Quality Product Research: addition of specific injury insurance rating

Specific Injury Cover is of great benefit in circumstances where ACC or other insurance policies do not provide sufficient financial protection. Although it presents as a succinct product (or optional benefit), it offers a comprehensive injury cover at an affordable price. It may be the case that this product appeals only to a particular market niche, but we believe that its benefits and features are of considerable value and should therefore be included within our rated products’ suite.

We have a draft comparison of those insurers who offer this product but are yet to release this publicly, pending data to support our ratings.

We invite you to join us on this rating process as we greatly value your input and feedback on changes we make to our platform. We are looking at gaining further insight into this product and would really appreciate any data that you are able to share with us from experience. We are especially keen to gain a better understanding of:

  • The most claimed benefits within Specific Injury.
  • The most claimed fractures.
  • The features that are claimed more than once.

It would be of considerable assistance if you are able to provide us with relevant data and claims information.

Once we have received and reviewed all the feedback, relevant information and data from the Insurers we have communicated this to, we will publish a preliminary rating report for you to review.

Please note that at this stage, the rating framework we have formulated for Specific Injury Cover can change depending on the information we receive from those insurers who wish to participate in this exercise. The finalised ratings will subsequently be published and be available to view on Quotemonster.

If you're interested in being involved in this rating, have had a client with a claim, or are an expert in this field please email us on researcher@qpresearch.co.nz 

We look forward to your assistance and input with this rating exercise and thank you in advance for your participation and time.


Quotemonster training session - check out the new website!

We invite you to join our next training session with Kelly, our National Partnerships Lead, which takes place on Monday, 23 May 2022 10:00 AM-11:00 AM. 

In this introductory session, we will go over the basics of using the website including: 

  • How to directly compare two insurers for replacement business (Head-to-Head) 
  • How to download our detailed comparison and client friendly benefit overview or heat map report
  • How to add banks and non-adviser companies to your Research comparison 
  • How to find older policy documents

...and you’ll get a look at our new website.

All Industry members are welcome to join this session so please register your interest by emailing us on info@quotemonster.co.nz

Please feel free to contact us if you're also interested in a 14-day Research trial!

Happy Crunching!


Quotemonster is hiring: Research and Customer Service Support

Quality Product Research has helped crunch over 10 million insurance quotes over the last ten years via Quotemonster. We are now the leading platform in New Zealand for Advisers to quote and research the Life and Health insurance market and are looking to welcome a new Research Support member into our close-knit team based in Birkenhead, Auckland. 

You will work alongside various other departments within our company encompassing a range of responsibilities - the more technical side of research and product analysis and the more service-focused side of supporting our clients. This role would suit someone who has an exceptional and professional level of customer service. This role could be split into two part time roles to focus on either customer service or research for the ideal candidates.

Click here to find out more and to apply.


Quotemonster introductory training session!

We invite you to join our next training session with Kelly Pulham, our National Partnerships Lead, which takes place on Friday, 8 April 2022 10:00 am-11:00 am

In this introductory session, we will go over the basics of using the website including: 

  • How to directly compare two insurers for replacement business (Head-to-Head) 
  • How to download our detailed comparison and client friendly benefit overview or heat map report
  • How to add banks and non-adviser companies to your Research comparison 
  • How to find older policy documents

...and you’ll get a look at our new website.

All Industry members are welcome to join this session so please register your interest by emailing us on info@quotemonster.co.nz

Please feel free to contact us if you're also interested in a 14-day Research trial!

Happy Crunching!


Quality Product Research: Medical - Major review process commenced for UCR Limit

Introduction

Medical insurance is one of the most hotly contested areas of product comparison. Adjustments are made frequently to our Research to keep up with changes, however it’s still a complex and difficult product to compare. Following a challenge by a rated company to our methodology for assessing UCR/EMP/network limits, it’s time we reviewed the method of how insurers apply UCR Limits and have therefore started the process of a major review of this item.

Theme of review

We would like to begin by renaming the item from “UCR Limits” to "Network or market price limits/UCR"

Our review seeks to categorise and evaluate the impact of the following:

1) No requirement to use specified providers/network and no UCR/EMP

2) Requirement to use specified providers/network

3) UCR/EMP applied to all costs (including specified providers /network)

4) UCR/EMP applied to only non-network costs

5) UCR/EMP applied only specific sets of costs (e.g., overseas)

Review process

We will begin by alerting insurers of our plan to review, including the five points above anticipating they will respond with which applies to their product with appropriate references to their policy document.

