Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Quality Product Research: Research Advisory Board – Northern
Last month we held our first Research Advisory Board meeting of the year and got lots of valuable feedback on items ranging from ratings for rural key person to proposed rating of disclosure.
Last month we held our first Research Advisory Board meeting of the year with our Northern Representatives and as usual returned to Quotemonster HQ with lots of valuable feedback.
Board members: Allan Gillbanks (Owner, Director of The Quantum Group) and Katrina Church (Director, Head of Client Engagement of Insurance People)
Independent Chair: Tony Dench
Insurer Observers: Laura Fitzpatrick (Asteron Life)
Research Team: Russell Hutchinson, Doreen Dutt, Sara Alani and Kim Oliver
The research advisory board reviewed the following topics:
Interim Cover: based on discussions, QPR will look to create some educational material on interim cover.
The Addition of Legacy Research to our Standard Quote Flow: for improved clarity, we’ll review renaming ‘Legacy products’ to ‘Closed products’ and look to include a workflow to help advisers handle legacy products.
Specific injury add-on compared to built-in for IP: we will review the value of Specific Injury as a built-in item vs a standalone item.
Finalised Rating for Rural Key Person: we announced the launch of rural key person cover ratings for five providers - AIA, Asteron Life, Fidelity Life, Chubb Life, and Partners Life. Based on discussions, we will review the rating differences for some specific features. We’ll also gather feedback on the weighting for home modifications and vocational rehabilitation to ensure the ratings accurately reflects their value.
The Proposed rating of disclosure: this is all about how easy it is to find policy documents on insurers’ websites and for customers to access all required documentation easily. We plan to review and rate this feature across all products in future.
The Proposed rating of Waiver of Premium: members liked the idea of splitting up the different types of premium waivers and having them as separate items (injury {traditional WOP}, parental leave, unemployment, and redundancy being the main 4 categories). Our research team will look to implement these changes in our database in the next few months.
Quote Functionality - Error Message / Exact Match vs Near Match: we’re looking into whether we’ll be able to implement near matches (rather than just exact matches) for products that are similar but not the same.
As always, the feedback from our Research Advisory Board meetings has been very valuable to our Research team and allows us to strengthen our research ratings by getting more insight into the adviser perspective. We look forward to meeting with our Central and Southern Advisory Boards later in the year.