Independent research agency Investment Trends has named National Australia Bank-owned Aviva as the top performing life insurer in an inaugural Insurer Benchmarking Report.

Aviva is regarded as the top performer due to its “superior transactional capabilities”, while AMP won plaudits for its reporting and integration.

CommInsure took the number three spot in the report, which follows a review of online products from 10 Australian life insurers across 150 functional areas.

Investment Trends Advisory Board member Tim Cobb says Australian life insurers are demonstrating a greater commitment to the use of technology, which is key to underwriting speed and consistency.

“All the major players are investing significantly and, for the first time, delivering real flexibility and usability,” he said.

Investment Trends found that all but one of the 10 leading life insurers surveyed introduced either new technology or a new upgrade last year.

Mr Cobb says better integration with financial planning software is the next big step for insurers, with Macquarie and AMP currently leading the way.