Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Health / Medical Insurance Price Comparison Database v106 released
Last week we have sent out a new version of the Medical Comparison database with updated Southern Cross rates effective 1st March. If you have not received the updated database please drop us a line.
Troubleshooting – Two Factor Authentication (2FA) for Microsoft Edge
Here’s a quick solution for our Quotemonster subscribers that use Microsoft Edge and have noticed a need to verify the same device more than once in a thirty-day period.
Recently, we’ve noticed a high volume of calls and emails about two factor authentication (2FA), here is a solution that may help if you find that you’re needing to verify the same device more than once in a thirty-day period.
Microsoft Edge
1. On your device, open Microsoft Edge.
2. Copy and paste the following website address into your browser: edge://settings/clearBrowsingDataOnClose OR at the top right, click More (three horizontal dots), then click Settings.
3. On the left menu, click Privacy, search, and services.
4. Scroll down to Clear browsing data and select Choose what to clear every time you close the browser.
5. Ensure the toggle is off in Cookies and other site data OR if you prefer to leave this option on for other sites, enter the following [*.]quotemonster.co.nz to Add a site and tick Include third-party cookies on this site.
We hope this helps, however, if you continue to encounter issues with 2FA please reach out to our team on info@quotemonster.co.nz.
Chubb appoints new Country President for New Zealand
Chubb has appointed David Morrow as the new Country President for New Zealand.
Chubb has appointed David Morrow as the new Country President for New Zealand. Morrow was previously Head of Property and Casualty (P&C) for Chubb New Zealand and will start the new role effective immediately. His new role will be responsible for overseeing Chubb’s commercial P&C, traditional and specialty personal lines, and accident and health insurance.
Peter Kelaher, Chubb country president for Australia and New Zealand, said
“David's tenure with us has been marked by progressive leadership, showcasing his ability to steer our business with excellence. His expansive network and deep understanding of both Chubb and the general insurance industry positions us to capitalise on growth opportunities in the New Zealand market.”
More daily news:
Partners Life premium rates for Private Medical Cover will increase from 22 April
Partners Life Cyber Security Webinar 14 March
New Covid-19 vaccine available for kiwis over 30
Aged Care Commissioner calls for free hearing aids to help ward off dementia
The role of financial advice in New Zealand
Take a look at the consumer case study and adviser case study videos Fidelity Life have produced to get another perspective on how kiwis view the financial advice industry.
We wrote about Fidelity Life’s Advice for good: Rethinking New Zealand’s relationship with financial advice report, here. Take a look at the consumer case study and adviser case study videos they have produced to get another perspective on how kiwis view the financial advice industry.
We’d love to hear your ideas on how to help shift the public’s perception of our industry and convey the value we offer.
More daily news:
Rob Flannagan will extend his term as independent Chair of the FSC Board
Unimed looking for Chief Corporate Services Officer and Chief Risk Officer
Andrew Bayly says government are reviewing a number of pieces of financial markets legislation
mySolutions webinar 'Commercial Insurances - What do FAPs need to know?' 9am 13 March
Legal and regulatory update for the life and health insurance sector
5 Mar 2024 - The Reserve Bank of New Zealand has published a Bulletin article discussing the use of credit risk weights for climate-related purposes. https://www.rbnz.govt.nz/hub/news/2024/03/the-use-of-credit-risk-weights-for-climate-related-purposes
5 Mar 2024 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Thrive Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-financial-advice-new-zealand-thrive-conference/
5 Mar 2024 - The Business Payment Practices Act Repeal Bill was read a first time and read a second time under urgency. https://bills.parliament.nz/v/6/3da72845-7284-439e-2ead-08dc3c923d2a?Tab=history
6 Mar 2024 - The Reserve Bank of New Zealand are part-way through a review of access eligibility criteria to use the Exchange Settlement Account System (ESAS). They have updated the consultation page of their website and published the submissions they received. https://www.rbnz.govt.nz/have-your-say/2023/esas
7 Mar 2024 - The Financial Markets Authority has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-proceedings-against-tower-limited/
7 Mar 2024 - The Privacy Commissioner has called for greater penalties for data breaches. https://privacy.org.nz/publications/statements-media-releases/greater-penalties-needed-privacy-commissioner-speaks-to-national-cyber-security-summit/
8 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).
