It's great information, but it isn't financial advice:

I was asked by a compliance guru at one of the insurers about Quotemonster, and in particular Quality Product Research, and how that relates to product selection, and whether you can rely on it as information from a third party as the Financial Advice Code requires. 

You can rely on QPR to be a good assessment of differences between products, compare prices accurately, but it isn’t giving advice, only advisers do that, given their superior knowledge of the client. Research reports on products are there to help inform good advisers, not replace them.

Incidentally, in a related subject - Quotemonster is not a record-keeping system. It is a comparison system. Although we retain comparisons for your convenience, and so you can replicate similar comparisons, it is, obviously, not a CRM system. 

Our comparison business is to help advisers.


Product database updated

The QPR database has been updated and version 136 has been issued to subscribers and all changes are now live on Quotemonster. This version of the database includes the following changes:

Pinnacle Life policy wordings updated:

IP version 16/10/2018

Life version 01/12/2019

Funeral version 23/01/2019

Trauma version 01/12/2019

- no rating changes

 

Cigna business wording 11/05/2020 updated and rating changes applied. Revisions to ratings:

- IP/MP:

Future Insurability + Redundancy max entry/exit ages for Cigna

Pregnancy Premium Waiver Gender for Cigna

Insurable Income - SE rating for Partners Life

Insurable Income Salaried + SE amount score review

- Trauma:

> Diabetes Mellitus Adult definition, min age and amount score for Cigna

> Multiple Sclerosis definition review


Product database updated

The latest version of the QPR database (V135) has been distributed to subscribers and uploaded onto Quotemonster. This version includes the following changes:

  • New Cigna personal policy wording effective 11/05/2020
    • Minor rating change to:
    • Trauma - cancer definition, child trauma option amount score
    • Life - terminal illness definition
  • Remediation to:
    • Partners Life's Mental Health Limitation (in IP)
  • Term cover policy 02/18 now rated in Westpac Mortgage Protection

QPR Update

The latest QPR database has been sent out to subscribers and it has also been updated on Quotemonster. This version includes the following changes:

Remediation to:

  • AIA Future Insurability (Indexed vs Level)
  • Partners Life Covid-19 related changes

Product updates on QM:

  • You can now quote Partners Life Indemnity LOE with TPD Booster

Product Research

The Quality Product Research database V130 has now been distributed to all subscribers. This version includes the following changes:

  • Southern Cross and nib added to Standalone Trauma
  • Partners Life documents and rating update V14.5 – effective 09.12.2019 (personal and business)
  • Fidelity Life remediation of booster benefit

Product Research Database Update

QPRV12_9 is now live, this version includes the following changes:

  • Updates to policy documents and ratings for the below:
  • Accuro SmartCare ACC7124 08/2019
  • Accuro SmartCare+ ACC7125 08/2019
  • AMP RPP NZPD00291 TraumaPlus 2017
  • AMP RPP NZPD0305 Trauma 10/2019
  • Asteron Continuous Trauma accessible through TBB

Product Research Database Update

Institutional subscribers have been sent the latest product research database update from Quality Product Research Limited. QPRv12_8. Here is a summary of the changes: 

  • OnePath v4.6.1 policy wording effective 01.10.2019
  • Southern Cross Critical Illness effective 01.01.2018
  • Cigna funeral cover policy wording effective 01.07.2018
  • Westpac Flexi cover 01.02.2018
  • Westpac Term Cover 01.02.2018
  • Westpac Gold Disability Cover 01.09.2017
  • Cooperative Bank Loan Installment protection 01.09.2018

Product Research Database Update

We have uploaded the latest product research database (version 12_7) onto Quotemonster and distributed it to subscribers. This version includes the following changes:

  • Asteron Life policy wording added and rating changes applied effective 30.09.2019
  • BNZ LifeCare 01.04.2019 policy wording added and applied rating changes
  • Unimed Hospital Select 01.09.2019 policy wording added and applied rating changes
  • Fidelity Trauma Multi 08.09.2019 wording added and applied rating changes
  • AA Life and Funeral cover 01.08.2019 wording added and applied rating changes
  • Kiwibank Home Loan and Life & Living 01.08.2019 wording added and applied rating changes

Product Researcher: Doreen Dutt

I am so glad to have Doreen as part of the team. With us for several weeks now, Doreen has been learning fast and picking up the product research baton really well. We are looking for some advisers and underwriters to help us out with a research advisory board at some stage. If you check back here you will see a profile posted soon. 


Latest Product Research

We have just distributed the latest product research database update (QPRV12_6). This version includes the following changes:

  • AIA - Changed Credit Rating and Agency
  • AMP - Changed Credit Rating
  • MAS - New policy wording for Life, TPD and Trauma
  • AMP Lifetrack - New policy wording changes
  • Fidelity - New policy wording - no rating changes
  • Add new Product Line Wellness to take AIA Vitality into account. This will appear on the Package score on QuoteMonster research if AIA Vitality is selected