Quotemonster branches into advice
QPR's Quotemonster service is changing its pricing model and in the process of launching a new service to help risk advisers offer advice.
Wednesday, April 18th 2018, 10:54AM
QuoteMonster has been touring the country introducing risk advisers to its soon-to-be launched baby, AdviceMonster.
QPR chief executive Alan Rafe says QuoteMonster was well positioned to offer a service to advisers and it was working with a compliance company to provide a tool to allow advisers to do a full needs analysis and statement of advice (SOA) template for advisers.
Rafe says the goal with the Insurance SOA was to create something that was easy and automated, was in a format which was easy to change and something that was reviewd on a regular basis from a compliance perspective.
QPR also wanted it to be cost-effective and to fit into current processes.
He said it made sense to provide this service with QuoteMonster as advisers capture a lot of client data into the system when they are doing price comparisons.
Under impending regulatory changes as well as pressure from the Financial Markets Authority insurance advisers will need to improve their compliance processes and be able to demonstrate their advice is appropriate to clients.
Rafe says the AdviceMonster will also allow advisers to spend more time with their clients.
Also QuoteMonster is changing its model and now will have a subscription element.Pricing comparisons will remain a free service. However, advisers will have to pay $105 a month for the research service offered by QuoteMonster.
Its AdviceMonster offering is priced at $155 a month.
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