Quality Product Research: Our Research Principles

We aim to provide our subscribers with research that is clear, value-based, and easy to use.

Clear – because we want you and your clients to be confident that differences in ratings reflect significant differences in policies.

Value-based – because ratings should reflect the real differences in value. This means the structure should be weighted to reflect the events that happen more often, plus the claims that are more often paid, and the amounts paid.

Easy to use – because a rating system that is as complicated as the original policies is too complicated to help you and your clients. That means some form of simplification and selectivity in rating measures is always needed.

Of course, our Research is based on our opinion, but as far as possible we try to make that based on facts informed by expertise and experience from a range of expert sources. Accepting, however, that it is not an exact science.

Here we share our research principles: 

• Research coverage of more than 95%+ of on sale products.

• Enhancements or policy wording updates are live on Quotemonster within three months of receiving relevant policy documents.

• We provide research comparisons – so a unique product may not receive a rating until there is a peer group against which it can be reasonably compared, typically we rate comparable products that are offered by at least three providers.

• We rate policy documents, not general statements, brochures, or advertising material.

• Our ratings are informed by legal opinion, for example:

1. If coverage is for death, that includes death anywhere in the world unless specifically excluded.
2. Where two sections of the policy document conflict, we rate the worst of the two.
3. “For example…” is not a policy commitment that can be rated.

• We research using our four-factor methodology – click here for more information on this.

• We follow a rating process: 

1. Sub item weightings are value based, descriptive and clear.
2. Benefits are weighted according to how beneficial they are to the client.
3. Sub items focus on the differences between wordings (exceptions: in exclusions, we aim to describe every applicable exclusion).
4. We reserve the right to exclude a feature or benefit in the interest of clarity where such a feature does not have significantly evident value.

• We seek external advice and consult regularly with industry experts such as Insurers, Reinsurers, Regulators, Actuaries, Health Professionals, Advisers, for:

1. Value
2. Meaning of specific terms
3. Treatment at claim time
4. Likelihood of occurrence
5. We are cautious to assess a list of requirements to determine if all or some apply, if in doubt we assume all will apply.
6. Discretionary benefits (e.g., Grief & Funeral Support, Child Funeral) are given a low weighting.

We hope this provides some insight into our research and if there is a specific topic you would like us to share on, please send us an email on [email protected].