Quotemonster updates

A monstrously big few weeks of development and change on the Quotemonster platform. Here is a list of recent updates: 

Research Updates:

  • AIA Life new policy wording May 2019
  • Sovereign Life new policy wording May 2019
  • Sovereign Mortgage Protection new policy wording May 2019
  • Sovereign IP Indemnity Value new policy wording May 2019
  • Sovereign Loss of Earnings new policy wording May 2019
  • AIA Medical new policy wording May 2019
  • Asteron Remediation Special Events and Child Benefit
  • OnePath Remediation IP, Trauma, TPD

New:

  • The Statement of Advice report now displays an expiry date
  • Asteron Life Trauma now defaults to ‘Trauma Cover with Early Trauma Benefit’ in the Settings window
  • Improved usability on small Apple screens
  • Changed the way company selections work on the Research screen. If you select companies under a single benefit it will not save this selection for other benefits . However, if you choose ‘Package’ first and then select companies it will save this selection for each of the benefits.
  • Added a new option for printing prices from the Benefit Details screen. If you click on the price for a particular company the price details screen now has an option to print out the price for that single company as well as an option to print all price

Improvements:

  • If you are combining providers for Life and Health benefits the health premium will now displays on the Head to Head report
  • Clarified the wording on the AIA Trauma Early Cancer Upgrade option to make it clearer that it is female early cancer
  • Made the Income and Expenses section of the Statement of Advice match the Needs Analysis screen
  • Improved the Needs Analysis Life and IP cover amount calculations
  • Fixed a problem with Adviser Comments on the Statement of Advice
  • Fixed an issue with Head To Head on existing quotes and tidied up the report printout
  • Made improvements to the way customer logos appear on reports
  • Fixed a problem with the research report not displaying the same companies as those selected in the Research screen.

 


Asteron Centre Evacuated Over Quake Risk

From the news: 'Six-year-old Asteron Centre on Featherston Street has been evacuated due to possible earthquake damage to its stairwells. The 15-storey building in Wellington has tenants including Inland Revenue and the Civil Aviation Authority. Click here to read more.'

We hope the Asteron Life staff can get back to normal happily when this is resolved. Our best wishes to all those affected by the earthquakes. 


Premium Comparison V81 - Tableau Version

A Tableau version of the latest Premium Comparison Database is now available to all subscribers. It has the same data as Premium Comparison V81 that was sent out a couple of weeks ago.

You will need Tableau Reader 9.1 to open it, which can be downloaded for free here:

http://www.tableau.com/products/reader


Asteron Life Workability Pricing Live from 11 August on Quotemonster

Asteron Life's newest income protection product "Workability" will be live for quotes on quotemonster from from 11 August. Research will follow in the next couple of days. 

Robyn Prentice, Manager - Product, Suncorp Life, talked with a real sense of mission about the problem of people not insuring their income because they are scared off by the high price of traditional income protection products. Workability is designed to address that need. Although with a focus on price you can imagine that the product will not compete in terms of high replacement ratios or long lists of generous features. After one year the "own" occupation definition switches to one based on "education, training, and experience."

Nonetheless it does manage to surprise in a couple of areas. The focus on rehabilitation means that a client could qualify for a rehabilitation benefit even before a total disability benefit is paid. That is interesting - and one of the claims people we spoke with felt that was a feature which could be used in many claim circumstances. 

We will write in more detail about the product when we publish the research later this week. 

This is how to find the new product on quotemonster: 

Workability Pricing


Coming up: Asteron Life Announce Price Increases

Asteron announced last Friday a series of pricing changes that will take effect from 10 August. The lines of business are:

  • Personal and Business Insurance
  • SmartLife (includes SmartLiving, SmartLife Max, SmartBusiness, and Income Protection)
  • Smartplan
  • Economyplan
  • Careplan
  • Incomeplan

Here is a table of the premium changes:

Clipboard01


Asteron (Australia) Proposes 'Naked Commission' Model

Asteron Life Australia has recently proposed a wholesale model in its confidential submission to John Trowbridge, LIAWG independent chairman.

Asteron Life executive manager Mark Vilo outlined the main points of its response to the Trowbridge Report and commented directly on the level commission proposals at a recent adviser roadshow in Sydney.

“One of the things we put forward in the response was the idea of having a form of naked or wholesale pricing, in the same way that the investment fraternity do,” he told the audience.

“The adviser acts as a wholesaler. If the client comes to Asteron Life, they pay the full rack rate, but if they go via adviser they get the wholesale rate and the advisers can dial up the fee.”

Please note this article refers to Asteron Australia

Click here to read more.


Chris Bell Leaving Asteron Life

It is Chris Bell's last day as manager of the claims team at Asteron Life today as he leaves to pursue other interests. Many people will know and like Chris Bell's approach to the team, always exuding compassion, competence, and a balance which has made him widely respected. I have heard him talk about the claims process and managing disability claimants back to work - and it is an important and difficult task. He was part of my early career when he managed the underwriting team at Prudential. He will be missed. 


"Train Until You Want to Throw Up"

It is the antithesis of the online advert for "pills that melt belly fat" and it is the truth. Along with "eat lean" and "70% of how you look is about your diet" the other 30% is covered by "train until you want to throw up". There are no easy answers. From Asteron's excellent blog interview with Hugh Jackman. Link