Industry Services Overview
Chatswood provides a range of services to the life and health insurance market. Our most popular product is bespoke consulting to individual insurers around a particular market, product, or channel that is of current interest. After that we have more insurers subscribe to premium comparison and quarterly life and health reports than most of the other services. Data for digital is our newest service. As digital advice becomes more and more important we expect to deliver more in that area.
Research products:
- Premium Comparison: Life, Trauma, TPD, and Income Protection database
- Premium Comparison: health or medical pricing database
- Commission Terms Comparison: terms, comparison spreadsheet, and dashboard
- Quarterly Life and Health insurance sector review
- Quarterly Life and Health insurance market data
- Data for digital sales and advice services
Frequently used management consulting engagements:
- Market review: new services often require context and our data-based approach and library of market analysis means we are ideally placed to prepare a robust and comprehensive market review for external investors, audit purposes, presentation to board, and your most valuable distribution partners.
- Adviser research: through working with hundreds of advisers Chatswood has the relationships needed to engage with advisers to discuss individually or in focus groups, and test your proposed product, remuneration, and strategy changes. This work can either be in close co-ordination with you or on a no-names basis.
- Strategic alliance evaluation and agreement planning: choosing what services you develop and with which partners is one of the most difficult decisions. Our regular engagement across the market means we can contribute perspective to these choices.
- Benchmarking and review: establishing a benchmark for product and price performance relative to the market and testing your offer against that in a robust way is one of the best tools for product line management. We do this very well.
- Digital advice process review – a rich understanding of different advice models across a range of channels to help you navigate the change to digital advice.
- Product development – full range of services for new life and living benefits product development from ideation, development, testing, systems requirements, to channel selection, launch, and review
- Change management - by bringing an external view to the process of managing for change we can help your organisation avoid groupthink, and offer a different process for the evaluation of options for change. We like to use a variety of predictive approaches and modelling, and include as much factual information from our data products as we can in future-casting.
- Reference standards: a powerful operational tool mapping all the legal, regulatory, and common contracted obligations to the distribution process to enable effective compliance management. Available for life and KiwiSaver.
Premium Comparison: Life, Trauma, TPD, IP, MP and level premium products
One of our most popular services. Our review of industry pricing enables rapid comparison of prices from all the leading life companies offering their products through financial advisers. It enables comparison on a large scale and includes many powerful analysis tools. Graphical depictions of the data make exploration of pricing positions and inefficiency easy. Data is provided in either MS Access, Tableau, or Excel form. We are also happy to connect our data supply to other actuarial analytical tools you may choose to use. Subscribers enjoy the ability to specify their own bundles of the combinations of cover that they most want to track and have those supplied. Updates are usually within days of a change in the market. Subsets of data for those interested in just direct or bank offers are also available. Support hours are included in the subscription service. This service has pricing history reaching back to 2009.
Premium Comparison: Medical or Health Insurance
The medical comparison database allows extensive comparison of medical product pricing for companies distributing through intermediaries. Data tables cover basic, basic plus specialists and tests, couples, couples with children, with and without policy fees, for a range of excess options and includes policy fee and minimum premium data. Available in the same forms as the life premium comparison above. Also supplied with support. If you subscribe to both services then we are happy to provide you with combinations of life and medical insurance benefits as part of the service. This service has pricing history reaching back to 2009.
Commission Comparison
Our commission terms survey makes it easy to dynamically review the ways the commission terms offered to financial advisers by life companies vary depending on business size, persistency, business mix, and so on. Sensitivity is rapidly determined using visual modelling. The service is updated whenever major changes in remuneration are announced by the major life companies. A sample of some of the output screens is shown below. Many more views of commission payments made, non-commission services to adviser businesses, and payment terms can be accessed from the research. History is available to the early 2000's.
Quarterly Life and Health Insurance Sector Review
We also track industry news. We build a picture of the industry up from a review of news items for every major insurer, medical insurer, dealer group, bancassurer, industry association, and add to that specialist commentary on regulation, product, pricing, financial performance, and people. Current issues for the industry are considered in the light of the recent news. This is our most popular product, purchased by most industry participants, and includes a quarterly presentation to your senior team to allow for questions and context around the report.
Quarterly Life and Health Sector Market Data
Product and advice process insights based on adviser quoting behaviour (in aggregate), preferred companies, product and price indices, and channel market share.
Data for Digital
Digital no-advice and digital advice services usually require data to help clients form a view about the products, options, and sums insured they wish to purchase. We provide both underlying insurance advice algorithms and supporting sum insured data to several companies offering digital services.
Other data or market information available
- Client lapse and repurchase model
- Adviser sales and revenue model
- Regulatory changes tracking
- Sales reference standards – all legal and regulatory requirements for personal insurance sales
- Channel market share
- Pace of change data - frequency of changes to policies and pricing for each
- Average basket of insurance sold
- Numbers of members of groups and dealer groups
- Market share of quoting
- Pricing index
- Market structure
- Advice use cases