Post on 22-May-2015
Quotemonster QPR
February 2013
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People and PurposeTeam• Quotemonster: James Punnett, Tim von Dadelszen, Conor Sligo, Tran Zha,
Matt Stern and Alex Chen Cheung• QPR: Alan Rafe, Russell Hutchinson, Frances Hutchinson, Kelly Pulham• External support: Contract underwriter, Medical, Claims, and Reinsurers Agenda• Quotemonster News & Demo• Quality Product Research News and Demo• CPD news• Special offer• Refreshments and questions
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Quotemonster NewsFast• Fast to quote• Fast to make changes • Easy to stay up to date – and all the insurers are on board
FlexibleMore options have been added• Trauma options - premium versions, early cancer upgrades• Premium IP options - loss of earnings, and premium versions• New settings options - control of occupation codes and options
Accurate• Large test-pack and lots of cross-referencing• Insurers advising rate updates in advance• More users and more options = easier to quote the situation you want• More feedback means we catch any issues• Quotemonster Blog and Mail for latest updates
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Quotemonster News
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Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-120
1000
2000
3000
4000
5000
6000
7000
Users
Crunches
More than 50,000 quotes a
month
Just passed 500,000 quotes
since launch
Just passed 1,400 users
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5www.quotemonster.co.nz 55
Quotemonster DemoFree• Quotes• Comparisons• Brochures• Documents• Reports
Example and Demo
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Quality Product ResearchHelping you meet Skill, Care, and Diligence requirements
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What is Quality Product Research?
Definition Incidence Frequency Amount
Readability Impact
Excellent, compliant recommendations, based on: the meaningful differences between products, on your
client’s actual situation, and on real-world risks.
Based on actual risks and payment
Specific to each client and options
Low cost, easy to update and
use
Male / Female
Employed / self-employed
Age
Options selected
Realistic claims scenario
Each report varied for each
quotation
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You’re The Adviser……We want to be on your team
We have no view on what product to select… we want so support you in your selection process. Our vision is to make it easier to compare insurance products, so that you, the adviser, can develop great advice for your clients.
QPR Ratings are excellent because they are: • Based on realistic risks• Client specific • Easy to buy and use
FMA guidance on insurance care, diligence, and skill examples … we have designed our approach to help you meet that
Your view may differ from ours… other information or experience of service, underwriting, claims, and client preference …but our framework will still help you identify the reasons and detail them so you can give good advice
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FMA examples of care, diligence, and skill from the FMA website: “…advisers must:
• Assess the product's suitability for the client's needs• Explain the key features and any limitations of the product to the client• Clearly articulate any limitations on the service being provided
• In addition advisers should keep records demonstrating how they have fulfilled the care, diligence and skill requirement in providing advice, and how they have disclosed and managed any conflicts of interest arising from commissions or their remuneration”
You’re The Adviser…
QPR Research In RecommendationsX
X
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QPR Does… We don’t:
Automatically personalise the research to the client and options you choose
Do generic ‘product’ reports
Love hearing from you, about how you use the tool, what you want improved
Ignore you
Rich database of policy documents that are easy to search
Look at service or underwriting issues
Want to help you meet skill, care, and diligence requirements
Believe we’re exhaustive
Respond fast to changes in product and feedback – want interaction
Think we always know best
Research policy commitments for the whole market Tell you what to sell
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QPR New Features!We Keep Delivering New Features All the Time
1. New since our last road-show:• Loss of Earnings versions of products• Sovereign and OnePath “Premier” versions of cover• Mortgage repayment cover• Financial stability ratings
2. Just Done• Medical cover• Life and TPD policy referencing enhancements• New “most important items” report• Pinnacle Life• Variable amount scoring
1. Q1 next year• Business cover• Policy referencing enhancements
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Life Product Research – Demo 1We rate life product
Why?• Include or exclude
options such as inflation and future insurability
• Bank and direct products which have more restrictions
New• Research score for
Pinnacle Life’s product• Vary research scores by
sum insured
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Medical Product ResearchNew: Medical product research available now
Why?• Quotemonster quotes medical• Many advisers have asked for it
New• Base or major medical plans• Plus specialists and tests• Plus ‘premium’ versions / options to include features like non-Pharmac
cover, and international referral services
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New Most Important Items ReportFocusing on what’s most important
Why?• Many items even added up may only amount to 5% of a policy’s value• Advisers said that they wanted a one-page report focusing on the most
important items: bigger benefits and exclusions• This report includes adviser-weighting options
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Reports Use and Reproduction How To Use Our Reports
Use the report whole• Keep on file and simply refer to the research report, or an appendix to your
own recommendation
Report plus• Extend from the report, using our structure as a starting point, then draw on
other information to make a final conclusion
Yes, you can cut material out of our reports• Use the snapshot tool in Adobe Reader, use the text select tool for sections of
text, or cut, crop, and paste to suit your report• Always bring the notes and disclaimer for each table
But, ensure you are not misleading or deceptive. Remember, your conclusions in your words, our conclusions in ours.
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Sneak PreviewWe Want to Build The Service You Want to Use
All our research is database driven, so we have a lot of data, not all of which is available on the service at www.quotemonster.co.nz.
Help us decide what comes next. Here are some ideas to get you thinking, let us know what you might like to see.
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Expiry Ages
AIA AMP ANZ ASB AST AMPRPP
BNZ FID KIW ONE PAR PIN SOV TOW WES
Business Future Insurability - 100 - 100 - 65 - 59 - - 59 - 100 100 66
Child Funeral - - - 100 - - 100 - - - - - 100 - -
Conversion 64 59 - - 50 70 - 100 - - - - - - -
Cover Suspension & Reinstatement
- - - - - - - 100 - 100 100 - - - -
Exclusions 99 100 100 100 100 100 100 100 80 100 100 100 100 100 100
Financial Planning & Legal 99 100 - 100 100 100 - 100 - 100 100 - 100 100 -
Future Insurability 54 - - 59 100 59 - - - 59 59 - 59 54 -
Grief Support / Funeral 99 100 100 100 100 100 100 100 80 100 100 - 100 100 100
Inflation Adjustment 99 100 100 100 100 64 100 65 80 100 100 59 100 74 74
Main Benefit 99 100 100 100 100 100 100 100 80 100 100 100 100 100 100
Special Events Increase 69 55 - 55 60 60 - 55 80 60 60 - 55 55 -
Terminal Illness 99 100 100 100 100 100 100 100 80 100 100 100 100 100 100
Terminal Illness Booster 99 - - - 100 - - 64 - - - - - - -
Upgrade Policy Wording - - - 100 100 - - 100 - 100 100 - 100 100 -
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QPR Group Costs
Licences Purchased Price per month per member
1 $95
5 $89
10 $85
25 $79
50 $69
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QPR Opportunity We Want To Be On Your Team
1. Low cost: there is a substantial cost advantage, and compared to not having research at all, the advantage could be everything
2. Time-saving: by using www.quotemonster.co.nz to prepare initial whole-of-market quotes your advisers can quickly develop solutions and add research without having to spend any additional time re-keying data – it’s built automatically from the quotes they have entered.
3. Improved compliance: Quality Product Research is automatically tailored to the quote produced. That means the research report only rates the items being bought, and rates automatically for the features that apply to the life being quoted, taking into account, age, gender, employment status, occupation class, and the options selected. This means the report is more accurate than generic ‘product’ ratings.
4. Personalised: the reports provided are personalised to each client.
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