It is important to understand that the coverage score is not a subjective score on how “good” a product is. The coverage score is a purely mathematically generated score (which GoBear has no manual input into) of a financial services product calculated and generated via an algorithm based on the coverage amounts of each of the top-5 most searched for features/benefits of a product relative to those of other insurance products of, and from, other providers. In order to derive this information, GoBear gathers all available market/public data on all products available in the market. We then include this data in our database and derive the minimum, maximum and median of the said top-5 features and benefits and set “from-to” ranges from 0-5 points – checking for even spreads during and at the end of the process.
For example, with regard to health insurance products, the top-5 features/benefits on which the coverage score would be calculated would typically include:
- Maximum payout per policy year
- Where I'm covered
- Outpatient benefits
- Dental benefits
- Routine pregnancy
Based on the above, a score is then assigned to the product's coverage for every one of the top-5 features/benefits out of a maximum of 5. The average of the 5 coverages is taken to give a score out of 10. The score assigned is completely based on the respective coverage amount and no other factor(s). All products are assessed using the same methodology and coverage ratings making sure that the scoring is uniform, unbiased across all products and providers.