Quality Product Research - upcoming Demonstrations

We have scheduled the following zoom demonstrations with Quotemonsters' General Manager Treena Jordan: 

Introduction to Quotemonster (basic) 

  • Thursday, 5 August 2021 11:30 AM-12:30 PM
  • Monday 16 August 2021 10:30 AM-11:30 PM
  • Thursday, 2 September 2021 11.00 AM – 12.00 PM
  • Thursday, 16 September 2021 11.00 AM – 12.00 PM
  • Thursday, 21 October 2021 11.00 AM – 12.00 PM

Quotemonster Deep Dive (recommended for experienced users only) 

  • Wednesday, 18 August 2021 11:00 AM-12:00 PM
  • Thursday, 9 September 2021 11.00 AM – 12.00 PM
  • Thursday, 7 October 2021 11:00 AM-12:00 PM
  • Thursday, 28 October 11.00 AM – 12.00 PM

Advicemonster Demonstration (Statement of Advice service) 

  • Wednesday, 25 August 2021 11:00 AM-12:00 PM
  • Thursday, 30 September 11.00 AM – 12.00 PM
  • Thursday, 14 October 11.00 AM – 12.00 PM

Please email us at info@quotemonster.co.nz with the session you wish to attend


FYI: How to quote Severe Trauma on Quotemonster

There are three insurers that currently offer Severe Trauma in their Product Suite – AIA (Progressive Care), Asteron (Major Trauma) and Partners Life (Severe Trauma)

For further information on each please click on the product below:   

To quote this on Quotemonster, simply select Accelerated or Standalone Trauma and click the “Severe Trauma” box below the cover amount

Here are some options on how to quote:

1. You can split the amount between standard Trauma and Severe Trauma to generate a quote for all three insurers

First

2. As a work around to the above, you can add $1 into the Cover Amount for standard Trauma and the full amount for Severe Trauma

Only two insurers will generate a comparision in this case as Asteron requires a minimum sum insured of $5,000 for their standard Trauma

One

3. By splitting the cover amount, you can generate a quote that contains both AIAs' Critical Conditions Cover and Progressive Care

Progress and CC

This method allows us to compare a premium and rating for Severe Trauma on Quotemonster, however if you have any feedback, please feel free to send this through to info@quotemonster.co.nz


Quality Product Research – upcoming zoom demonstrations

Introduction to Quotemonster with Kelly on Thursday, 5 August 2021 11:30 AM-12:30 PM

Introduction to our new report features with Treena on Wednesday, 28 July 2021 11:00 AM-11:30 AM and Wednesday, 4 August 2021 11:00 AM-11:30 AM

*New* Quotemonster Deep Dive with Treena on Wednesday, 18 August 2021 11:00 AM-12:00 PM – recommended for experienced users only. In this session we will:

  • Discuss features that are rarely used
  • Take a glimpse into our Research Database
  • Discuss the importance of our methodology and the value-based approach

Advicemonster (SOA) Demonstration with Treena on Thursday, 29 July 2021 11:00 AM-12:00 PM

Please email us at info@quotemonster.co.nz with the session you wish to attend

Furthermore, here’s a short promo video we recently created highlighting the reasons why all advisers should be using Quotemonster

https://www.youtube.com/watch?v=vfrdqooFU4E

 


Quotemonster version 3.8.9b is now live!

We are excited to announce that we have made several improvements in the latest version of Quotemonster! 

Some of the major changes include: 

  • The ability to view bank and non-adviser company premium estimates in the benefit screen
  • Two additional report features have been added – Heatmap and Benefit Overview

The Heatmap Research report is a visual experience that quickly shows which features are better via colour-coding and single words

Hea Fair

The Benefit Overview Research report is another useful addition to your tool kit, for the client who wants a simple benefit overview with a “yes” or “no” to show what is covered

Tick

You also have the option of interchanging between these reports at the Research stage and can even default to your preferred option by clicking through to “Settings”, “Quote Settings” and “Default Research Report”

New

Linh

If you are interested in joining our zoom meeting on Thursday, 22 July 2021 11:00 am-11:30 am where we will be introducing and detailing these new features, please email us on info@quotemonster.co.nz

  • For Advicemonster users, we have improved the way Joint Assets are displayed in Appendix Two of the Statement of Advice (SOA)

Please note our next Advicemonster demonstration will be on Thursday, 29 July 2021 11:00 am-12:00 pm – please email your interest through to info@quotemonster.co.nz

The changes above should already be live upon your next login, however if they are not showing, please use our troubleshooting instructions below:

  • Refresh your browser and scroll to the bottom of the page to ensure you are on version Web v.3.8.9b

Cicle

  • If you’re seeing a blue screen with our dinosaur munching away, please refresh your browser or push F5 on your keyboard

Happy Crunching!


