Partners Life has shared the rating criteria for the enhanced Customer Outcome Matrix. The matrix is based on six criterions. The first four criterions will score an adviser’s performance from 80 to 100 points and have an equal weighting of 25%. Criteria five and six are designed to apply negatives. Partners is set to share results with advisers and demonstrate how the COM Scoring Key will generate future bonus commission. For an adviser to qualify for the additional bonus they can't have any deductions under criteria 5 and 6.
"Earlier this year we communicated with you regarding the changes to our commission structure, and the introduction of the Customer Outcome Matrix (COM), designed to support advisers in demonstrating the good advice outcomes they provide for their customers. Since April, we have been sharing details of the data collection process and also recorded a webinar, to provide you with clarity on the purpose of the COM and how it can support you in your efforts to demonstrate that customers understood the advice you have provided.
As you would appreciate, considerable time and effort went into the development of this new, market leading development and we have been delighted with the fantastic feedback we have received from advisers to date.
In typical Partners Life style, we challenged ourselves to stay focused on the customer, think boldly, and importantly, for the long-term. We sincerely believe our efforts will make a real difference to both customers and advisers. Today we are very excited to provide you with more detail on the COM Scoring Key, and how bonus commission rates will be calculated moving forward.
As you know, the COM Scoring Key is based on six criteria and the diagram below explains how these criteria contribute to generating an advisers bonus rate:"
The criterions are:
In other news:
Partners Life: Quotes, Quotes for Alteration (QFA) and My Underwriting Manager (MUM) system maintenance weekend of 6 and 7 December
Partners Life: inaugural 2021 Partners Life Golf Day to be held Thursday 18 February 2021 at Formosa Golf Resort