Despite only being in the market since June 2010, Macquarie Life Active has been named Best Life Insurance Product of the Year at the prestigious Australian Banking and Finance (AB+F) Insurance Awards 2010.
The AB+F Insurance Awards 2010 celebrate and highlight the strategies and achievements of Australia’s insurance sector.
Judges include a panel of industry experts from the general, life insurance and reinsurance sectors. The nine insurance award categories for 2010 cover the full spectrum of the insurance landscape.
When choosing a winner for the Best Life Insurance Product of the Year Award judges considered coverage, cost, sales, evidence of popularity, claims experience and the point of differentiation in the market.
Head of Macquarie Life Justin Delaney told guests at the awards ceremony in October that when the concept for Macquarie Life was born three years ago “we really wanted to try to do things differently.”
Mr Delaney told the audience that the vision for Macquarie Life Active was to “take a blank sheet of paper, meet the client needs and have a strong focus on value. I really think we have produced a product that ticks those boxes.”
In the awards submission, focus was put on Macquarie Life Active’s ability to encapsulate the future of the Australian life insurance industry and the flexibility the product delivers for clients. The submission also emphasised Macquarie Life Active’s ability to help the adviser do what they do best, which is provide advice to clients to generate the best financial outcome possible.
In recognition of its innovative nature, the AB+F Best Life Insurance Product of the Year award is not the only award Macquarie Life Active has won. It was also recently given the Best Value for Money award from Your Money magazine.