Database version 14.8 is now live!

It has definitely been a big year for the Quotemonster team! 

We have recently released an updated version of the QPR database to Quotemonster which contains the following updates: 

  • New policy document versions for Accuro, AIA Private Health, ANZ Bank, and AA Health 
  • Research ratings for ASB Private Health are now available 
  • Minor reviews in Income and Mortgage Protection for Offsets, Dependent Leave without Pay, and Partial Disability amount score  
  • Minor reviews in Trauma for Survival Definition, Trauma Buyback, Cardiac Arrest, and Coma 
  • Full re-rates in Trauma for HIV, Benefit Payment, and Loss of Independence 
  • Minor reviews in TPD for Special Events and Benefit Definition over 65 
  • Minor reviews in Medical for Exclusions
  • Full re-rates in Medical for Mental Health, Second Opinion, Grief and Funeral Support, Network or Market Price Limits/UCR, Product Flexibility, and Loyalty Benefits 

Quality Product Research: Trauma – the addition of Cerebral Aneurysm

According to the NZ Medical Journal (2013), Intracranial aneurysms are present in 2-6% of our population. Small unruptured and mostly asymptomatic aneurysms are relatively commonly found on brain imaging studies performed for other reasons and early intervention is crucial.

Insurers have responded to customer feedback by incorporating either partial or full benefits into their Trauma product suite, so we are now looking to add Cerebral Aneurysm as a separate item in our database to reflect this.

The definitions offered by most providers are essentially the same. AIA does specify the type of evidence required but in practice, the specified evidence is what all providers would effectively require when assessing the claim. Furthermore, Asteron’s definition differs but is the only provider with a full benefit payment. This would be reflected in the amount score.

Before we publish a draft rating, we would be interested in getting your feedback on how these wordings are being applied to claims you may be aware of. Most importantly, we need to determine what the incidence rates are for Cerebral Aneurysm.   

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.


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.


Quality Product Research: Medical – proposed rating for Product Flexibility

Introduction

Recently, we read an article on Risk Info NZ about Accuro removing their time restriction for members, and former members, who want to make a claim on their policy. This led to us to review if medical providers impose a time limit to their claims. Many insurers have reported that although this clause is present in their wording, they do not enforce it at claims time, however our stance is that we have to rate based on the policy document.     

If you would like to have a read of the article, please click here

10.05

12.05

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


Quotemonster update and more daily news

Quotemonster has gone through a major upgrade over the weekend, including the following changes:

  • Big improvements to Advicemonster: much more document layout and content control to make your SOA more yours than ever before
  • Ease of use improvements: new menu structure so it is easier to find what you want (including more than 900 old policy documents, plus funeral plan research and more)
  • Clearer to read text and layout: making it easier to view the research
  • Simpler back-end billing processes: if you subscribe you should notice very quick response on the credit card billing and invoicing process

The upgrade has taken some time, of course. We continually monitor the site and check for issues with the newly installed features, but if you think something is not right and want to bring it to our attention, please let us know using the help function on the site, email, or call. If you need something urgently and just want it now you can always click the button to go back to the old site as an interim measure.

Try out the new Quotemonster site at your usual link.

More daily news:

 


Quality Product Research: Medical - when the selected excess doesn't match the plan excess

Recently we have been challenged by several advisers on how we can rate a benefit where an insurer applies an excess, which is lower than the plans selected excess. 

For example, we refer to the Major Diagnostic wording in Partners Life Private Medical Cover. A client may decide to select a $2,000 excess to reduce cost or ensure coverage for high-cost treatments. However, the excess applied for claims under this benefit will either be nil (if the client has selected a nil excess) or $250. In comparison, the client may not even be eligible to make this claim in this scenario with a competing insurer or in some cases be surprised that an excess is required for a claim to be accepted. This is a significant and valuable difference that we are interested in showing in our Research.  

We would love to hear your insights and how you think we could incorporate this into our Research rating. A while ago we added a sub-item “Diagnostics excess is not limited but matches plan excess” which you are able to see in your Detailed Head-to-Head comparison, but we do need a new and innovative way to show the value of this so welcome any feedback you are willing to offer.

Please email your ideas to researcher@qpresearch.co.nz


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.


Quality Product Research: rating of specific injury as a standalone benefit

Introduction

We have had quite a few requests in the past to add Specific Injury to our product suite on Quotemonster. Now that we have three insurers in the market that offer a comparable standalone product – AIA, Asteron Life and Cigna (plus Partners Life has a built-in version of the benefit) we are working to release a draft rating to our users. If you would like to receive a copy, please email me (details below). Our resources highlight the importance of Specific Injury in situations where ACC or other insurances are unable to offer cover and this is a wonderful opportunity for you to be involved in the addition of this benefit to our platform, so any feedback you have is greatly appreciated.

Process

Insurers are aware that we are adding Specific Injury to Quotemonster and are open to provide any data or claims information. We will publish a draft rating for review by all industry personnel and circulate them for review. Any changes will be based on our view of all the information sent to us and will subsequently be posted for further review.

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 Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz


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 


Quality Product Research: Proposed rating for Aplastic Anaemia

Introduction

Were back with another item analysis - this time for Aplastic Anaemia.

Please find our proposed sub-items below.

Sub-items rating review

Aplastic

Notes

A defined treatment option is a commonality across all insurers, excluding Asteron Life who have a more open definition when compared to their competitors. We have included a sub-item for those insurers who require diagnosis from a medical specialist along with a deduction to those that do not offer an additional treatment option. Aplastic Anaemia is a lowly weighted item in our database; however, our proposed rating aims to emphasise the difference in the definition between insurers, rather than focusing too much on ranking them from best and worse.  

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 Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz