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 pricing database updated
Subscribers to the large database of health / medical insurance prices can now access v107 from your usual database upload locations.
Subscribers to the large database of health / medical insurance prices can now access v107 from your usual database upload locations. Please call either Fran or Melissa if you would like help accessing it, or want to book a session to talk about market reviews.
Updates in v107
Updated nib rates effective 1/4/24
Updated Partners Life rates effective 22/4/24
Chubb Life Lifetime Reward Campaign live on Quotemonster
Chubb Life Lifetime Reward Campaign is now live on Quotemonster and here we provide instructions on how to include the offer in your quotes.
Chubb Life have increased their 10% Lifetime Reward discount to 15% for all new Assurance Extra and Assurance Extra Business Life and Trauma policies issued from 16 April to 30 June 2024 for customers who:
- have a BMI measurement of between 18.5 and 24.9, and
- have been a non-smoker for at least 12 months
Clients can also combine this with the current 2 months’ free and multi-benefit discount offers.
Click here to read about the offer and any terms and conditions that may apply.
How to include this option on Quotemonster:
- Create or open a quote
- Enter client information and click through to the Benefit Details screen
- Add in the benefit details and click Crunch to get a premium comparison
- Click on the Chubb Life logo in the Result window to open the Quote result window,
- Tick the Apply 15% Lifetime Reward checkbox.
You will need to do this for each quote where you want to include the discount.
Scroll down to review that the 15% Lifetime Reward has been applied.
If you have any questions, comments, or complaints, we want to hear them so please drop an email to info@quotemonster.co.nz.
Happy Crunching!
Banks call for governmental support in anti-scam efforts
The New Zealand Banking Association (NZBA) has called for governmental support to establish a New Zealand Anti-Scam Centre.
Following a parliamentary inquiry last year into banks processes and consumer protections against spam, Commerce and Consumer Affairs Minister Andrew Bayly tasked banks to come up with a voluntary reimbursement scheme for customers who have been scammed.
NZBA CEO Roger Beaumont wrote to Andrew Bayly about the collective effort required from government, telecommunications companies, social media platforms and search to improve the capabilities of the Anti-Scam Centre.
“Banks have got the ball rolling with the Anti-Scam Centre by targeting mule bank accounts, which are used by criminals to move stolen money. To take the centre to the next level, we’re initially asking the government for operational support by involving the police and other relevant agencies. We’re also asking the government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
Last September, banks announced they would be taking other initiatives to combat spam, including introducing a confirmation of payee service and removing weblinks from texts to customers.
Last year, the Ministry of Business, Innovation & Employment estimated nearly $200 million was lost to scams during the 12 months to September 2023, up 8% from the previous year.
More daily news:
mySolutions webinar 'Professional Indemnity Insurance - the Tips and Traps' 9am 24 April
Clive Fernandes talks about balancing capabilities across humans and AI
Chubb Life increase their Lifetime Reward discount and enhance commission offering
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024.
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024. The discount is available on Life and Trauma covers on Chubb Life’s Assurance Extra and Assurance Extra Business policies for customers who have a BMI measurement of between 18.5 and 24.9 and who have been a non-smoker for at least 12 months. Clients can combine this offer with the current 2 months’ free and multi-benefit discount offers.
Chubb have updated their scenario videos to help you explain how different customers can make the most of the offers.
From 30 April, Chubb Life are increasing their pendulum commission offering for new business, providing an up-front component when you choose either the 15%, 20% or 30% renewal option. They will pay renewal commission from Month 2. Chubb Life have also increased their Disability Income upfront rate and pendulum options.
More daily news:
nib Group's Brendan Mills talks about the challenges in migrating to the cloud
Steve Wright gives his views on statements of advice
Financial Advice NZ webinar 'When Clients Claim' 1 May
Jon-Paul Hale talks through the problem of digital document insecurity
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) opens up membership
Legal and regulatory update for the life and health insurance sector
15 Apr 2024 - The Reserve Bank of New Zealand release estimates of New Zealand’s Nominal Neutral Interest Rate. https://www.rbnz.govt.nz/hub/news/2024/04/finding-neutral
15 Apr 2024 - The Australian Securities and Investments Commission confirmed a number of changes to its senior executive leadership team. ASIC CEO Warren Day is leaving to join the CDPP on secondment as the Director’s Executive Officer, effective 1 June 2024. Executive Director of Regulation and Supervision Greg Yanco will be appointed as ASIC’s Interim CEO effective 1 June 2024. Executive Director of Enforcement and Compliance Tim Mullaly has also advised that he will be retiring from ASIC at the end of July 2024. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-075mr-changes-to-the-executive-leadership-team/
Resolution Life’s purchase of Asteron Life will be different than when they purchased AMP Life
Grant Willis, Asteron Life executive general manager, says Resolution Life's proposal to acquire Asteron Life is very different to when it bought AMP Life.
Advisers had previously expressed frustration after Resolution Life’s acquisition of AMP Life, particularly around communications and service levels.
Willis says that this time it will be different as Resolution Life are supporting Asteron Life’s growth ambitions, keeping the current management team in place and keeping the branding the same. Willis says the purchase will allow Asteron Life to invest in things like digitising the business to drive growth.
In addition, Willis points to new leadership at Resolution Life Australasia, with Tim Tez taking on the CEO role less than 18 months ago.