Life price comparison database update

We have updated the life price comparison database, version 113, to reflect the changes to Cigna's pricing, which were extensive. Corporate subscribers should examine the update notes that have been sent with the database and the change report function. Advisers should check out comparisons on Quotemonster to see the effect of the changes which involved some increases - but also some notable decreases - which tended to favour larger cover amounts and the 90 day wait period for IP / MP. 


Cigna implements new commission, and more daily news

Cigna has implemented several new changes to their commission model. Advisers will now receive 100% of Cigna’s documented commission rates, regardless of their persistency rates or group affiliation. With this change, advisers will now have the power to decide how commissions are split. Commission payments will now begin from month two. Cigna has said this change was introduced in acknowledgement of the extra time and effort advisers are putting into their businesses. Another change is giving adviser the option of choosing the payment period with the as earned option. Advisers can now choose between upfront payment and spreading the payment over the first two years. Advisers that choose to spread payment over two years will ensure that there is no clawback if a policy lapses during that time. Cigna has added more selection to their discounting options. These options have been linked to spread commissions.

Renewal Commissions will now be paid from month two

We recognise that the servicing of your customers doesn’t start from month 13, it starts from the moment their policy is issued.

With the new regulatory environment you’re now operating in, we acknowledge the extra time and work you’ll be dedicating to your business. So we want to support you further as you work harder to protect your customers.

From now on you’ll be paid all the commission

All Advisers, regardless of persistency level and/or Group affiliation, will now receive 100% of our documented commission rates. We can help facilitate any splitting of commissions you need to do, but you are in total control of where it goes.

We’re introducing an ‘as earned’ payment option

Choice matters. So we’re giving you option to receive your commission payments over the first two years, instead of upfront. With this option there’s no clawback if a policy was to lapse in the first two years.

More flexibility with our discounting options

To provide you more flexibility and options to suit your customer’s needs, we’re adding more selections to our discounting options and we’ve linked these to our spread commissions.

Updating our commission to include best in market features reflects our ongoing commitment to you and helps ensure New Zealanders have continued access to the quality advice you provide.”

Cigna commission table April 16 2021 3
Cigna commission table April 16 2021 3
Cigna commission table April 16 2021 3

In other news

FSC: Register for Breakfast with Hon James Shaw

FMA: FMA targets fees charged by fund managers

ACC: ACC estimates 90 per cent of injury claims are preventable

From Good returns: From army life to life insurance - a big gun leaves the industry

Cigna: Insurance for living campaign 


March peaks interest in comparison

An all-time record high of 2,504 users on quotemonster.co.nz in the last 28 days confirmed that it was a very, very, busy March. More advisers than ever are interested in comparisons. Advisers tell us that consumers like comparisons. Guidance around replacement advice requires that either a comparison is done, or the risks of proceeding without having done a comparison are explained - for example, in this report. It seems that advisers, regulators, and consumers all agree that comparisons are an essential part of financial advice. This situation is dynamic - you cannot form a view and then keep expecting that to hold true - every quarter, on average, four insurers change the pricing for eight product lines and the policy wordings for five product lines. So if you haven't compared, how can you be confident in your recommendation? 


Quotemonster and Advicemonster updates - live now

We have updated the quotemonster site, on Thursday, and made the following items live, for more detail see below:

  1. New SOA report content setting options allow you to create more customisations for your SOAs if you are an Advicemonster subscriber. To access these click settings, then SOA Setting, then Report Content Setting
  1. New SOA template for Need analysis recommendation note pad - bring through all your calculations from the recommendation notepad in Advicemonster to quote and to the SOA.
  1. New nib rates applied to the site
  1. FSP input validation for user setting and register form - so it is important that your FSP number matches your name and the entry on the FSPR. A reminder that sharing your login is a breach of our terms and conditions and unusual account activity (like switching user names) will be picked up and we will be contacting account-holders that actively share their logins. 
  1. Improved the health product breakdown table in the research report.
  1. Applied Fidelity level standalone trauma maximum level term rule
  1. Changed Partners Life IP and MP max-age to 57 - as we do not quote reduced commission versions of income protection
  1. Update Web version number to v 3.8.7

Congratulations to Albert, Doreen, and the whole team on a big package of updates. Our special thanks to the advisers sending us issues and suggestions for improvement of the Advicemonster process and the SOAs. 


