Palmerston North Workshop

30. July 2015 11:23 by Kelly in   //  Tags: ,   //   Comments (0)

We have just added Palmerston North to the list of places we are visiting in the next month or so.

Click here to for more details and to register.

Tuesday 11 August
9.45am start time
Hotel Coachman

Zurich Australia: Advisers Identify Efficiency and Technology as Priorities

29. July 2015 08:49 by Kelly in   //  Tags:   //   Comments (0)

Zurich Life recently completed a survey of 207 financial advisers to assess how they are responding to the new Australian life insurance framework, a scheme to reduce commissions and change other aspects of advice-giving in the risk advice sector in order to reduce conflicts of interest. Key highlights from the research are as follows: 

"Many advisers see room for improvement via efficiency

  • 37 per cent will respond to the new framework by increasing their focus on efficiency
  • 55 per cent indicated a more flexible, less onerous compliance regime was critical
  • A further 33.1 per cent indicated that automation and technology would underpin efforts to adapt to the evolving advice landscape

Many advisers are re-thinking their value proposition and business model:

  • 23 per cent seeking to specialise in market segments with higher value clients
  • 26 per cent indicating they would focus on more holistic (rather than risk specific) financial advice"

You can read the full release from Zurich at this link

As providers of adviser technology we are encouraged by the focus on technology and efficiency. Everyone concerned about underinsurance should be worried by the 26% who indicate that they would focus on broader financial advice - rather than risk-specific advice. 

The Need to Watch Out for Elder Financial Abuse

28. July 2015 09:05 by Kelly in   //  Tags:   //   Comments (0)

Financial abuse of the elderly is common. It can happen in many ways. We tend to think of a wily scammer coming to the front door or great-granny's inability to comprehend new technology, but sadly most elder financial abuse is from a family member. More details are available at this link

Financial Advisers can play an important role in helping to prevent this problem. You can write about it in your newsletters and blogs. You can tell younger clients that are money-savvy and wish to help out their elderly parents and grand-parents how to protect them. A couple of really good habits older folk can get into are these, whenever faced with any financial proposition, demand, salesperson, say:

"Thank you for telling me that. I always check these things out with [name of trusted friend] or my financial adviser - that always takes a few days - and they usually tell me I not to do it. Sorry."

Mental Illness Diagnosis

27. July 2015 08:49 by Kelly in   //  Tags: ,   //   Comments (0)

Mental illness is a significant driver of claims for income protection benefits. I spotted New Zealand as having a particularly high rate of diagnosis for bipolar disorder in this article (link). 

Auckland, Wellington and Christchurch Workshops

23. July 2015 11:34 by Kelly in   //  Tags:   //   Comments (0)

The monster is hungry for more...

Quotemonster is the number one place to go for pricing and research. We are thrilled with this response and are committed to continuing to be your first choice.

As part of this we are holding another round of road shows which are ideal for you to attend if you are a new user or a trained professional do not miss this session.

Including:

  • Quicker crunching
  • Easier Head to Head
  • Underwriting requirements
  • And much more .....

As always these sessions will be jam-packed full of good ideas and something to take away with you.

Click on the towns below for more details and to register. 
Auckland - Central - 18 August
Christchurch - 24 August
Wellington - 25 August
Auckland - North
 - 3 September

If you have any questions please feel free to call us on (09) 480 6071

We hope to see you soon!

Life Insurance for Children is Restricted - for Good Reason

22. July 2015 08:58 by Kelly in   //  Tags:   //   Comments (0)

Insuring children is restricted, under age 10 the amount you can insure a child is limited to premiums paid plus interest, to protect minors. 

If an insurer has issued a product with a substantial sum insured on a child then what is the purpose? Are they entitled to do that? Or was the product established with a reason other than insurance in mind. Although New Zealand no longer requires an insurable interest the reform of that requirement assumed that an insurance company is already sufficiently interested to ensure that it does not issue cover in circumstances where interest is very limited. It seems plain to me that insurers were not being encouraged to forget about the issue altogether. 

Family Types: Different Types Have Different Needs

21. July 2015 08:48 by Kelly in   //  Tags:   //   Comments (0)

There is an excellent Allianz report on family structures available at this link. Although this is based on US data you may consider it a leading indicator of the family changes taking place in New Zealand. Another line of inquiry is to contrast the types of families described in the report with your last couple of dozen cases - or in the case of insurers to consider the people you work with and your family and friends.

The real insight is to understand the different purchase motivations and use those to help solve the difference sets of insurance requirements each family will have. At least a general understanding of estate planning or a close relationship with a good family lawyer is required to provide effective advice on many of these issues. 

Advisers Can You Help? Claims Experience Needed

17. July 2015 08:50 by Kelly in   //  Tags:   //   Comments (0)

Can you help us please?

We are interested in understanding claims management processes as they are experienced by your clients. We get to see what is written in documents, forms, and processes, but we want to hear from you what actually happened with your clients.

In particular how follow-ups were managed - for example how contact was made around continuing assessments, or checking up on whether the client is actually following a recommended treatment programme. Even if you just jot down a few quick points in an email half a dozen such emails will alert us to more issues. 

Please email kelly.pulham@qpresearch.co.nz

Will Insurers Become Client Data Hubs?

16. July 2015 08:47 by Kelly in   //  Tags:   //   Comments (0)

Insurers collect a lot of client data. All the tech folks think that if you have a lot of client data it stands to reason that you can monetize that by providing services based on wider use of the data. For them the data is at the middle of the model and any services that use the same data are natural line extensions. For example, if you are a medical insurer then any health service based on the data is relevant - primary care, preventative medicine, long run research studies, fitness tracking, you name it - anything that uses health data. Thus the logic runs that insurers could become data hubs. 

The logic only appears to run that way because these folks haven't had to look hard at the databases insurers actually use. They wouldn't be happy if they did. Most of their grand ideas are based on using 'health data' but most insurers don't have health 'data' they have the content of forms at a various erratic points in history: the application, some medical claims, a reinstatement form, and so on. Mostly the really cool data has been summarised into high level variables such as "ordinary rates" and left unchanged for a long time. Health data from claims are put into large categories associated with products, and if you are lucky, with claims codes, but these still make the information hard to use. 

Couple that with the fact that insurers are not exactly known for innovation and you begin to suspect that they will not leverage their data in creative collaboration with clients and advisers. 

But that doesn't stop a long-run trend. Some people want to use their health data. Some people want clever new services to help them live better lives - and they will get those needs met. At the moment, slow though the wheels of technology seem to turn in health services, that looks like it will not be the insurers that do this. But it will be somebody. 

Will Technology Make Insurance Products More Alike or More Different?

15. July 2015 09:35 by Kelly in   //  Tags:   //   Comments (0)

One recent commentator believes that the emergence of online marketplaces will make risks (and therefore insurance) more similar. They believe that the ideal of being able to show comparisons squeezes products into more and more common forms. 

We do a bit of comparison work around here, and we have tended to find the reverse. Over our time in the market (three and a half years) products have proliferated and we still don't compare and research them all. This was counter to our expectations: perhaps five to ten years before we were seeing a trend towards fewer insurers, and we might have believed the idea of fewer products too.

On the other hand in many products we do see what appears to be more sorting into categories: once upon a time mobiles were mainly clam-shells that you flipped open, now they are mainly candy-bars with big touchscreens and no mechanical buttons. To that extent maybe the 'more the same' camp are right. But within the category the diversity is nothing short of amazing. Today your telephone is a more personal item, perhaps, than an old-fashioned diary might once have been. 

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