Advisers are delivering “one-size-fits-all” advice when clients want tailored solutions, new research commissioned by AIA Australia reveals.

The study, undertaken by the Beddoes Institute, splits clients into three segments: value-seekers (59%), personalised advice-seekers (27%) and purists (14%).

Value-seekers know the value of taking out life insurance via an adviser and want regular, easy-to-understand communications to stay informed.

Their loyalty improves when they believe their adviser has delivered value for money, and these clients are likely to deliver referrals.

Personalised advice-seekers want tailored insurance plans that meet their needs and goals.

Purists also want tailored plans, plus ethical and independent advice. If these are delivered, the perception of value increases dramatically. Again, these clients are willing to pass on referrals if satisfied.

AIA Australia Chief Retail Insurance Officer Pina Sciarrone says many advisers deliver services their clients do not value.

“The results of the research reveal that, by effectively segmenting their clients, advisers may become more attuned to what each segment wants and provide a more valued service designed specifically to its needs,” she said. “By meeting the stated need of the each client segment, it’s also likely that adviser-client loyalty will increase for all segments.”

While 87% of survey respondents have not made claims, they want to know the experience will be positive.

Ms Sciarrone says advisers should focus on what each customer group needs.

“By doing so, advisers create more efficient and effective relationships with their clients and produce more tangible outcomes for their practice.”