Finding the winners
The Money Management/Dexx&r Adviser Choice Risk Awards, now in their third year, are based on a number of criteria and processes.
Initially, Money Management and Dexx&r met with a panel of risk insurance advisers who had built practices and careers specialising in the area of life and risk insurance advice. The panel was asked to score each of the features included in term, trauma, total and permanent disability (TPD), disability income and business overheads insurance products, and then rank the relative importance of each feature.
These scores were then weighted (determined by the average of the weightings nominated by the panel) and combined with scores from the previous year. These scores were summed to give a total weighted score for each feature.
Definitions within products were also scored, with advisers ranking each based on the importance of definition type — for example, “own occupation” and “any occupation” definitions.
To determine scores for premiums the premiums for a range of sums insured and ages for TPD, trauma and monthly benefits for disability income insurance were calculated.
Separate calculations were conducted over a range of ages, from 21 to 60, at five-year intervals for males and females and smokers and non-smokers. The relative cost for each product was weighted by age, gender and smoker/non-smoker status.
The total weighted scores for features, definitions and price per product were then calculated out of a maximum of 100. Weightings for features, definitions and price were determined by averaging the adviser responses.
The leading risk company was determined by calculating the total score of the highest scoring products across each category for every company.
All product information was based on data collected by Dexx&r and published in Term Life Analysis and Disability Analysis. Premium calculations were based on those generated by the Dexx&r Risk Developer Software. Some products were excluded where this information was not available across all scenarios.
Each of the features, definitions and price comparison basis can be found in Dexx&r's Risk Rating Report.
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