Qualitative Analysis Overview

The purpose of this guide is to provide an overview of Risk Researcher Qualitative Analysis.

The Risk Researcher Qualitative Analysis tools allow you to review policy wording, features and independent ratings, and compare policies against each other. All details can be output into PDF reports, or accessed by XMerge syntax.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

Quantitative Analysis

The Risk Researcher Qualitative Analysis allows you to:

• Compare Features
• Compare Differences
• Compare Ratings
• Rating Benchmarks
• Policy Extracts
• One on One Comparison
• Compare Policies

Accessing Risk Researcher Qualitative Analysis

The Qualitative Analysis can be accessed from the XPLAN menu (outside a client) or from within a Risk Researcher scenario against a client.

To access Qualitative Analysis outside a client:

In the Title Bar at the top of the screen, click XPLAN > Risk Researcher > Qualitative Analysis.

To access Qualitative Analysis within a clients Risk Researcher scenario:

Click Risk Tools > Qualitative Analysis.

Compare Features

Compare Features allows you to generate a list of insurance products that meet multiple Feature Requirements.

• In the navigation menu, select Compare Features.
• Set the following on the General Details tab:
  
  
  • Client's primary occupation
  • The cover type you wish to compare
  • Client's gender
  • The Package Type of Products.
    
    
• Under Core Requirements and Supplementary Feature Requirements tick the checkboxes for the features that insurance products must have.
• Select the Eligible Products tab. All insurance policies that meet the current Feature Requirements are listing.
• Tick the checkboxes for the products you wish to view further details on.
• Select the Expired Products tab.
• In the list of expired products, select an expired product you wish to compare against, then click the Add button. The product is added to the Selected Expired Products list.
• Repeat step 6 for each expired product you wish to compare against.
• Click Features Grid. Details on the provisions for each of the ticked products displays. Products can be hidden from the grid by using the Filter checkboxes and the show and remove options from the Action button.
• You can click Print to generate a PDF output of the Features Grid.

Compare Differences

Compare Differences shows only the differences between the selected products.

• In the navigation menu, select Compare Features.

Compare Ratings

Compare Ratings allows you to quickly compare the ratings for any number of products on screen at one time. This facility provides a ‘at a glance’ comparison of the ratings for a number of products and research provisions.

You can select any combination of products and provisions to examine and then ‘drill down’ to display the actual rating descriptions and policy extracts of the selected products and provisions.

• In the navigation menu, select Compare Ratings.
• Set the following on the General Details tab:
  
  • Client's primary occupation
  • The cover type you wish to compare
  • Client's gender
  • The Package Type of Products.
• Select the Advanced Filters tab.
• Set the following options:
  
  • S&P financial strength requirement
  • The weighting profile you wish to apply
  • The types of policies to be compared, either All products, Most Comprehensive or Most Basic
  • To view results from either only providers marked as Preferred or All Approved on the selected APL
  • Products that are Ordinary only, Superannuation only, or Ordinary and Superannuation
  • Select an Approved Product List to use, or select No APL to show all products. The list of Eligible Products updates to correspond to the selected options.
    
    
• Tick the checkboxes for the Eligible Products you wish to view ratings on.
• Tick the checkboxes for the Eligible Provisions to select the provisions that will be used for rating scoring calculations. Only the selected provisions will be displayed in the Ratings Grid.
• Select the Expired Products tab.
• In the list of expired products, select any expired product you wish to compare against, then click the Add button. The product is added to the Selected Expired Products list.
• Repeat step 8 for each expired product you wish to compare against.
• Click Ratings Grid. Details on the selected provisions for each of the selected products display. Products can be hidden from the grid by using the Filter checkboxes and the show and remove options from the Action button.
• Click Report to generate a PDF output of the Ratings Grid. 

Rating Benchmarks

For a selected policy type, you are able to examine the general definition description and the current Rating Benchmarks for each the evaluated provisions.

Furthermore, the Ratings Benchmarks module provides a summary list of current products that fall under each of the A-B-C rating categories for every evaluated provision.

Each provision is summarised in plain language, and the Rating qualifications are explained.

• In the navigation menu, select Compare Ratings.
• Select the Cover Type, then the Provision to examine.

The information displayed can be printed as a PDF by clicking PDF.

Policy Extracts

Policy Extracts allows you select a specific insurance product and review its details:

• All of the ratings per provision
• Summary research notes and commentary
• The policy extract in detail
• Product specifications
• Underwriting limits and applicable tranches.
• In the navigation menu, select Policy Extracts.

The information displayed can be printed as a PDF by clicking PDF.

One on One Comparison

One on One Comparison allows you to view side by side the details on selected provisions for two products.

• In the navigation menu, select Policy Extracts.
• Select the policy type. The list of products updates to show only products of this type.
• Select the provision to be reviewed.
• Select the two products to be compared.

Compare Policies

Compare Policies allows you to compare multiple policies on screen at the same time. After selecting the two policies, select the provision to compare, and the specific information is displayed.

• In the navigation menu, select Policy Extracts.
• The information displayed can be printed as a PDF by clicking PDF.