QPR: Updates for Implementation of new FSLAA Regime

To help you prepare for the implementation of the Financial Services Legislation Amendment Act implementation on 15 March Quality Product Research Limited has made the following changes to the Quotemonster site:

  1. Prepared an outsourced provider statement. This provides you with information to meet the license conditions for a Financial Advice Provider to use a third party (us) as part of your advice process (for example: preparing comparison quotes and research reports). Subscribers to the research and advicemonster services will see an announcement when they next log in. A link to the outsource provider statement is included in the site in the About Us section. 

  2. Updated Advicemonster – an external review has been conducted, the draft statement of advice (SOA) has been updated, and the system for preparing the SOA has been improved. If you are an Advicemonster subscriber we suggest you run a new trial needs analysis to check out the new report – it is a more comprehensive and robust document that speeds up the process of creating new life and health statements of advice. If you don’t subscribe, or you would just like a quick refresher on how to use the system, click here to request a demonstration.

  3. Updated our terms and conditions – refer this link for details. Also, a link to the terms is included in the site in the About Us section, and on every page in the site. 

Coming up: there will be further changes to the adviser profile page to reflect changes to the FSPR due to the new license regime. We will update you on those next week. If you have any questions or concerns, please contact us or call (09) 480 6071. Thank you for being a customer of Quality Product Research Limited.


Quality Product Research appoints new General Manager

We are pleased to announce that Treena Jordan has been appointed General Manager of the team at Quality Product Research Limited. Treena has an extensive background in product development and is extremely adviser focused. Over the last 20+ years Treena has worked for AIA, Sovereign, and Cigna as well as life insurers in both Australia and New Zealand.

Due to the increasing scrutiny with the new regime ahead we believe it is essential to grow our resources. Having Treena on board now means that we will have two full time product experts in the team. Treena has substantial experience working with advisers and is a very industry-focused person. Her involvement working with advisers around business insurance will be extremely valuable. Those of you that have worked with Treena in the design of business insurance products will be aware of her passion for good insurance cover.

As part of the change in team you can expect to hear more from Doreen and Treena  as they are keen to hear from you about your experiences with our product providers and how you use Quotemonster, Research Reports, and Advicemonster.

Treena


Changes to QPR and Advicemonster Subscription Pricing

Effective 1 April 2021 pricing will change for QPR and Advicemonster subscriptions.

  • Quoting remains free! Quote on advisers!
  • There will be no increase for Admin/Compliance Logins which remains at $20 + GST per month
  • The retail rate for Research will increase from $113 + GST to $125 + GST per month
  • Annual Research subscriptions will increase from $1,130 + GST to $1,250 + GST (you get 2 months free compared to monthly!)
  • Advicemonster will increase from $50 + GST to $55 + GST per month.
  • Group pricing will be as follows:
    • For groups with 5+ advisers there will be a 10% discount applied to monthly pricing for QPR
    • For groups with 15+ advisers there will be a 20% discount applied to monthly pricing for QPR
    • For groups with 100+ advisers there will be a 30% discount applied to monthly pricing for QPR

With the implementation of FSLAA we have had a big focus on developing our services so that they are a robust support to your advice process. That means we have been working hard to ensure we meet and exceed requirements for an outsourced provider for our services Quotemonster, Research Reports, and Advicemonster. As part of the standard license conditions the Financial Markets Authority requires you to ensure that any provider you use in your advice process provides you with assurance that it meets standards suitable to support the services you provide to your clients. Subscribers to the research and advicemonster services will get a notification on the third of March and a link to our outsource provider statement. 

In order to meet the standards required by the increasing scrutiny of the legal and regulatory regime we are providing additional services, investing in better quality assurance in our core research service, and have been updating Advicemonster. All this requires investment in the quality of the services we provide. 


Quotemonster is looking for a General Manager

Alan Rafe has decided to step down as CEO and Quotemonster are now looking to hire a General Manager. This role suits an aspiring leader with a substantial part of their experience in life and health insurance product development, claims assessment, or underwriting. If you are interested, or know someone who might be please use this link to apply. 


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