The Life and Trauma insurance products Countdown are now selling through CIGNA have been rated on QPR in Quotemonster.
Countdown is the latest company to enter the insurance market, offering a range of product underwritten by CIGNA. The range includes:
• Bill Protection Insurance
• Pet Insurance
• Travel Insurance
• Life Insurance
• Accidental Death
This is a consumer-focused offer. Note the prominence in the offer of bill protection insurance, which is judged to have near-universal appeal. The presence of pet and travel insurance will not trouble life insurers, but these are valuable to attract attention and traffic to the offer.
The Trauma component of the product has some extensive exclusions. Limitations:
“We will not pay any benefit under the Serious Illness Benefit if the claimed condition is caused or contributed to, directly or indirectly, by:
• attempted suicide, intentional self-injury, whether sane or insane
• an unlawful act by you or the Life Insured
• alcohol or drugs taken by the Life Insured (unless prescribed and taken as prescribed by a registered medical practitioner)
• driving a motor vehicle with a blood alcohol level in excess of the minimum legal limit.”
That last point is perhaps particularly significant as the allowable blood alcohol level has just been reduced, and car accidents would be a leading cause of paralysis and major burns.
The value to customers: a well-priced offer with the convenience of easy application, online. The value-for money pricing is a good fit for the Countdown brand.
The premium rating is interesting too. The standard (non-smoker) premium is at the more expensive end of the market. The Healthy lifestyle premium is cheaper than the market, even beating low price offers such as Pinnacle Life and being lower than CIGNA’s standard rate – but only just.
QPR now researches the following 28 companies:
1. AA Life
8. Asteron Life
11. Co-op Money NZ Insurance
20. Partners Life
21. Pinnacle Life
23. Southern Cross
Tony Vidler over on Financial Advisor Coach shares 11 questions to think about before spending a marketing dollar next year. As this year is coming to an end it is time to start thinking about what marketing strategies to put in place for 2015 but before you go rushing into anything stop and ask yourself these questions.
The new pricing and research for Onepath changes effective 8th December are now live. Note that the new Loss of Earnings and Loss of Earnings Ultra products have not yet been added but will be available shortly. For more information click here.
Pretending insurance fraud doesn't exist means that it prospers. It is seen as a victimless crime. But it isn't - the effects are diffuse and very expensive. From the UK:
The ABI detected 118,500 bogus or exaggerated insurance claims last year, equal to 2,279 a week, worth £1.3 billion, up 18 per cent on 2012.
The effects of such fraud can be large. David Barrett, writing in the Telegraph, reports that they add GBP50 to the cost of insurance every year. That is only thedirect cost passed on to policyholders - they will experience indirect costs in longer underwriting and claims processes. Some, because of the cost, will be pushed out of the insurance market altogether. But action is possible. Government action in the UK against bogus whiplash claims in motor insurance has has a substantial impact:
"...over the last 18 months the average premium has fallen by 7 per cent."
It is hard to believe that insurance premiums can go in any direction other than up, but, if we could remove the cost of fraud, then maybe they could.
Do you have non-resident clients? Do you have approaches from clients that are in the following categories:
- Residents of another country in New Zealand working on work permits with a duration of less than two years
- Residents of New Zealand leaving New Zealand to work in a country other than Australia, Canada, UK, or US
- Residents of another country that are living and working in a third country other than Australia, Canada, UK, or US
We have been asked by a client to talk with advisers that have these types of clients. If you have a chance to drop us a line we may be able to help add to your knowledge about serving these client segments.
You can check credit card and payment details online.
If you log in to Quotemonster and click on “Research Tools” on the home screen, then click on the “Subscriptions” tab you will see a “Payments” button just below.
In this screen you can view and edit your credit card details by following the instructions given.
John Brogden, CEO of the Financial Services Council said: "Financial services is now Australia's largest industry accounting for nine per cent of GDP ' more than mining and manufacturing."
"Our report shows that financial services is making a significant contribution to the Australian economy. It pays more corporate tax than any other sector, employs more than 400,000 people - most are well-remunerated and well-education ' and contributes $130 billion to the economy each year."
Click here to read more.
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Are the company logos and names not lining up correctly on your premium comparison graph?
This issue is usually caused by resizing (zooming in or out) your browser.
You can resolve the graph issue by following these steps:
1. Login to QuoteMonster and open the client's quote.
2. On your keyboard, press the 'Ctrl' key and the number '0' key at the same time.
3. Proceed with the quote and generate the report by clicking 'Download' or 'Email'