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.


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!


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

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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 - proposed rating Grief & Funeral Support

Introduction

We have recently conducted a review on our Death/Funeral item within medical. To align with all our other benefits, we have renamed this item “Grief and Funeral Support.”

Item weightings

Amount score: how much would be paid as a percentage of our total estimated value of claims over the estimated typical policy life.

This is difficult to determine within medical as multiple claims for different benefits could be made during the life of a policy. To combat this, we have created a claims model which assumes that an insured person will hold their medical cover for approximately 12 years, during this period, they will make a total of $30,000 worth of claims (if you would like more details please feel free to ask us for a copy of the model). This is only an assumed amount for our model, based on a typical claim pattern for commonly claimed services. In reality, the amount could be less or more.

Frequency: how often the benefit would be paid.

Incidence: how likely the benefit is to be claimed.

Please see our table below for details figures listed by each provider. Should you wish to send us through any data that can help us to revise this model please feel free to email us.

Sub-items rating review

Please find our proposed definition re-rate below:

GriefYour 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 introductory training session!

We invite you to join our next training session with Kelly, our National Partnerships Lead, which takes place on Monday, 9 May 2022 11:00 AM-12:00 PM. 

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 - 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: 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