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. 

 


Recent Quotemonster updates

Here is a list of the changes made on Quotemonster over the last three weeks:

Research:

  • OnePath – Income Protection, Mortgage Protection and Trauma - changes in entry ages
  • OnePath – Income Protection - age limit changed
  • AIA - Income Protection, Agreed Value, Indemnity and Loss of Earnings – wordings and product ratings updated
  • AIA - TPD - Standalone (any & own occ.) product ratings updated
  • AIA - TPD - Accelerated (any & own occ.) product ratings updated
  • Sovereign - Medical - wordings and product ratings updated

All Sovereign and AIA products are now up to date.

Pricing:

  • Updated OnePath Mortgage Protection Prices
  • Updated nib health prices
  • Updated Southern Cross health prices
  • Updated Asteron Life and Trauma rates

Other:

  • AMP RPP and AMP Lifetrack prices are still available but will no longer appear in the default set of providers. This only applies when clicking on the ‘Default’ button in the Product Settings window, after which you can select them again if you wish.
  • Needs Analysis - added Standalone and Accelerated options for existing Trauma and TPD insurance
  • The Research report now includes our infographic explaining how the QPR Research methodology works.

Product and pricing changes for OnePath, nib, Asteron Life, Southern Cross, AIA and Sovereign

An absolutely huge couple of weeks of changes: 

Pricing:

  • Updated OnePath Mortgage Protection Prices effective 1 July
  • Updated nib health prices effective 1 July
  • Updated Southern Cross health prices effective 1 July
  • Updated Asteron Life and Trauma rates effective 1 July

New Features:

  • Needs Analysis – added Standalone and Accelerated options for existing Trauma and TPD insurance
  • Research report – added a new page at the end explaining the QPR Research methodology

Research:

Completed a big set of changes, with some quite substantial shifts (see more posts later today and next week)

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Eligibility rules:

  • OnePath - Income Protection, Mortgage Protection and Trauma - changes in entry ages
  • OnePath - Income Protection - age limit changed

Quotemonster updates

A monstrously big few weeks of development and change on the Quotemonster platform. Here is a list of recent updates: 

Research Updates:

  • AIA Life new policy wording May 2019
  • Sovereign Life new policy wording May 2019
  • Sovereign Mortgage Protection new policy wording May 2019
  • Sovereign IP Indemnity Value new policy wording May 2019
  • Sovereign Loss of Earnings new policy wording May 2019
  • AIA Medical new policy wording May 2019
  • Asteron Remediation Special Events and Child Benefit
  • OnePath Remediation IP, Trauma, TPD

New:

  • The Statement of Advice report now displays an expiry date
  • Asteron Life Trauma now defaults to ‘Trauma Cover with Early Trauma Benefit’ in the Settings window
  • Improved usability on small Apple screens
  • Changed the way company selections work on the Research screen. If you select companies under a single benefit it will not save this selection for other benefits . However, if you choose ‘Package’ first and then select companies it will save this selection for each of the benefits.
  • Added a new option for printing prices from the Benefit Details screen. If you click on the price for a particular company the price details screen now has an option to print out the price for that single company as well as an option to print all price

Improvements:

  • If you are combining providers for Life and Health benefits the health premium will now displays on the Head to Head report
  • Clarified the wording on the AIA Trauma Early Cancer Upgrade option to make it clearer that it is female early cancer
  • Made the Income and Expenses section of the Statement of Advice match the Needs Analysis screen
  • Improved the Needs Analysis Life and IP cover amount calculations
  • Fixed a problem with Adviser Comments on the Statement of Advice
  • Fixed an issue with Head To Head on existing quotes and tidied up the report printout
  • Made improvements to the way customer logos appear on reports
  • Fixed a problem with the research report not displaying the same companies as those selected in the Research screen.

 


Quotemonster Roadshows

Quotemonster started their annual roadshow last week. Thank you to all those who have joined us so far in Tauranga, Hamilton, Palmerston North, New Plymouth and North Shore. We are heading to Wellington and Christchurch later this week. After that we head on to another eight towns across the country and would love for you to join us. If you haven't registered yet please find more details here.

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