The protection market has come a long way in the last few years. Insurers now seem to offer more products than ever with many offering both quality and cost effective solutions, whilst product design not only focuses on breadth of cover, but also features that can help clients lead a healthy lifestyle or support them if their health fails.
Comparing policies based on price has always been relatively easy thanks to developments in quotation portals, whilst systems are also available to help advisers compare products based on quality. What has been missing for many advisers however is the ability to compare products based on price and quality together across a range product types. Yesterday saw the announcement of Protection Guru’s partnership with iPipeline to deliver exactly this, but what will the partnership provide?
For five years, Protection Guru parent, FTRC have been analysing product features at an unparalleled granular level via their Quality Analyser software to help advisers understand the differences between insurer offerings. The announcement sees this analysis integrated into iPipeline’s SolutionBuilder via a new “Product Features Report” to enable advisers to compare products based on price and quality side by side.
The integration includes analysis of a range of benefit types including:
- Life Protection (including decreasing and mortgage assurance)
- Critical Illness
- Income Protection
- Business Protection
- Business Protection with Critical Illness
For each benefit type, users will be able to compare up to five insurer products based on a range of features specific to the benefit type being quoted for. These features include analysis of critical illness wordings, general product features and a range of added value benefits.
The new Product Features Report has been designed to be as simple and intuitive as possible and has no impact on how advisers currently obtain quotes. When a user arrives at the results screen within SolutionBuilder, they are presented with the most cost-effective product for each benefit type. At this point they will also able to “Select alternative”, where they can view all products that have returned a quote in price order. It is on this screen that users will be able to click through to “Compare Product Features”.
Clicking through to this page will present the user with a similar table, still showing the prices, that also enables them to select up to five products to compare. Where Life and Critical Illness or Life with Accelerated Critical Illness is selected, the user will be able to select whether they want to conduct the analysis on the life element of the policy or the critical illness element.
Once the user has selected the products they want to evaluate, they can move on to select the product features they want to contrast. The product features available to select will be specific to the benefit type being compared and users will be able to select up to 10 features from a list of 15.
This benchmarking of each feature is based on Protection Guru’s extensive and granular analysis of what is offered by each insurer. This drills into the fine print to analyse details such as how the feature is offered, when it can be accessed, who can access it, how much it offers, exclusions to use etc.
In terms of the critical illness analysis, users will be able to compare our independent medical panel’s analysis of adult critical illness coverage, children’s critical illness coverage and coverage for conditions that are generally diagnosed either during pregnancy or immediately after birth (i.e. congenital conditions). Each of these combines our doctors’ views of each insurer’s individual condition wordings combined with incidence data to provide an overall score of which insurer is most likely to pay a claim during the term of the policy, based on the specific client’s age, gender and smoker status.
Once happy with the selections made, the user is able to download the “Product Features Report”. The report provides a table showing the price quoted by each selected insurer product along with the scores from Protection Guru’s benchmarking for each individual product feature selected. The aim of this report is to provide advisers with the ability to view the strengths of each product alongside the price in order to make a judgement on value.
The report below is based on a decreasing term assurance comparison.
At Protection Guru we are hugely excited by this partnership with iPipeline and believe that the “Product Features Report” provides a best of breed solution to address the need to compare products based on price and quality. The combination of a market leading quotation portal and the most extensive and granular product research data will make it far easier for advisers to compare protection products on cost and quality side by side.