Quotemonster adds KiwiSaver comparison and research

With half of its subscribers now providing some form of KiwiSaver advice, life and health insurance quote provider Quotemonster has added a KiwiSaver comparison and research service.

Tuesday, July 30th 2024, 6:16AM

by Andrea Malcolm

From September, it will offer Kiwimonster; a free comparison of fees, returns and basic fund and manager information across most KiwiSaver providers except those which are very small or new.

From October there will be a subscription-based KiwiSavr research service with more detail including qualitative research evaluation and more scheme and fund level data from research partners and an SOA-writing tool (similar to the Advicemonster tool) will come online early next year.

Core data for the KiwiSaver research will come from Morningstar as well as two more data sources and in-house data analysis, says Russell Hutchinson, the director of Quotemonster provider Quality Product Research.

Like Quotemonster, access will be restricted to financial advisers with a Financial Service Providers number.

“End customers cannot access the tool or the research as our focus is on providing services to financial advisers,” he says.

Quotemonster subscribers have been getting a preview of Kiwimonster at its annual roadshow.

The new offering is a response to a surge in interest in KiwiSaver among Quotemonster’s subscriber-base of more than 1000 mainly life, trauma, total permanent disability and income protection (group and business) advisers.

For the first time a KiwiSaver provider, Generate, is also taking part in the nationwide roadshow which kicked off in Taupo last week and is visiting 16 venues across the country.

Generate is there to discuss the benefits and long-term value of offering KiwiSaver advice beyond retirement savings.

Hutchinson says an ongoing quarterly review of Quotemaster subscribers’ disclosure documents revealed more than half provide some form of KiwiSaver service, more than do home loans, the next biggest category.

This gels with a 2021 overview by the Financial Markets Authority which found that of the financial products advisers provide service on, personal risk insurance was the most prevalent at 70%, followed by KiwiSaver (48%) and mortgage products and consumer credit contracts (37%).

A follow up survey of Quotemaster subscribers asked what services they offer, which KiwiSaver providers they use and any challenges in the advice process. “Those answers encouraged us to develop Kiwimonster,” says Hutchison.

He says other KiwiSaver comparison sites like Sorted provide basic comparative information – such as fees, returns, and asset mix at a high-level and do some high level projections.

“Our free service will provide much the same – but advisers told us that they would like to see more evaluative research which covers a wider range of factors. This is where we extend beyond the current free services.”

He says research covers issues such as management, service levels, payout ratios for TPD, hardship, and mortgages, tools for customers, fund options and ESG.

“A research service was a logical addition for us. At 16 staff we’re the largest life and health insurance research business for New Zealand, but we do have limitations in experience in the analysis and evaluation of KiwiSaver schemes and funds.

Last year around 700 advisers attended the roadshow, this year the expectation is 900, says Hutchinson.

Started in 2012, Quotemonster aims to help insurance advisers identify the major differences between types of insurance policies. It provides access to around 40,000 insurance policy comparison points and pulls quotes for more than 95% of all life and health insurance products sold in New Zealand, doing in the region of two million quotes a year.

Life and insurance providers send Quotemonster their pricing and policies, including upcoming changes. While the price comparison service is free, the product comparison option, Researchmonster, requires a paid subscription, along with Advicemonster which provides a standard of advice rating service.

Tags: Russell Hutchinson