Once all required information has been collected, we will make the appropriate changes to our database and share our new rating on our social platforms for further feedback.

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Manager, Quality Product Research Limited, researcher@qpresearch.co.nz


Get more out of the monster - quotemonster overview

Get comparisons with banks, direct insurers, and explore new report features. If you’re new to Quotemonster or interested in a refresher after the holiday season, we invite you to join our first training session with Kelly, our National Partnerships Lead.

This will take place this Wednesday, 23 February 2022 10:00 am-11:00 am. 

In this introductory session, we will go over the basics of using the website including: 

  • How to directly compare two insurers for replacement business (Head-to-Head) 
  • How to download our detailed comparison and client friendly benefit overview or heat map report
  • How to add banks and non-adviser companies to your Research comparison 
  • How to find older policy documents

...and you’ll get a glimpse into our new website coming soon (but you have to stay to the end of the session). All Industry members are welcome to join this session so please register your interest by emailing us on info@quotemonster.co.nz. We have also uploaded a number of tutorials and trouble shooting videos to our YouTube Channel and you can click here to access them.

Happy Crunching!


Quality Product Research: Proposed rating for HIV

Introduction

According to the New Zealand AIDS Foundation, in 2020, 162 New Zealanders were diagnosed with HIV – the lowest number since 2012. Advancements in reproductive medicine have led to a low prevalence of the virus in our country and ultimately a low weighting in our Trauma Research. We have renamed Medically Acquired HIV to HIV and rated insurers based on the coverage they offer for both Medically and Occupationally acquired HIV.

For more information on HIV in NZ click here

Sub-items rating review

Please find our proposed rating below: 

HIV

Notes

Our Research rating reflects the similar approach insurers take with their HIV definition. While AMP Lifetrack and Westpac require an incidence report within 14 days, most other insurers request a 30-day notice period, and a negative HIV antibody test must support a potential claim. AMP also includes the previous requirement for any claims outside of NZ or Australia, whereas Westpac entirely excludes any overseas coverage. Most insurers also require evidence of medically acquired HIV from a recognised health authority and after reviewing several online resources, the likelihood of this seemed relatively low.

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Manager, researcher@qpresearch.co.nz

 


Fidelity Life enhancements

Along with introducing a range of system upgrades, Fidelity have also released a series of changes to their product suite effective 15 November 2021.

Some of these changes include:

  • Enhancements to their CPI and Indexation option
  • Changes to Survivor's income cover
  • Amendments to the total disability and Trauma (Severe inflammatory bowel disease) definitions
  • Funeral fund and Defined disability income protection cover will be removed from sale
  • Clarity of wordings and cover name changes to various policies

Additionally, these enhancements have not led to any pricing increases and full information can be found on the Apollo Illustrator or the attached article. We have received the full range of policy documents from Fidelity and are currently working to release the next database with these updates in the next few weeks.

Please feel free to email us on info@quotemonster.co.nz if you have any questions 


FYI: Are you looking to compare Funeral plans?

Here is a handy hint for Research and Advicemonster subscribers! 

If you're looking to compare a Funeral Plan, you can access our static ratings and policy documents directly on Quotemonster.

Once you've logged in, click the Research Tools button, the the purple Research Tools tab and scroll down to "Funeral Plans" 

Funeral

 


Quality Product Research - new zoom training sessions added for Quotemonster & Advicemonster!

We have scheduled the following training sessions for November & December! 

Make the most out of your time at home or refresh your knowledge by joining one of our sessions below:  

Quotemonster Basic (Introductory session - great for new users or for a refresher) 

  • Wednesday, 10 November 2021 11:00 am-12:00 pm 
  • Thursday, 25 November 2021 11:00 am-12:00 pm 
  • Thursday, 16 December 2021 11:00 am-12:00 pm 

Quotemonster Deep Dive (great for advanced users who use Quotemonster on a regular basis) 

  • Thursday, 18 November 2021 11:00 am-12:00 pm 
  • Thursday, 9 December 2021 11:00 am-12:00 pm 

Advicemonster (great for those who would like to learn more about our Statement of Advice (SOA) subscription) 

  • Thursday, 4 November 2021 11:00 am-12:00 pm
  • Thursday, 2 December 2021 11:00 am-12:00 pm

Please feel free to email us on info@quotemonster.co.nz with the session you'd like to attend and we will organise to send through the zoom link