The AFA and Plan For Life have named BT as the winner of the Life Company of the Year award at a ceremony in Sydney yesterday.
The insurer was named the winner of the overall Platinum Award, while also picking up the Income Protection award and the Claims Team of the Year award.
"The overall Platinum Award recognises the insurer which exceeds expectations in terms of product quality, innovation and service. This year, that insurer is BT Financial Group," said AFA chief executive Brad Fox.
Commenting on the win, BT head of life insurance Phil Hay said it was an honour to receive the award.
"Congratulations to the life insurance team for this outstanding recognition. Our people have all worked so hard to deliver what’s best for customers, and are continually looking at how we can provide better support to advisers – a well deserved win.”
Meanwhile, Challenger was also victorious, picking up all three annuity and income stream award categories, while CommInsure took out the Investment Bond award.
Zurich took out the Service Quality award, Underwriting and New Business Team of the Year as well as the Business Support Services and BDM Team of the Year awards.
TAL claimed the Term/TPD award as well as the Trauma award, while MLC claimed the award for Risk Product Innovation.
Commenting further on the awards, Mr Fox said advisers play a vital role in helping Australians recognise their insurance needs and put protection into place.
“Australians are best served when financial advisers and life insurers are working constructively to provide personal life insurance solutions to consumers,” he said.
“The PFL/AFA Life Company of the Year awards aim to inspire competition and set higher benchmarks for insurers in satisfying the needs of both advisers and their clients.”