Quotemonster Introduces Comprehensive KiwiSaver Comparison and Research Services

Highlights:

• New KiwiSaver Services: Quotemonster launches Kiwimonster in September for free KiwiSaver comparisons and KiwiSavr in October for subscription-based, detailed research.
• Exclusive Access for Advisers: Both Kiwimonster and KiwiSavr are available only to financial advisers with a Financial Service Providers number.
• Growing Demand: Over half of Quotemonster's 1000+ advisers now offer KiwiSaver advice, prompting the introduction of these new services to meet their needs.

Expanding Services for KiwiSaver Advice

Quotemonster, a leading provider of life and health insurance quotes, is launching new KiwiSaver comparison and research services. Quality Product Research, which operates Quotemonster, aims to cater to its growing subscriber base, with over half now offering KiwiSaver advice. Starting September, Kiwimonster will provide free comparisons of fees, returns, and basic information for most KiwiSaver providers, excluding the smallest and newest ones.

Subscription-Based Research Service

In October, Quotemonster will introduce KiwiSavr, a subscription-based research service that offers in-depth qualitative evaluations and detailed data on various schemes and funds. The core data for this research will come from Morningstar, supplemented by additional sources and in-house analysis. An SOA-writing tool, similar to the existing Advicemonster tool, will be launched early next year to further support financial advisers.

Exclusive Access for Financial Advisers

Access to Kiwimonster and KiwiSavr will be restricted to financial advisers with a Financial Service Providers number. Russell Hutchinson, director of Quotemonster, emphasizes that the focus is on supporting financial advisers rather than end customers. Subscribers have already had a preview of Kiwimonster at Quotemonster’s annual roadshow, which features the participation of Generate, a KiwiSaver provider discussing the long-term benefits of KiwiSaver advice.

Growing Demand Among Subscribers

The new services respond to increasing interest in KiwiSaver among Quotemonster's over 1000 advisers, who primarily offer life, trauma, total permanent disability, and income protection advice. A quarterly review revealed that more than half of these advisers provide some form of KiwiSaver service, surpassing the number offering home loan advice.

Industry Insights and Market Trends

A 2021 overview by the Financial Markets Authority found personal risk insurance to be the most prevalent service offered by advisers at 70%, followed by KiwiSaver at 48%, and mortgage products at 37%. A follow-up survey highlighted the demand for more evaluative research, prompting the development of Kiwimonster and KiwiSavr.

Enhanced Research Capabilities

Hutchinson notes that while other comparison sites like Sorted provide basic information, advisers seek more comprehensive research covering management, service levels, payout ratios, hardship, mortgage tools, fund options, and ESG factors. The new research service aims to address these needs, despite Quotemonster's current limitations in KiwiSaver scheme analysis.

Roadshow and Future Plans

Quotemonster expects an increase in roadshow attendance from 700 advisers last year to 900 this year. Established in 2012, Quotemonster has grown to become New Zealand's largest life and health insurance research business, offering extensive policy comparisons and handling around two million quotes annually. The company’s price comparison service remains free, while detailed product comparisons and advice rating services require subscriptions to Researchmonster and Advicemonster.

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