The FAR, which replaces the Banking Executive Accountability Regime (BEAR), imposes a stronger responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors as well as their most senior executives. In doing so, the FAR aims to improve the risk and governance cultures of those financial institutions.
This release includes:
the Regulator rules, which prescribe information for inclusion in the FAR register of accountable persons;
the Transitional rules, which prescribe information to be provided by authorised deposit-taking institutions (ADIs) in relation to their existing accountable persons under the BEAR at the transition point to the FAR;
descriptions of ADI key functions to assist banking entities in the allocation of key functions; and
reporting form instructions to assist banking entities in providing the required information to APRA and ASIC.
Kiwis unsure of whether annual general health screening is necessary
Research by nib new Zealand has found that 47% of New Zealanders are behind on their general health checks.
Research by nib New Zealand has found that 47% of New Zealanders are behind on their general health checks. Worryingly, some people had never received important health screenings like dental checks (63%) and eye checks (55%). Despite New Zealand having one of the highest rates of melanoma in the world, 84% of kiwis surveyed were either not up to date with or had never received a skin check. Low rates of participation in national screening programs were also seen, with 60% behind on prostate cancer checks, 44% behind on cervical smears, 37% behind on bowel cancer screenings and 28% behind on breast cancer screenings. 43% of parents weren’t clear what health checks are appropriate for their children.
The biggest barriers to getting screened were uncertainty about which screening checks they need (38%), cost (36%), not experiencing any current health issues of concern (30%) and being anxious about what it could reveal (19%).
Despite the high numbers of respondents who were behind on proactive health screenings, 62% considered their health to be good, very good or excellent.
Rob Hennin, nib Chief Executive said
“At nib we believe that taking a proactive approach to your health is critical to achieving better health outcomes and, in turn, living healthier and happier lives.”
“Our survey found that six in ten people were worried about their future health prospects, so there’s a clear disconnect between Kiwi’s perceptions of their own health and their willingness to address it. Health screenings are the key to catching potential illnesses early, which means you can get treatment, begin recovery, and return to normal life faster.”
nib are offering free general health checks to the Kiwi public with its Check-Up clinic stationed at Blues home games at Eden Park and around Auckland city. Locations can be found on nib New Zealand social channels.
The survey was conducted in December 2023 and questioned 1,000 people.
More daily news:
Clive Fernandes talks about AI's impact on financial advice
Jon-Paul Hale talks about the implications of passbacks and policy swaps
Expressions of interest open for Partners Life new adviser training course
nib Ultimate Health plans will cover many pre-existing conditions
nib Life and Living Insurance has $200 off
Entries for Insurance Business' Top Insurance Employers are open
AIA make AML document requirements easier
AIA health enhancements webinar 14 March
AIA put together resources for The Big Heart Appeal
Westpac Smarts webinar 28 March 'Attracting and Retaining Good Employees'
Troubleshooting – Two Factor Authentication (2FA) for Google Chrome
Here’s a quick solution for our Quotemonster subscribers that use Google Chrome and have noticed a need to verify the same device more than once in a thirty-day period.
Recently, we’ve noticed a high volume of calls and emails about two factor authentication (2FA), here is a solution that may help if you find that you’re needing to verify the same device more than once in a thirty-day period.
Google Chrome
Quotemonster is most compatible with this browser.
1. On your device, open Chrome.
2. At the top right, click More (three small dots), then click Settings.
3. On the left menu, click Privacy and security, then click Site settings.
4. Once in Site settings, scroll to the bottom and select Additional content settings.
5. In the expanded list, scroll down and select On-device site data.
6. Ensure the option Allow sites to save data on your device is selected.
We hope this helps, however, if you continue to encounter issues with 2FA please reach out to our team on info@quotemonster.co.nz.
Happy Crunching!
