Professional Product Comparison

Examples and Insights

Comparison: you can do it well… or you

can do it badly.

We review the issues, tricks, and traps in

this presentation.

4 September 2014

Russell Hutchinson and Alan Rafe

www.chatswood.co.nz

Professional Product Comparison

Examples and Insights

Comparison: you can do it well… or you

can do it badly.

We review the issues, tricks, and traps in

this presentation.

4 September 2014

Russell Hutchinson and Alan Rafe

www.chatswood.co.nz

AA

AA insurance uses a satisfaction survey to

compare their product.

This is an ideal mechanism if your current

customers like your service a lot.

Non-customers may prefer a more

technical assessment criteria and

professional external review.

www.aainsurance.co.nz

www.chatswood.co.nz

Pinnacle Life

The Pinnacle site only sells it’s own

product but it includes a comparison of the

costs of competing products.

This helps to retain prospects who might

go elsewhere to compare.

If you offer a comparison you can be seen

as more confident than companies that do

not.

www.pinnaclelife.co.nz

www.chatswood.co.nz

Insure Me

Insure Me compares prices.

It has other details to allow consumers to

construct a comparison of the features

important to them.

The use of logos allows consumers to

better recall their prior impressions of

those brands and bring that view into the

decision-making process.

www.insureme.co.nz

www.chatswood.co.nz

Life Direct Experience

Life Direct provides a wealth of

comparative information: price, features,

and service ratings.

Brands are on display and special offers

are added at this point.

We supply part of this comparison from

Quality Product Research Limited.

www.lifedirect.co.nz

www.chatswood.co.nz

Life Direct Experience

Life Direct also provides a tool so that it’s

prospective customers can increase or

decrease the weight of different factors in

their comparison. The four factors they

consider are price, financial strength,

policy features, and customer service.

www.chatswood.co.nz

Quotemonster

At Quotemonster, owned by Quality

Product Research, we offer price, financial

stability, and product features comparison.

We also make available brochures,

documents, and weighting tools to allow

financial advisers to give greater weight to

different items (across all insurers) to

reflect the needs of specific clients.

www.quotemonster.co.nz

www.chatswood.co.nz

Pricing Examples

Comparing pricing at a product level rather

than individual quote level is a different

challenge again.

The example on this page shows how

visualising the difference across many

data points is a key tool in helping product

managers assess large volumes of

information meaningfully.

www.chatswood.co.nz

Four Factors Rating

Even though you want a simple

comparison for customers – such as star

ratings – it must be built on a technically

rigorous structure so that you can defend

the differences in scores.

We build our scores up out of rating four

main factors. The definition score factor is

built up out of a detailed item comparison

A rating you cannot defend isn’t effective –

so make it defendable!

www.chatswood.co.nz

Product Research

A comparison by an independent third

party gives customers more confidence.

Knowing it is based on great research can

make you more confident.

This example shows the detail behind the

rating for a Heart Attack definition in

Trauma insurance.

www.chatswood.co.nz

Why Outsource?

• Take an Independent Perspective

• You may find it difficult rating your

own products

• We can build a common platform for

all users to use

• You could experiment with

comparison within your business

before deploying it publicly

Talk to us at Chatswood Consulting

Limited to explore the idea further.

www.chatswood.co.nz

Comparative Research Products

• Pricing and Research for financial

Advisers on www.Quotemonster.co.nz

• Comparative Pricing Surveys for

Insurers

• Research on Product for Insurers

• Commission Comparison

• Quarterly Market Quote Data

• Quarterly Industry News

www.chatswood.co.nz

Chatswood Consulting

Chatswood Consulting Limited specialises

in providing marketing, distribution, and

product development services to financial

sector companies: insurers, fund

managers, banks, financial advice firms,

and industry associations. Chatswood

works with companies to develop and

manage new marketing opportunities

channels for financial services business.

www.chatswood.co.nz

Who We Are

Russell Hutchinson, MBA, GDipMktg

Russell founded Chatswood Consulting. Russell is

experienced at general management level with

major financial services firms, and managing

director and non-executive director level with

distribution firms in New Zealand. Russell is the

driving force behind the Chatswood Consulting

enterprise.

Alan Rafe, MBA

Alan brings more than 25 years of financial

services experience in sales and distribution

networks for Investment, Insurance and Health

products - of which at CEO/MD level working in

Asia (Hong Kong and Philippines) for a major US

based Insurance Company.

Alan's main role is to run the Quotemonster /

Quality Product Research services.

www.chatswood.co.nz

Thank You!

Visit us at www.chatswood.co.nz

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www.chatswood.co.nz

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