The BENCHMARK’s rating programs are not about simply handing out a rating or a trophy—they are programs designed to act on behalf of the customers to validate what is going behind the scenes of the providers and helping providers do better each year. The process removes the sugar-coating and prettification and digs deeply into the providers’ operations, values, and practices. The process also holds the companies accountable for their behavior, and by offering them a chance to access the 80-page regional Insurance Quality Study that covers the industry’s market landscape, client demand assessment and their own competency assessment, the companies are able to build on their strength and bridge the gaps of their shortcomings.
The process for Wealth Protection providers involves five simple stages.
1. During the implementation of the competition, BENCHMARK conducts a quality study with 3,000 qualified respondents with USD 100,000 liquid assets for their Voices. The study reflect the voices of Active Clients, Considering and Non-Considering Clients regarding their satisfaction levels, perceptions of the firm, selection drivers and what drives them away.
2. The findings from over active practitioners will participate in the survey aiming to gather insights into the agents’ sentiments towards the industry, their firm and rivals, and their attitudes towards clients and their firm.
3. After confirming the entries, you will answer questions in your submission portal regarding criteria listed on the portal. It would be wise to give examples and to attach relevant appendices, videos, and screen captures. Members enter for free.
The total aggregated scores received from the jurors, the qualified respondents and active practitioners will determine the star quality of the category you’ve entered, from 5 being the highest and 1 being the lowest. The highest scoring company in each category will also receive the “Best-in-Class” (BIC) title.
There are Five Star-Quality Ratings:
The highest scoring company of each category will be the award recipient and be awarded Gold Star Quality ranking, and the Best-in-Class title provided the top performing company has reached the minimum criteria that are set above the mean each year.
The Gold Star Rating – The top 5% of the performers in each category will be rated as a company worthy of the five gold stars, and these companies are considered to be amongst the best of breeds.
The Silver Star Rating – The top 6%-15% of the performers in each category will be rated as a company worthy of the four silver stars, and these companies are to be considered as better than most of their peers.