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.

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FMA report on insights from monitoring Financial Advice Providers

The Financial Markets Authority (FMA) will be publishing a report on their insights from their monitoring of Class 1 and 2 Financial Advice Providers (FAPs), with the report expected to be released in June.

The Financial Markets Authority (FMA) will be publishing a report on their insights from their monitoring of Class 1 and 2 Financial Advice Providers (FAPs), with the report expected to be released in June.

The FMA will host a series of in-person and online forums to discuss the report and answer questions. The sessions will cover

•              Weaknesses identified during the first 12 months of monitoring visits.

•              Good practice identified during those visits.

•              Regulatory returns, which are due between 1 July and 30 September 2024.

•              The FMA’s transition to an outcomes-focused regulator.

•              Scams, and how financial advisers may be able to support clients.

 

Dates and times for the online sessions are yet to be released; dates and locations for the in-person sessions are below.

•              Auckland – Tuesday, 11 June 2024

•              North Shore – Thursday, 13 June 2024

•              Wellington – Wednesday, 19 June 2024

•              Palmerston North – Thursday, 20 June 2024

•              Hamilton – Tuesday, 25 June 2024

•              Christchurch – Thursday, 27 June 2024

Invitations to these sessions will be sent to the relevant FAPs in May. If you have any questions about FAP monitoring, you can contact the FMA at questions@fma.govt.nz.

 

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The FSC Awards 2024 have been announced

Nominations and entries to the FSC Awards 2024 have opened.

Nominations and entries to the FSC Awards 2024 have opened. There are eight categories, each open to FSC members only, with the exception of the 'Contribution to Community' Award which is also open to registered not-for-profit organisations and charities.

  • Chair’s Award for Services to the Industry

  • Team of the Year Award

  • Emerging Trailblazer Award

  • Contribution to Community

  • Workplace Savings Award

  • Excellence in Sustainability Practices

  • Excellence in Governance

  • Excellence in Wellbeing and Inclusion

Entries and nominations close on 30 June 2024, with the awards being presented at the FSC Awards Dinner on Wednesday 4 September 2024 at the Cordis Hotel, Auckland.

 

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Next week is Privacy Week

Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.

Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.

2024 Privacy Week Programme

Monday 13 May

11:00am - Myth: Māori data sovereignty is too hard – introductory

1.00pm - A hacker's view of data breaches – introductory

 

Tuesday 14 May

8.30am - In-person IAPP Knowledge Net event – Wellington

10.30am - Busting myths about privacy and cyber security – introductory

12.00pm - Biometrics and you – intermediate

3:30pm - Sharing personal information: Why aren’t we sharing when we have authority to do so? – Intermediate.

 

Wednesday 15 May

9.30am - If I'm not doing anything wrong, what do I have to hide? – Introductory

10.45am - Safeguarding children and young people's privacy in New Zealand – Introductory

12pm - Resolving Privacy Complaints: Internal Resolution and Working with OPC – Introductory

1pm - Ask the experts: what you need to know about notifying individuals of a privacy breach – Introductory

2pm - What’s missing from the conversation on AI? – Intermediate

 

Thursday 16 May

9.15am - Privacy for Charities and Not-for-Profits: tips and tricks - introductory

10.30am - All privacy breaches need to be reported to the Privacy Commissioner? – intermediate

11.45am - Shielding Your Digital Self: Understanding Online Privacy Rights under the Harmful Digital Communications Act 2015 – introductory

1.15pm - Managing Privacy in the Data & Generative AI Era – Intermediate

2.30pm - Young people don't care about Privacy - Debunking the myth – Introductory

3.45pm - Can we learn anything from over the ditch? The role of advocates in the privacy ecosystem - introductory

 

Friday 17 May

9.00am - Sharenting, Children and Privacy – The fine line between 'cute' and 'concerning'

10.30am - Privacy is More than Compliance: Transforming Privacy into a Strategic Business Advantage - Advanced

12.00pm - Data Privacy: Protecting Children in the Digital Age – Introductory

2.00pm - My DNA will only be used in this way - busting privacy myths about DNA - Introductory

 

There is a range of collateral available for you to put on your website or social media or pop up around the office here and a quiz you can take with your team available here.

 

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Financial Advice New Zealand appoints new Head of Professional Development

Financial Advice New Zealand has appointed Cecilia Farrow to the newly created role of Head of Professional Development.

Financial Advice New Zealand has appointed Cecilia Farrow to the new role of Head of Professional Development. Farrow was a former director on the Board of Financial Advice New Zealand.

Farrow says

“Throughout my 27 years in financial services, I have been passionate about contributing to lifting financial advice to a professional status. The settings are in place now for all financial advisers, irrespective of the scope of advice they specialise in, to be recognised as a professional. We know this will increase trust by consumers and reduce barriers to kiwi’s seeking out quality financial advice. It’s exciting to have the opportunity to spearhead the Financial Advice New Zealand professional development programme and professional designations pathways to support our members to reach the pinnacle of their chosen career.”

