Another research option for advisers

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Insurance advisers can now access client-specific product research ratings from price comparison website QuoteMonster.

Friday, May 11th 2012, 8:23AM 6 Comments

by Benn Bathgate

The key point for the research offering - and its point of difference with rival offerings from the likes of Strategi and Risk Research - is that it uses client specific data to rate the most appropriate policy for the particular client.

“Research integrated with quoting means each rating is personalised to the client being quoted,” said Quality Product Research’s Russell Hutchinson, who helped design the rating system.

“It’s fairer because products don’t get rated on options the client isn’t buying or could never claim on. We think that’s an important step in meeting the compliance requirements for a personalised advice service.”

Hutchinson says the system takes client-specific details such as age, gender, occupation then alongside details of the type of cover being sought ascertains exactly the best product for that client.

“The products vary a lot and how they rate varies quite a lot depending on these [client specific] factors, so instead of rating a product what we do is rate the consideration of that product for the person.”

The product research included putting 2,288 different policy wordings through a readability test - a process that uncovered a 54-word sentence in one policy document.

Hutchinson said the system was also extremely user-friendly, as you can access a product rating from the same data that is inputted for a price quote.

While price comparison services are free on the site research ratings cost $5 for a one-off report or $95 for a monthly subscription.

“It’s a deliberate strategy to make research much easier to access and build into your sales process for around 1,500 financial advisers offering insurance who do not use any third-party research at present,” Hutchinson said.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

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