Westpac Withdraws Gold Term and Gold Disability Income Cover

As of 15 March 2021, Westpac no longer offers Gold Term Cover (death, critical trauma, TPD) and Gold Disability Income Cover (Indemnity Income Protection). Existing policy holders, however, can continue to make amendments (i.e. increase and decrease cover amounts). Westpac Life continues to offer term life, TPD, critical illness and Agreed Value income protection in other products. For further information please click here


nib announce changes to pricing, and more daily news

nib has announced that there will be a number of price changes from 1 April 2021. Pricing changes have been credited to the continued increase to nib’s claims’ costs. Current members will have the changes applied after their policy anniversary, if their policy anniversary doesn’t fall between April to June. nib has highlighted that price changes will vary for each member as price changes will depend on benefits, options and excess.

 

“Every quarter, nib reviews its health insurance premiums to ensure they are sufficient to cover both current and future claims, as well as to accurately reflect underlying costs.

 

Our latest review has identified that nib’s claims’ costs continue to increase, and as a result, our health insurance premiums need to be adjusted accordingly. These changes will vary between products, and will affect both current members renewing their policies and new policies sold this quarter.

 

Current members’ premiums are reviewed annually at their policy anniversary. If your client’s policy anniversary does not fall within the April – June period, there won’t be any change to their premiums until their next policy anniversary.

 

For the upcoming quarter, there is an average 9.7% annual increase for renewing policies.

 

Please note that the change in premium for each member will vary depending on the benefits, options and excess they have selected, who the policy covers and whether the premium includes a policy fee.

 

Other factors that can contribute to premium changes during the policy year include:

 

•  changes in cover terms for any of the people covered

•  changes in the ages of people covered

•  adding or removing people from the policy

•  a move from group cover to individual cover terms and conditions

•  loss of a Premium No Claims Discount or change in a five-year age band (these only apply to some legacy products).” 

Price changes will automatically be updated for quotes from 1 April. Quotes that were started before 1 April will be use current prices if the application goes into force within 30 days. Price changes for Ultimate Health Max will be spread across each quarter, most changes for Ultimate Health will happen on 1 April. The new rates will automatically be updated on nib illustrations and nibAPPLY. Advisers using nib Illustrator or Fidelity Life desktop Apollo will need to download the update before 31 March 2021 to ensure new rates are automatically applied. Prices changes will not affect group health as a whole, instead price changes will affect individuals that have enhanced cover terms, added family or added optional benefits.

 

“Premiums included in quotations for prospective new members will be updated from 1 April 2021.

 

For Ultimate Health Max: Premium increases are spread across each quarter throughout the year.

 

For Ultimate Health: Most of the annual increase occurs on 1 April each year.

            

The new rates will be automatically updated in nib illustrations and nibAPPLY. If you are using nib Illustrator and/or Fidelity Life desktop Apollo quoting software, make sure your quotations include the upcoming premium changes by downloading the update before 31 March 2021. Once you have downloaded the update, these rate changes will automatically apply to new and existing quotations after 1 April 2021.

 

Quotations dated before 1 April 2021 will be honoured if the application goes into force within 30 days of the quotation date. Note that quotations dated from 1 April 2021 will only be accepted at the new premium rates. 

 

For advisers who service group health insurance schemes, please be aware that the premium increases referred to above only apply to the individual members within a group where they have:

 

·       enhanced their group health insurance cover terms; or

·       added family or added optional benefits that they pay for personally.

 

The increase will apply to the portion of their health insurance premium relating to the enhanced cover terms and optional benefits, in the same way as those of members with individual covers. The member’s direct debit or payroll deduction will also change accordingly. Any increase in the group scheme’s premiums will be determined according to the scheme terms and conditions and will be paid for by the scheme owner.” 

Screen Shot 2021-03-18 at 3.13.03 PM

Screen Shot 2021-03-18 at 3.13.18 PM

In other news

 

TSB Bank: Larissa Vaughan set to leave CEO role at Kiwi Insurance in April to become GM Regulatory Affairs and General Counsel

Kiwi Insurance: From 9 April 2021 Kevin Crowley will be the acting CEO of Kiwi Insurance

Kiwi Adviser Network: The Kiwi Adviser Network launches