Insurance Logic (an affiliate of Resolve Tech Services) has developed Insurance Policy Scoring (IPS) and Insurance Policy Metrics (IPM). IPS and IPM provide a claim simulation methodology for comparing insurance policies. There is no other standardized insurance product rating system available. IPS is patent pending with the USPTO.
Importance of an Independent Policy Rating and Policy Comparison
Ratings, opinions, reviews and comments are prevalent on the internet for insurance policies and comparison. Policy terms and conditions may vary considerably by insurer along with difference in premium. One insurer may offer favorable coverage, but also with a very high premium. Another insurance policy may have a moderate level of coverage and a much lower premium.
Insurance is Confusing
"Comparing Apples and Oranges:"
A policy comparison is dependent on many variables and reviewing wording is subjective. The significance of different wording, (insuring agreement, definitions, terms and conditions, exclusions) are hard to aggregate and weigh together. The IPS Factor allows a user to calculate various claim simulation examples utilizing the quoted premium and reach a common answer based on various claim examples and policy conditions. For certain policies, the same insurer based on premium may have a more favorable IPS index if claim risk/amounts are high and less favorable IPS index if claims risk/amounts are low. In other instances, an insurer based on premium may have a favorable IPS Index for both high claim risk/amounts and low claim risk/amounts. The IPS Index will demonstrate relative value for each case. IPS addresses a major gap in insurance by providing a standard of measurement for comparing polices.
Which Policy is the Better Value?
The Insurance Policy Scoring provides a relative value that allows a user to evaluate a policy compared to other policies on a numerical basis. Insurance: All types of insurance policies can be evaluated including property, casualty, professional liability, directors and officers liability, pet health insurance, cyber liability, travel insurance, etc.
Insurance companies can receive an independent policy rating.
Agent/Brokers and Insureds can compare insurance policies
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