Quality Product Research Database Upgrade to Version 8.2

The Quality Product Research Database has been upgraded to version 8.2. Corporate subscribers will find the databases in their shared folders, file transfer locations, or will receive a data stick as per their preference, today. The database in in QA right now, but will probably be made live on Quotemonster overnight. The main changes are: 

1. Changed Accuro Medical Diagnostic benefit.

2. Updated Asteron Life versions

3. Rated Asteron Life new disability product (Workability)

4. Revised BNZ Redundancy Wordings

5. Revised all companies disability Retraining and Rehabilitation item (increased weighting for this item)

6. Updated Fidelity Life wordings (no product change).

7. Rated Cigna disability.

8. Updated AA Life wording.

9. Rated OnePath Mortgage Cover Deluxe

10. Reviewed AIA trauma Special Events Increase option (increase score).

11. Rated Co-op Bank Life.


Quality Product Research New Database Version 7.7a Now Live

Quality Product Research New Database Version 7.7a is now live on Quotemonster. Between 7.6 and 7.7 the following major changes were made: 

SBS - Life & Trauma rated.
AA Life - Income Cover (AV) rated.
AIA Life Cover rated.
AIA Trauma Cover (SA & Acc.) rated.
AIA Income (AV & Ind.) rated.
AIA Mortgage Repayment rated.
OnePath Redundancy Cover rated under all Income Products & Mortgage Repayment. Existing redundancy cover for all othe providers reviewed.
Sovereign review (Life & TPD & Mortgage Protection).
AMP RPP Income (total disability to age 70)
AMP RPP - 'future insurability' and 'special events' increase added to Life, Trauma & TPD.
Medical Review changes for Sov ans Accuro.
Product changes to Asteron Trauma Acc and Standalone

Version 7.7a has a minor fix incorporated and went live overnight. Subscribers to the database will receive in the database in the usual way. Users of the Quotemonster site are already using the new database. 

Insurance Pricing and Commission Changes Effective 1 January

A number of pricing changes take effect from 1 January: 

  • Partners Life re-priced most lines
  • Sovereign have changed a policy fee

Commission changes:

  • OnePath's new commission schedule applies from 1 January

All these changes will be covered in full detail in our life pricing survey, medical pricing survey, and commission comparison report. 


28 Companies Now Researched by Quality Product Research

The New Zealand insurance market is richer, bigger, and more complex than you might suspect. Through adviser demand Quality Product Research has expanded the number of companies researched to 28, and that number is still likely to rise. 

If, like most advisers, you don't use anything like that number of companies, they may still be useful to you:

  • You may come across their products in the market and wish to do a comparison.
  • You may be looking for a product solution for a client and find it is offered by an insurer you were unaware of.
  • You may be approached by a new company and wish to build competence in advising on their products before you talk to clients about them. 

You can check out the full list at the Quotemonster blog


Upcoming OnePath Product Enhancements

OnePath have announced upcoming product enhancements to their life insurance suite. 

From December 8, OnePath Life will offer:

  • New Loss of Earnings Cover based on 75% of the actual lost income, suited to customers with a stable income.
  • New Loss of Earnings Ultra Cover which provides additional flexibility for people on fluctuating incomes.
  • New Redundancy Cover for people wanting to match their income cover or mortgage repayment cover for up to $4000 per month.

Enhancements to their Mortgage Repayment product include:

  • Covering up to 115% of mortgage repayments
  • Ability to increase cover in response to an increase in interest rates (without further health evidence)
  • Customers will now be able to add on a Deluxe option with more product features

Financial Underwriting Limits

While the non-medical sum insured triggers for further tests are high in New Zealand compared to the rest of the world the trigger level for financial information is significantly tougher here - a recent example from the UK suggests:

Zurich in the UK allows a limit of 2million GB pounds before requesting financial information, which is about 74 times the median weekly earnings. link.

OnePath in New Zealand, just to pick a company, allows a limit of $2million NZ which is about 44 times the median weekly earnings.