The features in life insurance products are a key driver of adviser satisfaction, according to Macquarie Life.

In its latest Macquarie Life Satisfaction Survey, product features made it into the top three drivers of adviser satisfaction for the first time.

Value for money is still the top reason for adviser satisfaction with underwriting in third place after features.

Head of Macquarie Life Justin Delaney says the results reinforce the view advisers want innovative products.

“It is clear that advisers are seeking more innovative solutions from insurers and we believe this is being driven by end-client demand,” he said.

“In what is otherwise a relatively homogenous space, product innovation is an area where insurers can help carve out a position in the market.”

Macquarie Life was given a satisfaction rating of 8.1 out of 10 by advisers, its highest result since the survey began five years ago.

The insurer was also given an 8.1 out of 10 rating for product features and benefits and 8.7 for innovation.

Support for advisers through telephone and emails was rated 8.4 out of 10 with business development mangers response given a score of 8.5.

Macquarie Life’s tele-underwriting service achieved a score of 8.4 while fairness in assessing claims was rated at 8.7.

“Expectations about time and how quickly tasks can be completed continue to increase among advisers,” Mr Delaney said.

“We are in an environment where efficiency is key for advisers and if they are using the services of an underwriter, they want to know the job is being done to a high standard in the quickest possible time, with minimum intervention required.”

The survey interviewed 345 advisers and was conducted by IRM Research.