POSTED: October 31 2018
advo achieves the Gold standard

advo achieves the Gold standard

advo is to be presented with a Gold Standard Award for our management and approach towards group protection insurance at a ceremony to be held at the Houses of Parliament and hosted by Sir David Amess MP on Wednesday 14th November 2018.

The Gold Standard Awards are open to UK-based financial services groups or specialist financial companies offering their own products and services.

Any company wishing to enter the Gold Standard Award scheme has to complete a detailed submission that has a ‘five pillar’ approach to assessment.

The Gold Standard Awards assess financial strength, capability, service, fair value and trust in a variety of methods including information supplied by entrants in the form of questionnaires and evidence, as well as the use of third party sources to assess areas such as financial strength and fair value.

The five pillars of measurement are:

  1. Financial Strength:
  2. Capability: The overall expertise of the company to conduct the business category entered. Typical elements taken into consideration include business structure, staff expertise and training.
  3. Service: The ability of an organisation to maintain an effective and supportive relationship with the client/customer.
  4. Fair Value: Obtaining value for money on behalf of clients
  5. Trust: Promoting confidence through customer experience, the media, advertising and marketing. Attention is also given to corporate governance standards and social responsibility.

An independent panel of expert judges assess entries. Also the use certain outside agencies such as AKG to determine financial strength.

The group protection Gold standard is Open to all UK companies that operate and manage group life cover products such as health insurance, whole of life, term assurance or critical illness. Those organisations who do not make the standard are not publicly revealed.

More information on the Gold Standard awards can be found here.