The analysis is based on reports from small advisers, with providers scored on four key service areas: ease of application, speed of pre-offer process, speed of post-offer process and communication.
The providers covered by the report, which details the experiences of advisers during the first half of 2020, included Aviva, Canada Life, Hodge, Legal & General, LV=, Just, One Family, more2life and Pure Retirement.
Canada Life was named the top overall performer, with an average score of 8.42 out of ten. It took top spot based on its consistency, featuring in the top three in each of the four individual categories, and topping the communication category.
It was followed by Legal & General (8.30 out of ten and more2life (8.29 out of ten). These three providers took the top three spots in each category too, bar communication where Pure Retirement took third spot.
In addition, providers were also scored separately on three net promoter factors: ‘would recommend’, ‘values my business’, and ‘goes the extra mile’. Pure Retirement came top of this section, with an average score of 85.33%, ahead of more2life (81.04%) and Canada Life (79.91%).
Air Group said that it hoped that by allowing advisers to feedback on provider service standards in this way, it would encourage stronger dialogue on what can be done to improve standards across the sector.
The firm plans to run the analysis again to cover the second half of 2020 and then regularly track provider service levels.
Stuart Wilson, chief executive officer at Air Group, said it was vital for advisers and equity release lenders to work closely together to ensure that clients get access to the best products and service possible.
He continued: “Given the time period that this ‘temperature check’ covers, any provider making the top three in any of our categories deserves considerable praise. The national lockdown put a significant amount of pressure on all equity release providers and to maintain a strong level of service throughout that is testament to the commitment these teams have shown to the market.
He added that by repeating the exercise every six months, it would push lenders into driving up their service standards and outputs “to an even higher level”.
