Quality Product Research: Medical Exclusions Major Review Update

After many months of discussion and consultation, we are pleased to say we have finally put together a comprehensive list of Medical Exclusions and would like to publish this with the next release of our database. Although most insurers work on a case by case basis in regards to claims, we have based our rating on the policy document rather than general statements or current claims 'practice' which it is not possible for us to assess. We value each and every piece of feedback we have received and would like to share the list we have  updated here - Download Medical Exclusions 2021 

The list is more comprehensive and so total scores (which in exclusions result in negative scores) are higher. A reminder however, that these are still constrained by the weighting for exclusions as a whole within the product, so this does not represent any increase in the weighting for exclusions in the overall rating. There are, of course, some variations between the old approach and the new more comprehensive view. There are some weighting issues still to address. The exclusion impact for HIV is probably slightly too high given its population incidence. There is an argument that this disorder should be insurable now. 

Our grateful thanks to the insurers that participated in the consultation. Adviser interested in the sub-items for the exclusions under medical should contact us directly (email for our researcher, Doreen Dutt is below) if you would like to discuss the ratings. We shall compile a list of names and see if there is sufficient interest for us to run a special feedback session. Please feel free to email through any comments to researcher@qpresearch.co.nz as this helps to improve the accuracy and relevance of our ratings. 


Chatswood and Quality Product Research - working from home

The team are all working from home. Our normal office phone number will be picked up on a redirect to one of the team and messages cleared if we are unable to answer immediately. Your best approach to reaching us during the lockdown is to email, or call our mobile phones. We are happy to help, also, during the first day or two staff may not be quite as quick as we normally are to respond. We appreciate your patience if that's the case. We hope you all have a safe and short lockdown!


FYI: Are you looking for a legacy policy document?

If you're finding it hard to locate a legacy policy document, look no further than Quotemonster! 

We currently have 1000 + policy documents in our Policy Archives - the oldest dating back to 1993.

This service is available to all our subscription levels (even the free pricing comparison) so feel free to create your very own account on www.quotemonster.co.nz if you're currently sharing one with your mates! 

Once you've done this, click "Policy Archives" in your Dashboard which will allow you to search for the desired document. 

Happy Crunching! 

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Quality Product Research: Proposed rating for Osteoporosis

Introduction

We have recently renamed the “Osteoporosis” item to “Early Onset Osteoporosis” to reflect the severity-based definition that insurers use and a common limit of payment to those aged under 50 years old. 

Sub-items rating review

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Notes

A noticeable difference is the fact that several insurers do not offer this benefit once the insured is over 50. Though osteoporosis among those younger than 50 is considered rare, a study conducted at the University of Arkansas found that it's a greater risk than most women realize. From information on 164 college-aged women, 2 percent had bone densities low enough to be considered osteoporosis, and 15 percent were low enough to be in the osteoporosis risk range. To read more on this click here. Nevertheless our previous penalty for the limitation on age was far below the level of cases that this probably removes from the claims pool. So we have increase the penalty from -10 to -75. 

This is also a great example of how our methodology, specifically the  “Amount Score” (one of four) comes into play, to highlight the different payment amounts made by insurers. Please note, Asteron Life only offers cover for Osteoporosis with their “Early Trauma Benefit” similarly with AMP products you will need to select the Plus Options. These are all available in your “Product Settings” on Quotemonster.

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email any claims information you have regarding this condition.   

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


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

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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

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3. By splitting the cover amount, you can generate a quote that contains both AIAs' Critical Conditions Cover and Progressive Care

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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

 


How to access the new research reports on Quotemonster

We have launched the first half of our new report formats on Quotemonster. Check out the new heatmap and benefit overview reports - login to your Quotemonster account, get crunching, then go to research, pick a benefit and explore the new, customer friendly report options available. 

We are delighted to offer new options to advisers who want research information that is more easily digestible for clients - but rest assured, under the hood, these reports are built on the same four factor research process that provides a value-based approach to rating insurance product. 

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We would love to hear what you think so please send any feedback to info@quotemonster.co.nz

 


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

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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”

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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!


FYI: How to quote Fidelity's Trauma Multi on Quotemonster

Fidelity's Trauma Multi Cover is intended to provide customers with ongoing cover for multiple unrelated conditions.

Trauma multi cover pays out a lump sum if the insured suffer from a condition named in the insurance policy, like a heart attack, cancer, stroke, angioplasty and more. Trauma multi cover offers the opportunity to claim for up to five unrelated medical conditions. Each individual claim will pay up to 20% of the total sum insured.

For further information on this product please click here

To quote Fidelity's Trauma Multi Cover on Quotemonster, click “Settings” and under the Trauma column, select Trauma Multi as shown in the screenshot below.

Once you’ve selected your product basket, click “Save” and “Close” and don’t forget to re-crunch your quote to ensure your premiums and ratings reflect your new Product Selection.

Mutli

This unique product is quoted differently on Quotemonster to reflect 5 potential claim payments. For example, if you are quoting $300,000 total cover on Fidelitys software, you will need to enter 1/5th of the amount on QM - so $60,000 to match your quote.

Example mult

This method allows us to compare a premium and rating for Trauma Multi on Quotemonster, however if you have any feedback please feel free to send this through to info@quotemonster.co.nz