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 by the numbers
As 2024 draws to a close we thought we’d do a quick by the numbers post to review what we’ve been up to this year.
As 2024 draws to a close we thought we’d do a quick by the numbers post to review what we’ve been up to this year. It has been a busy but wonderful year, and we’d like to thank everyone who has crunched numbers with us, come along to our roadshows, invited us along to their events and done business with us.
Research Advisory Board events held this year: 3
Years in operation: 13
Team members: 16
Quotemonster roadshows held: 17 venues all around the country plus one online
Research: 8 types of personal, 5 types of business, 24+ insurers, 80 on-sale products, 200+ legacy products – phew!
Users of Kiwimonster so far: 198
Number of insurer price changes: 230+
Highest number of users logged in on one day: 495
Attendees at roadshows: More than 800
Subscribers: 1100+
Unique number of IT update and improvement tasks: 2941, exclude duplicate and on hold items of which the IT team closed and made live more than 89.46%
Kilometres travelled by the team: more than 9,200 kilometres travelled, from the smallest meeting in Taupo to the largest on the North Shore of Auckland. And yes, we use carbon offsetting!
Rating factors: 27,000+
Frequency of quotes produced: A quote every 13 seconds, on average. Even more during busy periods leading to…
Total quotes crunched to date this year: more than 2.5 million
Total quotes crunched ever: more than 30 million
Life advisers reminded they need to actively review legacy policies
Compliance Refinery director Steve Burgess has reminded life insurance advisers they need to review legacy policies or risk opening themselves up to censure by the FMA.
Speaking at a Quotemonster roadshow event in Lower Hutt, Burgess said of legacy products,
“If you don't look at it, the regulator could decide that's you saying that product is suitable for your client.”
Burgess also cautioned that some legacy products have features that are difficult or impossible to replicate with new policies, so as well as listing the advantages of replacement policies, advisers need to be recording any disadvantages clients may face if they change.
Steve Wright has also written of how the FMA have flagged ‘suitability of advice’ as something they will be focusing on in future. Wright has helpfully listed some steps advisers should be following to help ensure the suitability of their advice, including having a suitable fact find process; needs analysis and quantification of client risks; avoiding limiting or transferring risks to an insurer; assessment of insurance types required and sums insured; and giving appropriate product recommendations.
More news:
Financial Advice NZ's webinar on the Code of Professional Conduct is on 28 August
ASB's net profit after tax down 10% from previous year
Travis Hamilton named the New Zealand country Chair for the Million Dollar Round Table organisation
Patients across the country concerned at GP fee increases; GP’s say capitation funding insufficient
Most KiwiSaver providers have now submitted their KiwiSaver climate reports
Partners Life joins the Quotemonster Roadshow!
We are thrilled to announce that Partners Life has become the latest sponsor of the upcoming Quotemonster roadshow. Partners Life has made it possible for us to bring Compliance Refinery on the road with us to offer you independent compliance advice on how to handle legacy policies when you find them. This marks a significant step forward in our mission to provide top-tier resources and support to advisers.
We are thrilled to announce that Partners Life has become the latest sponsor of the upcoming Quotemonster roadshow. Partners Life has made it possible for us to bring Compliance Refinery on the road with us to offer you independent compliance advice on how to handle legacy policies when you find them. This marks a significant step forward in our mission to provide top-tier resources and support to advisers.
We provide tools to help with hurdles you face with providing existing insurance advice, legacy products, limited advice and more. Providing the relevant documentation and disclosures for replacement business is essential and Quotemonster want to make this as easy as possible with our expanded range of existing business research, which now includes hundreds of legacy, group, and directly sold products.
What to Expect:
Legacy Research: enhanced resources and tools to help you stay up to date.
Expert Insights from Compliance Refinery: Gain confidence in providing sound advice to your clients through their expert guidance.
What are the risks: Know how to and what to provide in terms of documentation when providing advice on replacing, retaining, and disposing of products.
We are committed to continuous growth and enhancement in the tools and services we provide for advisers and are excited to have Partners Life’s sponsorship which allows us to continue to expand. The expertise of Compliance Refinery staff will fill this session with invaluable guidance on how to navigate advice on existing and replacement insurance.
Register for a town near you by clicking the links below:
Click here to see all venues and dates.
Legacy product research (an update)
As of 30 April 2024, the following legacy product research is available in our Standalone Head-to-Head.
