What is your research advisory board all about?
As part of Quality Product Research’s (QPR) commitment to maintaining the most extensive scope of life and health insurance product research in New Zealand, we have established a research advisory board to help us achieve a greater level of independent oversight of our research processes.
How do we determine the insurance quality score?
Our research methodology begins by evaluating the quality of an insurer’s policy definition to give an initial definition score for each item in the policy. We then weight each score according to the item’s incidence, frequency of claim, and the actual amount paid at claim time. These four factors determine the insurance quality score, which reflects the value of a benefit to the policyholder at claim time.
Who is involved in the research?
Doreen Dutt is our research manager, supported by Kim Oliver, research and customer support, and contract researchers Sara Alani, LLB, and Dyan Acosta. The research team reports to Russell Hutchinson, director of Quality Product Research. When required, we seek advice from insurers, reinsurers, advisers, underwriters, consultants, legal advisers, and medical staff.
How do you review research issues?
When we are made aware of a research issue which requires review, we follow a standard procedure to manage the process of research evaluation and update:
1. When an issue arises, we share notification of our review on our blog/news sites with reasons why we think it requires review, and ask for feedback and claims information
2. We also ask insurers and reinsurers to help supply relevant claims data to support our review process along with any other appropriate feedback about the item under review
3. Once we’ve received feedback, we review the structure of our research by adding or deleting items and sub-items within our test database, weighting proposed guide scores to achieve a value-based rating for the item
4. We publish the proposed rating on our blog/news sites, and the rationale for change, allowing our readers to provide feedback
5. We receive and incorporate feedback accordingly
6. We finalise changes within the database and the Quotemonster website
Why do advisers sit on the research advisory board?
Advisers can provide a special insight into the research process and have several ways in which they bring perspective:
1. They operate at arms-length to the manufacturers of products
2. They often see competing products operate in the real world in claims situations
3. They understand what is important to their clients
4. They provide frank feedback about benefits that are rarely claimed on
5. They are more familiar with the application of research to a real-world advice process
It also provides an opportunity to participate in a governance structure providing some valuable wider industry experience for both us and the adviser.
At our most recent meeting, the Quotemonster research advisory board has come up with some enhancements which will make advisers’ lives easier.
Going forward QPR will give advisers the ability to have Partners Life specific injury product excluded from specific injury benefits comparisons, given the significant monthly premiums difference, with the option to ‘turn on’ the rating for specific conditions covers.
A review of the medical product claim model and amount scores is underway after initial discussion with the Research Advisory Board, who provided valuable feedback on children’s benefits and medical tourism features.
In future QPR will have functionality to easily switch from personal to business products for quoting and research.