More daily news:
TIN’s 2024 Fintech Report Launch is on 23 May in Auckland
Good Returns points out some issues with the Reserve Bank's solvency standards for insurers
Legal and regulatory update for the life and health insurance sector
5 Apr 2024 - Reserve Bank of New Zealand Board member Hinerangi Raumati-Tu’ua MNZM has resigned from her role with RBNZ, following appointment to the Board of the Guardians of New Zealand Superannuation. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-board-member-departing
8 Apr 2024 - The Financial Markets Authority is introducing a new standard condition for certain market licence holders following consultation. The new licence condition will focus on business continuity and technology systems. The new condition will come into effect on 1 July 2024.
The standard condition is relevant to the following types of market service licences:
Managers of registered schemes (but not restricted schemes)
Providers of discretionary investment management services
Derivatives issuers
Prescribed intermediary services (peer-to-peer lending providers and crowdfunding service providers).
The new standard condition requires licence holders to have and maintain a business continuity plan that is appropriate for the scale and scope of its service. Licence holders will also be required to make sure that their critical technology systems are operationally resilient. If the licence holder suffers an event that materially affects the supply of its service, it must notify the FMA as soon as possible, or no later than 72 hours after it has determined the event is a material incident.
10 Apr 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly March 2024 diary released with the following potential financial services sector related meeting noted:
4 Mar 2024 - DINNER: Retirement Commissioner (Jane Wrightson)
5 Mar 2024 – SPEAK: Financial Advice NZ Conference
6 Mar 2024 – MEET: FMA Chair (Todd Mark)
6 Mar 2024 –MEET: Suncorp NZ (Jimmy Higgins, Clayton Cosgrove)
7 Mar 2024 – SPEAK: Insurance Council of NZ Conference
8 Mar 2024 -MEET: ASB CEO (Victtoria Shortt)
14 Mar 2024 – MEET: ANZ (Antonia Watson, Craig Bruce, Jessica Mckay-McCutch)
14 Mar 2024 – MEET: Insurance Council of NZ CE and Chair (Tim Grafton, Amanda Whitting)
19 Mar 2024 –MEET: Commerce Commission
20 Mar 2024 – MEET: Insurance Brokers Association of NZ (Melanie Gorham)
28 Mar 2024 – MEET ASIC (Kate O'Rourke and Nathan Bourne)
11 Apr 2024 - FMA has opened consultation on proposed exemptions for UK financial advice firms from certain requirements of the Financial Markets Conduct Act 2013. These exemptions would allow UK firms to provide financial advice to clients in New Zealand on the UK law aspects of transferring funds in a UK pension scheme with safeguarded benefits to a New Zealand qualified registered overseas pension scheme. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-proposed-exemptions-for-advice-on-uk-law-aspects-of-defined-benefit-pension-transfers/
AIA launches new AIA vitality app
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features.
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features:
· increased security via multi-factor authentication during the login process
· a new voucher wallet to view and access rewards
· a streamlined AIA Vitality Age Assessment
· new Financial Wellbeing Assessment.
AIA NZ Chief Customer Officer Angela Busby says
“Throughout the first five years of AIA Vitality, we have worked hard to continually enhance and develop the programme for our members. The new app will take this a step further, making it even easier to engage with the programme, track their health journey, and earn rewards.”
Russell Hutchinson, one of our directors and also an AIA Vitality member says:
“The new app is a big step forward in usability - simple things like showing you which surveys and activities you have completed and which you still have to go make it much easier to get a sense of where you are at from a points perspective. I was also pleased that as soon as I logged in, it pointed out that I’d earned a reward, and claiming it involved about half the clicks previously required!”
More daily news:
Financial Advice NZ urges advisers to take part in its industry survey
FSC webinar 'The future of total permanent disability insurance' 21 May
FAMNZ request apology from Commerce Commission chair John Small
Chubb Life's eApp now automatically identifies if customers qualify for 10% Lifetime Reward discount
Westpac and NZFSG recognised at the 2024 New Zealand Mortgage Awards
nib Little Legends $10K Relay is back in 2024
AIA will soon launch a six-part TV and podcast content series called The Upside
How you can provide info on your claims experience
Here’s how you can feedback on claims processes in Quotemonster, so we can ensure that we are rating the right things and we are applying the correct value to benefits and products. As always, we appreciate your feedback!
The FSC release report on insights and trends in healthcare
The Financial Services Council (FSC) have released their Insights and Trends report “Health trends: Accessible and affordable healthcare”.
The Financial Services Council (FSC) have released their Insights and Trends report “Health trends: Accessible and affordable healthcare”. Some key insights and trends include:
A looming social healthcare crisis, as aging populations live longer, but not healthier. As life expectancy lengthens, there needs to be a global focus on increasing health span, the time that people live in good health.
Kiwis with health insurance has increased by 1.2%, to 1.45 million in 2023.
37% of kiwis reported having health insurance in 2023, up from 32% in 2022.
Mental health is the most concerning health issue, especially for younger generations (with 42% of 18-28 year old respondents and 39% of 29-43 year old respondents highlighting it as their main concern).
The top reason for taking out health or medical insurance was peace of mind, followed by reducing stress if myself/my family were going through a difficult time and it seeming like a financially responsible thing to do.
The main reason given for cancelling health cover was cost of living pressures meaning people can no longer afford it (55%).
More daily news:
Russell Hutchinson discusses assessing clients' financial needs for their entire lifetime
Financial Advice NZ to hold regional town hall meetings in April and May, with members in those regions to be contacted directly