advo was presented with their Gold Standard Award for their management and approach towards group protection insurance at a ceremony 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. advo was the only Employee Benefits organisation named in the Group Protection category.
Sir David Amess, MP (on right) with advo’s Colin Boxall who picked up the award at the Churchill Room at the Houses of Parliament.
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 areas where organisations have to excel are:
- Financial Strength:
- 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.
- Service: The ability of an organisation to maintain an effective and supportive relationship with the client/customer.
- Fair Value: Obtaining value for money on behalf of clients
- 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.
You can view the Gold Standard winning firms here.