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 


Partners Life set to change Level Life premium rates, and more daily news

Partners Life has announced that from 1 November Level Life premium rates will increase by up to 20% for new business. This change is a result of monitoring the performance of products against several expectations, including claims, lapse rate, expenses, and positioning expectations. Partners Life has clarified that the change in premiums won’t apply to existing guaranteed level premium life covers.

“As a key leader in the Life and Health Insurance industry, Partners Life is focused on ensuring the sustainability of our products for the long-term benefit of our clients.

This means we are constantly measuring and monitoring the performance of our products against expectations in respect to claims, lapses, expenses and competitive positioning.

Our latest review has identified a need for us to adjust our guaranteed level premiums for Life Cover.

With effect from 1 November 2021, Level Life premium rates will increase by up to 20% for new business, which reflects our experience assumptions, and will bring our pricing for guaranteed level life premiums in line with the rest of the market.

This change in premiums will not apply to existing guaranteed level premium life covers (including future contractual CPI indexation increases), in keeping with the guarantee.

As is usual, any non-CPI increases of guaranteed level premium life cover on existing policies will be priced based on the premium rates applicable at the date of increase.”

In other news

nib: Nib halts travel insurance sales in Australia and New Zealand

AIA: Not all life insurers are equal

From Stuff: Why you should constantly review your insurance coverage


The biggest threat to the life and health insurance sector:

An insurable event is one which can be defined, measured, and is uncertain. Uncertainty is crucial. Things that are certain cannot be insured. Another feature of an insurance contract is asymmetrical information – we know general risks – like how likely cancer is – the insured knows specific risks – like how their health is. We have an obligation to each other, defined in law as utmost good faith.

But of course, you know all that.

Some people don’t, and some of them are actively working to break down the essential elements of the insurance process. One of those is the right to underwrite. We need to defend that. If a person knows that they are much, much more likely to suffer a critical illness such as cancer, they will be much, much more likely to seek insurance. This anti-selection causes headaches for both insurers and everyone else in the same risk pool: people with normal risks who end up paying over the odds for their cover. Pricing for risk is vital. Does this make me heartless about the problems of the person who is far more likely to develop cancer – not at all – I am glad to contribute to the costs of their care and support them, as we do through our health service and welfare benefits if they are needed. But some people believe private insurers can be compelled to cover people without pricing for the risk to the general good of all. I wish this were the case, but if we do compel insurers to take uninsurable risks, we are likely to see insurance enter a swiftly downward heading spiral: as costs rise the healthier and wealthier lives head for the exit, relying on higher savings and family to help. When that happens the remaining pool must be re-priced higher, which in turn makes the cover un-affordable for all but the worst risks. Then the risk pool fails – and no one has cover. A valuable risk sharing tool is lost.

If the aim is to destroy the insurance industry, depriving millions of a valuable risk sharing tool, the best way to do that is to deny the right to price risk. That takes all sorts of forms: the most common we have heard of recently is that we should not be able to price for mental health risks, or that we should cover cosmetic procedures in health, or that policies should always return the whole of the premium paid, or that we can’t ask all the questions we need to when underwriting, or that it is okay for the insured to withhold medical information. We must always push back against the idea that each of these would be a cost-less decision to take and would not harm other New Zealanders. Each would have consequences. Things that are certain - or very nearly certain - like events in the past or inherited conditions which emerge in later life, are not suited to insurance. As a society we need to look after people who suffer in this way - and that is probably the role of government, not insurance.

Of course, when it comes to underwriting, insurers could do more around education. Looser underwriting rules may have an adverse claims impact. Most clients cannot know that.  Material non-disclosure is not very common, normally it’s a genuine mistake. Mistake or not, some of the non-disclosure can be driven by fear or shame. Being clear about the benefits of underwriting can help reduce these a lot - as can smart question design.

 

In other news

From Good returns: 'Hole in one' cover and the design of insurance products

AIA has announced data can be passed from Iress’ Risk Researcher tool to AIA’s Quote Builder and eApp. Click here to read more

Health insurer nib has replaced the free travel insurance cover feature that was part of Ultimate Health with some additional mental health coverage. Details are to come.

 

Not vaccinated yet? Click here to get it done: https://bookmyvaccine.covid19.health.nz/


Does Quotemonster compare banks and other non-adviser companies?

The short answer is…yes, we do!

Recently the number of active users on Quotemonster has skyrocketed and we'd like to share a helpful hint for those interested in adding non-adviser products to your comparisons.

Here's a quick guide:

Once you've selected the necessary benefits click “Next”

Next

Now, click the “Research” tab and “Select Banks”, then “Save” which will automatically include the banks in your research comparison.

Hi

If you'd like to discuss this further or learn about how our platform works, we welcome you to join our training sessions: 

Quotemonster Basic (for newbies)  

  • Tuesday, 12 October 2021 11:00 am-12:00 pm
  • Thursday, 21 October 2021 11:00 am-12:00 pm

Quotemonster Deep Dive (for advanced users) 

  • Thursday, 7 October 2021 11:00 am-12:00 pm
  • Thursday, 28 October 2021 11:00 am-12:00 pm

Advicemonster (Statement of Advice service) 

  • Tuesday, 5 October 2021 11:00 am-12:00 pm
  • Thursday, 14 October 2021 11:00 am-12:00 pm

If there are any topics you’d like us to blog about please feel free to email us on info@quotemonster.co.nz  


New premium comparison database v114

We have just distributed a new Life Premium Comparison database v114 to all subscribers. It has the following changes:

  • Updated AMP Lifetrack Life, Trauma and IP prices effective 22-Jul-21
  • Updated AMP RPP Life, Trauma and IP prices effective 12-Aug-21
  • Updated Pinnacle Life prices effective  4-Aug-21

If you have any questions about the update or would like a refresher on the reports available and the data included please let us know and we can schedule a time to take your pricing and product teams through the materials. 


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

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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

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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

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  • 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.