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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
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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
![Page 3: Professional Product Comparison](https://reader030.vdocuments.us/reader030/viewer/2022032714/55ac24a81a28ab58298b47bd/html5/thumbnails/3.jpg)
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
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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
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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
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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
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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.
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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
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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.
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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!
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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.
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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.
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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
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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.
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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.
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Thank You!
Visit us at www.chatswood.co.nz
Follow us on LinkedIn
Follow us on Slideshare
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Chatswood ConsultingOur Clients