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Life Insurance Comparators

Rice Warner’s Group Insurance and Retail Risk web-based comparators are valuable tools for both insurers and superannuation funds.

The Retail Risk Comparator is a comprehensive tool covering open retail insurance products sold by financial planners. Key features include:

  • Coverage of 15 different product offerings.
    • product splits for health discounts
    • ordinary and super owned analysis available.
  • Premium calculations:
    • All ages, allowing the user to sort premiums at each age.
    • Functionality to include the common options in the market, such as Level premium, Guaranteed Future Insurability, Increasing Claims Benefit and much more.
    • Premium quotes are coloured to represent their respective competitive position for ease of use.
    • Absolute premium and relative graphs of the premiums are automatically generated by selecting the desired products (or figures can be exported to Excel and graphed as desired).
  • Features:
    • Dichotomous assessments are made of all the products researched; assessments identify key areas of value and differentiation in the market.
    • Text from each PDS is supplied to support and supplement the assessment, this can be viewed by feature, by product or the user can select multiple products and features to view at once (can be downloaded to excel for further analysis if required).

Many actuarial and product teams from insurers and reinsurers use this useful tool every day.

The Group Risk Comparator provides a comparison of both features and prices across 250 group insurance offers. Group insurance offers are from a range of fund and offer types in the Australian marketplace including industry funds, public sector funds, corporate offers and master trusts. Key features include:

  • Pricing
    • Premium quotations for Term, TPD and Income Protection across a range of occupations.
    • Premium quotations for multiple products at one time.
    • Absolute premium and relative graphs of the premiums are automatically generated by selecting the desired products (Note: figures can be exported to excel and graphed as desired).
  • Features
    • Key terms and conditions for Term, TPD and IP across the market.
    • Features can be viewed by individual fund or compared across a range of funds.
  • Other
    • Monthly update of key pricing and features updates across the market.

Our Group Insurance Comparator is used by the majority of the group insurers, reinsurers and by select superannuation funds. It is ideally suited to product teams, marketing departments and pricing actuaries who find it easy to compare standard group life terms across the market.

Our life insurance databases are also used to supply data and calculation processes to dealer groups. They have been supplied to a number of wholesale software providers working with dealer groups as well as to a few very large groups direct.

We also supply superannuation fund research to dealer groups. This is used to compare funds on Approved Product Lists as well as providing accurate information on funds for clients who have their super in several places.

Product Research

Rice Warner is a significant supplier of insurance and superannuation research and calculation processes to the Australian financial services industry.   We supply our research to a variety of clients including financial planning platform providers, dealer groups, superannuation funds and insurance companies. We cover a range of topics in several areas for our client base, including:

  • Superannuation, investments and pensions
  • Life insurance (group, retail and direct)
  • Advice
  • Public research and submissions.

Research Reports

Rice Warner invests extensively in research and it is a core part of our business. Critically, our philosophy is not to simply collect market data, but to interpret that data and provide useful insight that will assist our clients to improve their business outcomes.

Spanning the superannuation, life insurance and investment segments of the financial services industry, Rice Warner’s research includes market analysis, market projections and likely future trends. Data is sourced through many different channels including publicly available information, client surveys and data gathered through consulting assignments.

The reports have been updated over time to reflect changing technology with copies available for our clients on our Research Portal.  Some of the reports are supported by projections which can be downloaded into excel.  We also provide clients with executive briefings to discuss the implications of the report findings.


Research Package Description

The Insurance Affordability Study considers the affordability of default insurance cover within superannuation funds at an industry level.

The study highlights areas of concern for Trustees to consider to minimise the risk of premiums inappropriately eroding the retirement income of beneficiaries.

The Underinsurance in Australia report sets out Rice Warner’s estimate of the amount of underinsurance in Australia for the main insurance coverages, namely life insurance, total and permanent disability (TPD) and income protection benefits.

The comprehensive findings of this latest report reveal the extent to which rising risk premiums must be weighed against the fundamental, long-term benefits of insuring a life, and providing an adequate financial safety net to more Australians when they most need it.

The Quarterly Group Risk Bulletin provides review, analysis and commentary of topical issues in the group insurance market. The subject matter covered in the bulletin is adjusted each quarter to reflect the current market and will be of interest to a range of insurance experts including product and pricing teams.

The Bi-monthly Retail Risk Market Update provides review and analysis of product, pricing and public policy changes in the retail insurance market over a two-month period. This report is directed at product, pricing and sales teams.

The report provides analysis of product and pricing changes and the impact to quartile ranks for all on-sale retail insurance products. Pricing scenarios are provided for ages 20 to 70. In depth analysis and commentary is provided for significant product releases.

This report provides an analysis of the personal investment market. In its broadest sense, the market includes all investment assets held by individuals, either directly or through trust or company arrangements, other than assets held in superannuation funds. When combined with Rice Warner’s Superannuation Market Projections report, the reports provide an overall view of the savings pool across Australia.

The report also provides insight into the forces shaping the personal investment market in the future.

The Direct Life Aggregator Review provides a summary of all aggregator sites selling life insurance products in Australia. The report reviews current online functionality including:

  • product availability
  • pricing
  • needs analysis
  • commissions paid
  • purchase options
  • insurance information.

Every year, Rice Warner analyses the size and composition of the superannuation industry and projects forward assets and membership annually for the next 15 years.

The analysis is based on the output of a sophisticated market and population model that reflects the market structure, population dynamics and employment trends.

The report encapsulates our view of the financial impact based on current trends. The results provide a snapshot of the future superannuation landscape based on these trends, and carefully considered assumptions which we set out in detail.

Bespoke Research

Rice Warner undertakes a number of bespoke research assignments each year. We are able to leverage our large proprietary databases, projections models and conduct our own surveys of superannuation funds, insurers and members across the industry to deliver to clients specific needs.

We can leverage other research projects and assignments to provide our client with insight not available anywhere else.

Examples of past bespoke research assignments include:

  • Commissioned research on superannuation fees for the Financial Systems Inquiry.
  • Surveys and analysis of SMSF member behaviour.
  • Research on distribution of superannuation, life insurance and personal wealth by advice channels.
  • Modelling of regulatory/tax changes for use in public policy submission and strategic insight.

Rice Warner has been producing the Superannuation Fees Report for the Financial Services Council (FSC) since 1999.

The report is based on published APRA statistics supplemented by information in the Product Disclosure Statements, annual report and surveys of fund fees. It analyses the superannuation fees for each financial year period.

The fees are separated into three major components namely operating fees, financial advice fees and investment management fees.  The report includes insight into key drivers influencing fees across the various segments of the industry.

Rice Warner has produced the Retirement Savings Gap (RSG) Report for the Financial Services Council (FSC) since 2003.

The report provides a snapshot of Australia’s progress as a nation towards funding a comfortable retirement. The results presented in the report measure the shortfall in adequate retirement savings for the working population.

Rice Warner also analyses the RSG for members of individual funds and for women.

Trends over time show whether the relative position is improving or not.  The success of the superannuation and retirement incomes system can be measured by a reduction in this gap over time.