased the focus on the key behaviours that matter most to customers to take out this prestigious title.

Mr Brown continued, “What is most rewarding is that not only was our sales contact centre nominated as

Life insurance isn’t the cheapest thing in the world. However, cost is a key reason some people refrain from getting it despite how useful it can be.

What’s more, certain types of life insurance can seem even costlier than their actual value. That’s why it can be discouraging to think that you’re overpaying for a service that’s already considered expensive.

In NobleOak’s 2022 Whitepaper, research respondents confirmed that ‘not seeing the value in their policy’ was one of the main reasons they didn’t renew their cover. Another reason was that people didn’t know if they had the right type or amount of cover. Unfortunately, this is something that happens quite often. And it has to do with how well you’re able to compare available offers. Because without thoroughly analysing them, you’re more than likely to overpay for the kind of insurance you actually need.

Presumably, overpaying for life insurance

It would be no surprise to anyone that young people born into the digital age are more advanced with online technology compared to older people who grew up in the non-digital, pre-internet age.

However, when it comes to looking for information on life insurance and buying it online things are beginning to change.

According to NobleOak’s 2022 Whitepaper research conducted in 2022 the internet is the most used source for finding information generally as well as for getting comparisons and checking customer reviews. And even more so for taking out life insurance cover direct.

Buying insurance via websites is the dominant option

What may surprise you is that in the 2017 NobleOak survey just 20% of people bought through a website. Fast forward to the 2022 Whitepaper survey and we see quite a different picture. Now 48% of respondents indicated a preference for buying their insurance through websites.  The survey