The critical illness market has become hugely competitive in recent times with many insurers now offering multiple propositions. FTRC’s 2019 critical illness ratings have benchmarked 23 different products from 13 different insurers with an aim to providing advisers with an indication of the most comprehensive products in the market. In this insight we explain some of the methodology behind our approach.
The critical illness ratings benchmark each insurer proposition across a range of different product features which were most selected by users of our comparison tool Quality Analyser (www.qualityanalyser.com). Each proposition was given a score for each feature based on how comprehensive their offering is, which was then turned into either a gold, silver or bronze medal.
To calculate the overall score of each product we applied a weighting to each individual feature based on how important users of Quality Analyser deemed them. This meant that certain features (i.e. our doctors’ analysis of adult critical illness conditions) had a bigger impact on the overall score.
The individual features we benchmarked were:
Adult critical illness conditions
Our panel of medical experts analysed each insurer product and provided a score of between 0 and 100 for each condition based on how likely a client would be able to claim if diagnosed with the given condition. We then utilised gender and age banded incidence data to identify which conditions a client is most likely to suffer from between the ages of 16 and 80 and applied a weighting to each condition accordingly. This ensures that the conditions a client is most likely to suffer from have a bigger impact on a product’s overall score than those that they are unlikely to suffer from. Based on these two factors each insurer was given an overall mark.
To benchmark the amount each proposition will pay we captured the maximum percentage and monetary amount that will be paid in the event of a claim for each condition. This, combined with the incidence data stated above to understand the conditions a client is most likely to suffer from, enabled us to provide an overall score showing which insurers are likely to pay more.
Children’s Critical Illness conditions
As per the adult critical illness conditions, our panel of medical experts also analysed the children’s critical illness wordings and applied age banded incidence data for the ages a child will qualify for cover in order to weight each condition based on what they are likely to suffer from.
Added Value Benefits
Within the added value benefits category, we benchmarked a range of value services including counselling, critical illness buy back, fracture cover, global treatment, access to GPs, health & wellbeing, legal, lifestyle discounts, rehabilitation and second medical opinions. For each of these we benchmarked who can access the service, when it can be accessed, how it can be accessed and the comprehensiveness of the service to achieve the overall score.