Five Stages of Assessment
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.
- Choose the Categories you are either confident to compete, or you simply want to gather industry insight of your capability in the area. Depending on your membership level, your entries could be entirely complimentary
- 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.
- During the implementation of the competition, BENCHMARK conducts a quality study with 2,500 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.
- 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.
- An independent judging panel comprising over 30 independent consultants and industry veterans across the region with valuable industry insights will contribute to the decision-making process, while making references to our proprietary interactive survey results that allow for a deeper dive into what is on the customers’ minds.
- You will then be invited to participate in a closed-door review session with our senior committee member to discuss the judges’ feedback. You will be offered a 7-day rebuttal window to address any missing information or misinterpretation of the information you provided in your submissions.
- The very kind jurors will review the additional information you provide and offer their final judgment and scores.2
The new BENCHMARK Star Quality Ratings
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 5-Star Rating ★★★★★ – The top 10% of the performers in each category will be rated as a company worthy of the five stars, and these companies are considered to be amongst the best of breeds.
The 4-Star Rating ★★★★ – The top 10%-35% of the performers in each category will be rated as a company worthy of the four stars, and these companies are to be considered as better than most of their peers.
The 3-Star Rating ★★★– The top 35%-65% of the performers in each category will be rated as a company worthy of the three stars, and these companies are to be considered as about average among their peers.
The Rest – Performers scoring below 65% in each category will be rated as “the rest of the pack”.