As of 30 April 2024, the following legacy product research is available in our Standalone Head-to-Head:
• AA Life 2006, 2013, 2016, 2019
• AIA Total Care Max 2001 to current Life cover
• AIA MajorCare with Specialist & Tests 2019
• American Income 2021
• ANZ Life and Living 2015
• ANZ Lifestyle Protection 2007-2008, 2009, 2010
• ASB Absolute Health 2012-2014
• ASB MajorCare with Specialist & Tests 2019
• Asteron Life Smart Plan 1998
• BNZ Men’s ReCover 2004
• Cigna Flexi Card 2014, 2015
• Cigna Farmers Finance 1996/1998
• Cigna LifeOne 2014
• Co-Operative Bank 2013, 2018
• Countdown Life 2014
• Greenwich Life 2018
• Guardian Assurance 1996
• MAS 2011, 2012, 2013, 2016, 2018-2021
• Momentum Life 2019
• nib Premier Health 2017
• nib Premier Health Business 2017
• nib Premium Hospital 2017
• nib Easy Health 2018
• nib Top Private Hospital Cover Plus 2017
• nib Stay Well Classic 1996
• nib Private Hospital Silver 2017
• nib Life & Living 2018
• nib Hospital Cover EasyCare 2017
• nib Major Medical + Major Medical Deluxe 2015
• nib Cancer & Cardiovascular Benefit 2012
• NZ Seniors 2022
• NZHL 2019, 2021, 2023
• OneChoice 2019, 2021, 2023
• Pinnacle Life 2010
• Southern Cross Regular Care 2018
• Southern Cross Ultra Care 2021
• State Insurance 2013
• Tower Life 360 2008-2010, 2011-2013,
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000, 2007, 2012 2017
• Unimed UniCare Advantage 2023
• Unimed UniCare Plus 2023
• Unimed Major Surgical + Major Surgical with Specialists &Test 2023
• Fidelity Serious Care Plus 2001 and 2003
• Fidelity Serious Care 2001
The following legacy product research has been rated and will be loaded to our Standalone Head-to-Head in the coming weeks. If you’re interested in a rating for one of these products or have a product that you believe we should rate, please reach out to us on info@quotemonster.co.nz
• AA Life 2009, 2014, 2018, 2022
• ANZ Life and Living 2010, 2016, 2017, 2020
• ANZ Lifestyle Protection 2004, 2011, 2015
• ANZ Lifestyle Insurance 2014, 2015
• AMP Vital Plus Crisis 2020
• Asteron Smartplan 2000
• BNZ BillAssure 2005
• Cigna Bill Protection 2018
• Kiwibank 2010, 2018
• Mercer Bill Protection 2016
• nib Standard Hospital 2017
• SBS Bank 2014
• State Insurance 2007
• Sovereign Absolute Health 2010
• Unimed Health Positive 2023
Happy Crunching!
Legacy product rating project (an update)
As of 14 November 2023, the following legacy product research is available in our Standalone Head to Head:
• ANZ Life and Living 2015, 2016, 2017, 2020
• ANZ Lifestyle Protection 2009, 2010
• Cigna LifeOne 2014
• Co-Operative Bank 2013
• Countdown Life 2014
• MAS 2016, 2018
• Momentum Life 2019
• nib Premier Health 2017
• nib Easy Health 2018
• nib Top Private Hospital Cover Plus 2017
• nib Stay Well Classic 1996
• nib Hospital Cover EasyCare 2017
• NZ Seniors 2022
• OneChoice 2019, 2021
• Southern Cross Regular Care 2018
• Southern Cross Ultra Care 2021
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000
The following legacy product research has been rated and will be loaded to our Standalone Head to Head in the coming weeks. If you’re interested in a rating for one of these products or have a product that you believe we should rate, please reach out to us on info@quotemonster.co.nz
• AA Life 2016, 2018, 2017, 2019, 2022
• ANZ Life and Living 2010, 2018
• ANZ Lifestyle Protection 2007, 2008, 2011, 2015
• AMP Vital Plus Crisis 2020
• ASB Absolute Health 2012
• Asteron Smart Life 2004
• BNZ Flexi Card 2014, 2015
• BNZ BillAssure 2005
• BNZ Men’s ReCover 2004
• Cigna Farmers Finance 1996/1998
• Guardian Assurance 1996
• Kiwibank 2010, 2018
• MAS 2013, 2017, 2021
• Mercer Bill Protection 2016
• nib Premier Health Business 2017
• nib Premium Hospital 2017
• nib Standard Hospital 2017
• NZHL 2019, 2021
• Pinnacle Life 2010
• SBS Bank 2014
• Sovereign Absolute Health 2010
• Tower Life 360 2011
• Westpac Gold Term 2018
• Westpac Term 2007, 2012, 2013, 2014, 2017
Standalone Head to Head: what legacy product ratings are available?
The following legacy product research is now available in our Standalone Head to Head:
• ANZ Life and Living 2015, 2016, 2017, 2020
• ANZ Lifestyle Protection 2009, 2010
• Co-Operative Bank 2013
• Countdown Life 2013
• MAS 2016
• Momentum Life 2019
• nib Premier Health 2017
• nib Easy Health 2018
• nib Top Private Hospital Cover Plus 2017
• nib Stay Well Classic 1996
• nib Hospital Cover EasyCare 2017
• NZ Seniors 2022
• OneChoice 2019, 2021
• Southern Cross Regular Care 2008, 2018
• Southern Cross Ultra Care 2021
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000
The following legacy products have been rated and will be loaded to our Standalone Head to Head in the coming weeks – if you’re interested in a rating for one of these products please email us directly on info@quotemonster.co.nz
• AA Life 2016, 2018, 2017, 2022
• ANZ Life and Living 2010, 2016, 2018
• ANZ Lifestyle Protection 2008, 2011, 2015
• BNZ Flexi Card 2014, 2015
• BNZ BillAssure 2005
• Chubb Life Direct 2014
• Cigna Farmers Finance 1996/1998
• Guardian Assurance 1996
• Kiwibank 2010
• MAS 2013, 2017, 2021
• Mercer Bill Protection 2016
• nib Premier Health Business 2017
• NZHL 2019, 2021
• Tower Life 360
• Westpac Gold Term 2018
• Westpac Term 2007, 2011, 2013, 2014
