LMI Group says star rating criteria on its insurance claims comparison website will be made more transparent for the second round of performance rankings.

Founder and MD Allan Manning says extra information will be provided, including weightings given to criteria and the ownership of brands.

The changes are in response to requests from the Australian Securities and Investments Commission (ASIC).

Professor Manning says the website has received a good response from users, and ASIC supports the concept. “They were really very impressed with what we are trying to do,” he told insuranceNEWS.com.au. “They just want a bit more detail.”

The website ratings are based on factors such as the hours claims representatives are available, the chance of a dispute going to the Financial Ombudsman Service (FOS), choice of repairer (in motor) and a combination of industry feedback and LMI claims service division experience.

“We have another lot of FOS data out, so as soon as ASIC gives me clearance I will put out the second round of ratings,” Professor Manning said.

He says commercial motor, commercial travel, strata and product recall will be among products added to the website next year. The site has so far rated insurers for home building, home contents, private motor, private travel and small business/farm.

Longer term, the website expects to include more input from broker surveys and incorporate customer feedback.

insuranceNEWS.com.au is the media partner of claimscomparison.com.au.