Facilitate deeper and more meaningful conversations with your clients

As you are probably aware we use (and are very proud of) a value-based research methodology, meaning that we put more weighting on items that are more valuable to your clients. As an example in Trauma insurance, cancer claims account for about 44% of all male Trauma claims and a whopping 70% of female Trauma claims, therefore it is important that what you are recommending has good cancer wording over something more trivial or much less likely to be claimed on such as Creutzfeldt-Jakob disease.

Quotemonster has five report formats to help you understand and explain the differences between products with your clients:

  1. Benefit Overview: A simple report with ticks and crosses to show clients which items are included and excluded from the policy.
  2. Heatmap Report: A visual experience that quickly shows clients which features are better via colour-coding and single words.
  3. Star Rating Report: A report outlining even the smallest differences between products whilst making it clear which items add more value to a policy.
  4. Summary Head to Head: A simple comparison between two companies with a snapshot of pricing differences, material product differences, and similarities between products.
  5. Detailed Head to Head: Designed to drill down into the detail, providing you another great tool to help educate customers about any criteria within the policy wording that could have an impact at claim time.  

Have you seen each of these reports? Why not log in now and check them out. Alternatively, call us and we will show you how.

Between the different report options available to Research subscribers you will always have one to suit your client’s ability to understand what the differences are between the products, whether they are looking for a quick overview or an in-depth comparison. Our reports assist you in explaining how the products fit the needs of your client and allows you to engage in deeper conversations about the importance of suitability and the importance of some benefits over others. 

If you wish to gain a better understanding of our value-based methodology or take a look at the reports we offer please get in touch by calling us on (09) 480 6071 or email info@quotemonster.co.nz.

Quality Product Research: value-based research supports evidence-based advice

We have recently had an influx of new users register on Quotemonster and would like to take the time to re-introduce our Research and Rating Methodology.

We think that using real-world data to make our research value-based makes it a lot easier to see which features and benefits really count, and which are just bells and whistles.

Our Four-Factor Research includes:

  1. Definition – the quality of the policy wording

In our definition score, we are purely looking for differences between policy wordings but will use the same sub-items across products (e.g., Agreed value, Indemnity, Loss of Earnings). We start with a score of 100 and usually make deductions according to restrictions and limitations in cover. Our approach differs for “Exclusions” as these take away from the policy so you will see this as a negative total score. A variation of this approach is also used in our rating for “Offsets.  

  1. Incidence – How likely the benefit is to be claimed

We collect data from re-insurers, statistics, underwriters, and medical experts to identify how likely each benefit will be claimed on.

  1. Amount – How much would be paid

Here we identify how much each insurer will pay. In trauma insurance, some companies pay the full benefit for an item, others only make a payment of 10% or 20% of the sum insured because the condition was not severe enough to warrant a full payment. Our score is varied according to how much would actually be paid. For some benefits, we create a claims scenario to determine the amount paid as it is not as clear-cut.

  1. Frequency – How often the benefit would be paid

Here we determine if a claim can be made more than once. A client can only claim on life insurance once, therefore the frequency will be 100% however this is less clear-cut for Medical which is where we create a claims scenario that will reflect multiple claims over a lifetime of the policy.

We then multiply the four factors to obtain the Insurance Quality Score that you will see on Quotemonster.

Definition x Incidence x Amount x Frequency = Insurance Quality Score

Also, we don't so this alone. We take advice - from a variety of expert sources below, and also from regularly engaging with advisers and insurers. In fact, we are running two consultations right now, and receiving input from reinsurance research to update our trauma claims incidence rates. We support an evidence-based approach to advice. 

Methodology add on v1

If you would like a one-page explanation of why methodology matters please email or call the team and we can send you the methodology info-graphic. If your team has new staff members (or any that would like a refresh), we can invite them to our regular Quotemonster and Advicemonster training sessions (attendees include Insurer Product Managers and various other Industry members). Please feel free to email through contact details of those who are interested in attending (researcher@qpresearch.co.nz).