Quotemonster already helps more than 3,000 advisers to do price comparisons on the most popular insurance products in the market - completely free.
Out of them more than 1,300 advisers have also discovered the power of insurance product research to help them identify the meaningful differences in product, personalised to each individual client based on their age, gender, occupation, and product selection choices.
But just a couple of hundred advisers are “power users” sucking every possible advantage out of the system. These are the extra services that they use to build the best insurance report possible. Just because, here is a run down of all the cool things Quality Product Research does now.
Quote the market We provide premiums for 10 companies.
Research We research 28 companies and over 70 products
Head to head – a more detailed comparison of just two products ‘head-to-head’ showing the differences between them to help your client make an informed choice.
Underwriting requirements – based on your client’s choice of products and sums insured we do the hard work of picking through the non-medical requirements and produce a report which shows exactly what paperwork, tests, and exams are required. A huge time-saver. Really useful for clients scared of needles. Eliminates ‘you didn’t tell me that’ objections.
Statistics that help you sell: everyone can add a personalised client risks report which tells your clients their working life risk of death, total disability, temporary disability, and trauma.
Recommended product premium choices: if you have chosen a specific company to recommend but you don’t know whether the client would prefer a wait period of 4, 8, 13, or 26 weeks, or perhaps an excess amount on their medical of nil, $250, $500, $1,000, or more? This makes it easy: it includes a table of all the different premiums for each option at the end of your price comparison report. Saves lots of re-quoting.
Needs analysis – enables you to develop a scope of service, set objectives, record what advice your client wants, capture basic financial information, and calculate an ideal cover package – in minutes, not hours, and adds all that data to the comparison report. Automatically sends the values to the quote saving more time.
Historical policy documents are searchable by date, company name, and type.
Partners Life have announced a few product changes effective 1 October. They wrote:
We are pleased to bring you some exciting new products, benefit enhancements and increased commission options. The enhancements to existing policy wordings are passed back to existing clients under our Guaranteed Upgrade of Future Benefits feature. Please remember that while benefit improvements are applied to existing clients, any claims events arising before the effective date are determined according to the policy wording before the enhancements are added.
We trust these enhancements will be of great value to you and your clients, if you have any questions please contact your Sales Manager.
You can find out more about their new commission options, which includes a return to upfront medical commission of 125% with a renewal commission of 7.5% - details here. They will now allow Mortgage Repayment Cover to be based on income, read more here. Some improvements have been made to Severe Trauma and Trauma Cover conditions which can be viewed here.
A tough definition of robo advice could be: “Can enable a compliant personalised advice recommendation to be made without the requirement for a human adviser to be responsible for the advice”. We aren't alone in choosing that definition. We think it is what MBIE has in mind when it writes about robo-advice licensing, because they view a law change as necessary to meet this definition.
On the other hand you may take the view that robo-advice is the involvement of technology at any point in a process which may result in a sale, whether that contains 'financial advice' as defined by law. We have some different terms for that - we call them 'adjacent' to the strict definition of robo-advice, here are some current examples to illustrate:
Adjacency 1: robo ‘nearly-advice’ – best example: LifeDirect, it is robo, but it is a sale without financial advice.
Adjacency 2: ‘nearly-robo’ advice – uses technology to make the adviser much more efficient at the actual advice process – we think Quotemonster, and QPR fit into this category - these are adviser tools.
Adjacency 3: ‘technology enhanced advice’. In this case the technology doesn’t play a role in working out the advice (it doesn’t capture requirements and help make recommendations) but it facilitates the process of doing that. Specialised examples include some kiosks and Suitebox.
Adjacency 4: 'robo-to-advice' which uses combinations of tools to help clients self-qualify, or complete aspects of the advice process themselves, to bring them better prepared into an advice-giving discussion with an adviser.
There is a lot of room for development of effective services in each of these areas. We are very interested in developing services for advisers in the last category.
Part seven in our series in building the best insurance report with the least wasted time.
Financial advice is fundamentally about solving a problem that the client has. So understanding what the customer wants, while being clear about what you can and cannot do fulfills two important goals:
The first is that it gets the advice on the right footing – being about the client. That’s good for sales, and also, not by accident, happens to be one of the critical steps to creating a recommendation compliant with our laws and regulations.
The second goal it meets is that by putting your services on show it both supports the whole idea of financial advice, and getting advice from you in particular. That all adds up to defining the engagement.
So that’s why the second step of the needs analysis on quotemonster.co.nz is all about defining client objectives.
If you are not sure about how to find this page it’s simple. At Quotemonster.co.nz hit the ‘get crunching’ button and put in basic information to enable you to do a quote, hit next. Then look at the top of the screen and find the ‘needs crunching’ button and click on that. You need to complete the scope and priorities page, click next and you are at objectives.
Clients can select up to four objectives. We have given you a drop-down list of the most common types of objectives that clients have for insurance-focused financial advice. You do not have to have as many as four objectives, of course. We do recommend that you choose at least one. Look through the objective list – familiarise yourself with the choices from ‘Get a reasonable package of insurance for my budget and circumstances’ to ‘ensure my family keep our home if I cannot work…’
The last box does not have the drop-down list but allows you to record an objective in your own words – or even better, the words the client used, those are the ones they will connect with emotionally, creating more emotional motivation for a good solution.
After that we suggest you are your client the questions in the list ‘What area would you like help with.’ Having worked with a number of advisers that have had legal disputes with clients we cannot tell you how helpful it is to check with them on these questions.
Now look at the drop down box. Notice that there are three possible answers. “Yes” and “No” and “Help me understand this”. This helps you to identify and address any financial literacy issues. Or put another way, if you are moving a bit fast and the client isn’t sure what you are talking about, look for those signs here. Explain how your service works and move on when the client is ready.
When you have completed the page click next to progress to the next stage – which will be financial details.
The next part in the series looks at the one-page approach to capturing basic financial information necessary to form an initial view on insurance recommendations.
Southern Cross have come under fire for not approving digital tomosynthesis, the latest technology in breast cancer screening. According to this article researchers say it can help detect the disease 40 per cent earlier using more detailed 3D images of breast tissue than a standard 2D mammogram.
Gen Re has this article on critical illness definition standardisation, for an Asian perspective. It includes some commentary on the UK experience as well. One gets the feeling that Gen Re is a supporter of standardisation, talking up the benefits of consumer confidence. That was supported by the UK's experience. However, the ability to vary 'above' standards would be a minimum, for me, otherwise, it squashes competition and experimentation.