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 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

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

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

 


Free quoting of the market

Free quoting of the insurance market for all the main adviser companies, for a very wide range of their product sets is a core service in Quotemonster. To get product research, head-to-head comparisons, and research reports you need to subscribe - but it is worthwhile noting that free quoting includes all these options: 

Health: Base plan all Excesses, Specialists and Tests - $250 excess only, Loadings

Life, Level and RFA: Indexed, Future Insurability, Loadings

Family Protection: Fixed term or 'to age', Loading

Trauma: Standalone, Accelerated, YRT/RFA, Level 10 years, To age 65, To age 80

Optional extras: Life buyback, Trauma buyback, TPD Add-On, Early Cancer Benefit, Loading

Progressive Care: Standalone, Accelerated, YRT/RFA plus Level 10 years, To age 65, To age 80, Loading

TPD: Standalone, Accelerated, YRT/RFA plus Level 10 years, To age 65, To age 80, Own Occ, Any Occ, Option of life Buyback for accelerated, Loading

DI: YRT/RFA only, Indemnity, Agreed Value, Wait Period: 4,8,13,26,52,104 weeks, Benefit Period: 1, 2 & 5 years, To Age 65, To Age 70, Option of Booster Benefit, Loading

Mortgage Cover: RFA only, Wait Period: 4,8,13,26,52,104 weeks, Benefit Period: 1, 2 & 5 years, To Age 65, To Age 70, Loading

Redundancy: Loading 

 


AIA new offer updates

Advisers with AIA agency agreements will already have received many details - a commendable level of detail - from AIA in advance of the launch of their new AIA Living offer. I will only summarise it here for news purposes: 

From 5 August this will be AIA's Living range: 

Life Insurance

  • AIA Living Life Cover
  • AIA Living Family Protection
  • AIA Living Accidental Death

Trauma Insurance

  • AIA Living Critical Conditions
  • AIA Living Progressive Care

TPD Insurance

  • AIA Living Total Permanent Disablement

Income Protection Insurance

  • AIA Living Income Protection
  • AIA Living Mortgage and Income Protection
  • AIA Living Business Continuity
  • AIA Living Rural Continuity
  • AIA Living Business Income Support
  • AIA Start-Up Income Protection

Health Insurance

  • AIA Private Health
  • AIA Private Health Plus 

Accidental Injury Insurance

  • AIA Living Accidental Injury Cover

That omits certain less-used products, such as the 'essential' version of IP and Trauma, and the specialists and tests add on (when not part of medical).

The multiple benefit discount is significant: 

Our new tiered Multi-Benefit Discount will apply to AIA Living risk products (excluding health) based on the number of products held by the customer:

  • 10% for two products;
  • 12.5% for three products; and
  • 15% for four products.

The Multi-Benefit Discount applies within product category levels: Life, Income Protection, Trauma, and TPD. i.e A customer who purchases Life Cover, Loss of Earnings, and Mortgage and Income Protection will receive a 10% discount on the basis that Loss of Earnings and Mortgage and Income Protection fall within “Income Protection” product category.

To qualify for the Multi-Benefit Discount, customers are required to hold a minimum $100,000 Life Cover plus a minimum $75,000 Trauma, $75,000 TPD, or $2,000 (monthly benefit) Income Protection.

This is added to any Vitality discount, which could be 10%. It will be interesting to do comparisons with both discounted and un-discounted premiums.

Commissions have also been updated. I won't repeat the entire schedule here, but I will be updating the commission comparison in the next week, (available to institutional subscribers) if you are keen to see the impact. One thing worth highlighting from that change is the removal of any links to persistency and production levels. Asteron Life has recently made a similar change, and I expect that all commission systems will no longer have these links in the future. AIA's comment is below: 

We have taken the view that volume and persistency related commission bonuses drive unnecessary complexity and risk distracting attention away from the important work that Advisers perform for their clients.

Product enhancement pass-backs are also being extended across the range - to older AIA contracts: 

We are also pleased to advise that we have extended the AIA pass-back benefit to include all risk policies (Life, Trauma, Income Protection, and TPD) issued from 1 June 2001. Previously, the pass-back benefit applied to policies issued since 1 January 2003.

That comes at a cost for some holders of older trauma policies, who will have a series of premium increases to bring their premiums into line with more recent contracts. 

Replacement business rules and details about how to do quotes were also included.