Brokers slam Defaqto's 'highly dangerous' PMI ratings


Medical insurance brokers have branded Defacto's new private medical insurance (PMI) star ratings as ‘highly dangerous and not in the best interest of customers'.

They also said some of the rankings left them bemused and did not make sense. As COVER reported, the new ratings are Defaqto's first foray into the PMI sector and were released earlier this week alongside its usual protection product analysis. And while the analyst's protection ratings are not immune to criticism, it is usually from insurers rather than advisers. However, having studied the new star ratings results, the Association of Medical Insurance Intermediaries (Amii) has raised significant concerns with the process. Andrew Tripp, chairman of Amii, said many of the ranking...

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