Omnium launches - "Interactive Personalised Scoring", paving the way toward automated life insurance product reccomendations
As you might already know, as well as providing the industry with Life Insurance comparison data on premiums, we are also a ratings house. We research and rate Life Insurance products based on what we perceive as the most comprehensive and unique methodology in the market. Our ratings are being relied on by thousands of financial advisers across the country. So far, our ratings on life insurance products in the market have always been based on "anonymous" clients. This means our scores just evaluated the product entirely and didn't factor in the client that the product is being sold to. For example, take a Trauma product for a Male client, the score a Trauma product gets for this client will take into consideration Female Cancer definitions such as Breast Cancer. However, being a Male this definition is not relevant to this client, and should not be factored into product scores for that client. This is just one example where anonymous product ratings do not provide a completely fair rating.
We are proud to announce that our life insurance product ratings are now interactive and personalised to the client. The following are the ways we personalise our scores:
When nothing is known about the client the score being provided is an “Anonymous Score”.
In the coming months we will further personalise our ratings to take into consideration more client attributes, which will eventuate into the industry's first Life Insurance robo advice engine. Watch this space.