How to benchmark insurance products with RIPLAY
Ever picked the cheaper product, then found it covered less? Build a fair benchmark from each product's RIPLAY, field by field.
Have you ever put two health products side by side, marked the cheaper one as the better deal, and then found out it was priced for a younger customer with a lower hospital limit?
It's an easy mistake. Premium tables look tidy, and marketing names make different products sound alike. The details that make a comparison fair are in each product's RIPLAY, but reading every document for every field takes time, so many benchmarks end up as a list of names and prices.
The steps below help you build a benchmark you can trust, without checking hundreds of cells.
1. Start with what you need to decide
A benchmark with no decision behind it grows into a spreadsheet nobody uses. Start with the insight you or your team actually need, for example:
- Should we refresh our product?
- How do our features compare with competitors'?
- Which products should go to actuarial or legal for a closer look?
Then set the scope: which customers, which product line and which channels. That tells you which products and fields belong in the table.
2. Pick products that are actually comparable
Two products can both be called "health" and still work very differently. One pays back hospital bills, another pays a lump sum when you're diagnosed with a critical illness. Comparing them field by field gives you a misleading answer.
Start with a wide list, then cut it down to the products close enough to compare. Note why each one made the cut, so nobody reads the table as a full list of what's available or assumes the missing products were worse.
3. Compare only the fields that matter
A dozen fields you've checked are worth more than hundreds you haven't. Pick the ones that affect your decision:
| Field | What to look for |
|---|---|
| Who it's for | Entry age, eligibility and other conditions |
| What it covers | Benefits, limits and how key terms are defined |
| What it excludes | Restrictions that change the comparison |
| Policy terms | Term, currency and how premiums are paid |
| How it's sold | Agents, banks, online or other channels |
| Price | What premium information exists, and for which customer |
An empty cell can mean the benefit isn't offered, doesn't apply, or is described in another document. Find out which before you write "not included."
4. Check each important field in the RIPLAY
For every field that affects your decision, find the line in the RIPLAY that supports it. Make sure it's the right document: same insurer, same product, latest version.
Yes or no often isn't enough, because a benefit might apply only to one plan or one type of customer. Mark each field with one of three labels:
- Confirmed: the RIPLAY says so.
- Only under conditions: true for some plans or customers. Note which ones.
- Not found or unclear: you couldn't confirm it from the document.
Note which document you used and when you checked it, so anyone can follow up later.
5. Don't rank products by premium alone
Say Product A costs half as much as Product B. It looks like a clear win, until you notice A's price is for a 25-year-old with a lower hospital limit, and B's is for a 40-year-old with full cover. A fair price comparison needs the same customer and the same cover: age, limits, deductibles, payment period and so on.
When those don't match, use premiums only to narrow your list. For a real price comparison, get current quotes for the same customer profile.
6. Keep facts apart from your opinion
A benchmark can still recommend something. Just make it clear which part is which:
- Fact: the RIPLAY lists this benefit, under these conditions.
- Opinion: this design may suit young families.
- Open question: how does the waiting period apply to our target customers?
That way product, actuarial and legal reviewers can each find what they need without rereading the whole table.
7. Say what's missing and when to refresh
Be upfront about the limits: which products you left out, which fields you couldn't confirm, and when you checked. Products and terms change, so set a date to refresh the benchmark before anyone uses it for a big decision.
A benchmark template
Copy this table into your notes and fill in the right-hand column. The middle column says what to write, and the example shows one finished version for a team reviewing its hospital cash product.
| Field | What to write | Example |
|---|---|---|
| Decision | The one decision this benchmark supports | Should we raise the daily benefit on our hospital cash product next year? |
| Scope | Which customers, product line and channels | Individual hospital cash, adults 18 to 55, sold online and through agents |
| Products and why | The products you picked, and why each one is in | Four competitor products with a daily benefit and similar entry ages |
| Fields compared | The fields that affect your decision | Daily benefit, ICU benefit, maximum days per year, waiting period, entry age, premium |
| Documents and dates | The RIPLAY for each product, and when you checked it | RIPLAY links, all checked in October |
| Open items | Fields marked "only under conditions" or "not found" | ICU limit unclear for one product |
| Owner and refresh date | Who keeps it current, and when to check again | Product analyst, refresh in April |
Where Flowy fits
Flowy speeds up picking products (step 2) and checking them against the RIPLAY (step 4). Filter the catalog in the Product Explorer, line up to four products side by side, and open each product's RIPLAY from its product page wherever Flowy has one.
The comparison guide walks through it, and product benchmarking shows how product teams run it.
Compare products with the RIPLAY open
Find products, compare them side by side and open each RIPLAY in Flowy. Free, no credit card.