Quality Product ResearchGetting Started on Quotemonster

April 2014

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• Definition “Why should we pay this claim?” Score 0-100

Easy, think of the definition differences around heart attack, for example.

• Incidence “Which item is more likely?”0-100% of claims

Think heart attack 15% of claims, versus brain tumour at less than 0.4%

• Frequency “How often will we pay?” 0 to 10 times

Death claims = 1, Specialists and tests claims 3 times in our model. Financial planning benefit, only about 1 in 5 frequency.

• Amount “How much will we pay?” 0-100% of sum insured or claim model

Like the calculations of what gets paid under rehab and home modifications benefits.

Multiply them together and you get the IQ score for the item. Add all of them up and you get the total score for the product. • Relative weighting of small incidence but catastrophic risks is the next major issue after basic

scoring

Four Factors Rating

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Tools - Head to Head• Summary• Detailed

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Thank you!

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