Legal and regulatory update for the life and health insurance sector
1 Mar 2024 - Commerce Minister Andrew Bayly has told banks that by September they need to come up with a voluntary reimbursement scheme for customers who have been scammed. https://www.interest.co.nz/banking/126640/new-zealand-banks-told-come-reimbursement-scheme-scam-victims-september
4 Mar 2024 - Nearly 3,500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-037mr-asic-shuts-down-nearly-3-500-scam-websites-steps-up-surveillances-in-push-to-protect-consumers/
4 Mar 2024 - The Reserve Bank of New Zealand has published consultation feedback and decisions on collecting data to support cyber resilience. They will proceed with implementing formal material cyber incident reporting requirements, periodic reporting of all cyber incidents and a survey on cyber resilience of regulated entities. https://www.rbnz.govt.nz/hub/news/2024/03/new-measures-to-build-cyber-resilience
Acquisition Opportunity - Northern Advice Provider
Tim Herbert at Carwardin, licensed REAA, has an excellent opportunity for a financial advice provider looking to invest in a successful, established financial advice business. Perhaps to extend your practice footprint nationally, or to build scale in your location. The opportunity in the North, a prominent insurance advice business, celebrating 20 years of expertise.
1. Stable and Lucrative: recurring revenue of approximately $240,000 by end of 2023, with a profit of around $145,000.
2. Robust Clientele: capitalise on a broad client base of 950 clients and 680 families, predominantly under 55, ensuring long-term potential.
3. Strong Market Presence: organic growth has built up the client base, with 80% clients in Whangarei and Northland, and 20% across Auckland and New Zealand.
4. Experienced Team: acquire a dedicated team of experts, including a risk adviser, a mortgage adviser, and support staff, and a trainee adviser.
5. Growth Potential: Explore untapped opportunities in group schemes with additional $20,000 revenue potential and enhance earnings with mortgage cross-selling and re-engagement in referral programmes, potentially raising new business production to approximately $120,000 annually.
Seize this chance to own a flourishing business at the heart of New Zealand’s vibrant financial sector. Inquire today for a venture that promises not just earnings but a legacy. Call or email Melissa Waddel in our team and we can put you in touch with Tim.
Climate change and what it means for health and life insurance
The ‘Climate Change: What does the future hold for health and life insurance?’ report digs into the impact of climate on health and life insurance products and how availability, structure and pricing might be affected in future.
The Geneva Association and Wellcome have released ‘Climate Change: What does the future hold for health and life insurance?’ report. The report digs into the impact of climate on health and life insurance products and how availability, structure and pricing might be affected in future.
Estimates for those that live in climate-vulnerable locations across the world are approximately 3.3 – 3.6 billion people. Estimates for death directly attributable to climate change vary widely, from 250,000 to 3.4 million deaths annually.
While the short-term consequences for life and health insurers have so far been modest, the increasing frequency and severity of climate events may escalate the impact on insurers. Adverse health outcomes from climate change range from immediate to long-term and cover everything from injuries and fatalities resulting from extreme weather events to heat-related illnesses to disruption of ecosystems reducing crop yields and spreading vector-borne diseases to new regions. In addition, social unrest, displacement and economic hardship can all lead to negative health outcomes.
The report classifies climate-related risks into four categories:
Acute: risks that stem from the impacts of extreme heat, wildfires, floods and severe storms on mortality and morbidity.
Chronic: risks that emerge from prolonged exposure to adverse climate and environmental patterns.
Transitional: risks arising from transition to new technologies or climate transition policies.
Litigious: health-related legal challenges arising from the negative externalities of climate change.
The report calls out the lack of data that can be used to map climate events and patterns against incidences of mortality or morbidity and calls for insurers to resolve the actuarial gaps in understanding.
Those interviewed across 17 global health and life insurance companies agreed that prevention is key to preserving insurability – through things like underwriting that incentivises greener lifestyles and coordination on early warning systems.
“Most respondents do not perceive climate change as exerting any immediate impact on the liabilities associated with H&L insurance, nor do they anticipate short-term consequences for insurability and affordability. Nevertheless, there is consensus that this could change over the long term, although the level of impact may be tempered by multiple factors.”
The report has three key recommendations for insurers: assemble data prospectively to better understand areas of vulnerabilities; invest in innovation; play a bigger role in the policy environment and help strengthen public understanding.
More daily news:
Tony Ryall has retired from the board of nib NZ and is being replaced by Hanne Janes
nib publish their top five health claims for January 2024
nib launch Competency Corner- product information
Rob Hennin talks about 2024 priorities for nib
Te Whatu Ora approves funding that will allow for 1,000 more PET-CT scans a year