Following Cecila running a powerful workshop on the subject of professional designation for insurance advisers at the recent Financial Advice New Zealand conference in Wellington, this appointment makes a great deal of sense. We wish Cecilia all the best with this important portfolio, and we intend to amplify messages around the value of a good industry-based practitioner’s qualification, and lend a hand where we can.

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Government has repealed parts of the Credit Contracts and Consumer Finance Act

The government has repealed some parts of the Credit Contracts and Consumer Finance Act (CCCFA).  Commerce Minister Andrew Bayly said of the affordability regulations introduced to the CCCFA in December 2021

“These regulations created unnecessary compliance costs and are an excessive barrier for lending. And worse, the regulations failed to protect the most vulnerable Kiwis – the very people they were intended to safeguard”

The time to process loans increased substantially, with Minister Bayly saying some lenders had told him small loans that used to take two hours to process took up to eight hours to process under the new regulations.

Additional reforms to the act include:

  • Improving dispute resolution to better protect consumers.

  • Exempting councils from the CCCFA so they are able to offer low-risk financial products to help households improve their energy efficiency by installing heat pumps and insulation.

  • Removing duplicate reporting requirements.

We hope that the relaxation on small loans flows through to banks being able to offer more flexibility to people with what amounts to a timing issue, rather than a lending issue. But we know that lending rules are notoriously difficult to manage. This is one of the reasons why aspects of the wider programme are of more interest.

Minter Ellison puts the changes into context within a program of changes to financial law and regulation which the government has planned.

Of particular interest are the changes in supervisions structures with the responsibility for administering the CCCFA moving from the Commerce Commission to the Financial Markets Authority. Lending is a financial product, and we think the Financial Markets Authority, with conduct supervision responsibilities and, essentially, all the other financial products, is probably a good home for this law from an ongoing regulation perspective.

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UniMed gets approval from RBNZ to take on Accuro’s portfolio

UniMed has received approval from the Reserve Bank of New Zealand to take on the portfolio of insurance co-operative Accuro.

UniMed has received approval from the Reserve Bank of New Zealand (RBNZ) to take on the portfolio of insurance co-operative Accuro.

Once Accuro’s 30,000 members have been transferred to UniMed, UniMed will be the third largest health insurance provider in New Zealand, with combined membership of 140,000.

Once the transfer is finalised, members will transition to being part of the UniMed society, though the Accuro brand will remain. Accuro members will continue to have the same policies and healthcare benefits as they do now. Once the transer is complete Accuro will cancel its insurance licence and take steps to dissolve the Accuro Health Insurance Society.

UniMed Chair Peter Tynan says

“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve.”

 

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Gallagher Bassett’s 2024 Claims Insights

Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.

Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.

Gallagher Bassett say last year key business challenges were premium affordability (29%), market competition (22%) and keeping up with technology (20%).

Gallagher Bassett suggest that to gain advantages, carriers need to implement strategies that leverage external expertise, data-driven insights and generative AI.

Some other key findings include:

·         84% of global respondents emphasised offering competitive salaries to retain employees.

·         75% predict the biggest challenge in the compliance and regulation area will be around data privacy and security.

·         86% use climate data and analytics in risk assessments and underwriting processes.

·         67% of insurance carriers utilised generative AI chatbots in customer service.

·         95% of global carriers anticipate improved speeds and operational efficiency with AI integration.

 

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Asteron Life to be sold to Resolution Life Australia

Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million.

Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million. Asteron Life has about 165 employees servicing more than 180,000 customers and their advisers. Resolution Life Australasia is part of Resolution Life, a global life insurance group with around 14 million policyholders.

The acquisition is still subject to New Zealand regulatory approvals, with the deal expected to complete in approximately nine months. If the purchase goes ahead, Resolution Life will become the second largest life insurer in New Zealand.

Tim Tez, Chief Executive Officer Resolution Life Australasia, said

“This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region… Asteron Life presents a compelling opportunity to continue to grow through new individual and group customers while continuing to support existing customers.

Resolution Life will support the Asteron Life business with its momentum and success in the New Zealand life insurance market. As a trusted life insurer, Asteron Life will continue to operate as a standalone New Zealand licenced life insurance company, under its existing brand in New Zealand and support advisers and their customers using the same dedicated team and management.”

 

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AXA report sheds light on concerning state of mental health and wellbeing at work globally

Axa’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.

AXA’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.

The research was a collaborative effort between AXA and IPSOS, and surveyed 16,000 people across 16 countries in Europe, Asia and America, with a focus on mental health and wellbeing in the workforce.

The report found three in four employees were grappling with mental health issues attributable to their work environment, with respondents mentioning either tiredness, trouble sleeping or stress. Overall, 23% of employees had taken mental health-related sick leave, jumping to 38% of younger people. The Southern Cross Workplace Wellness Report uncovered similarly concerning findings around increased stress being experienced by workers.

Mental health support offered by employers is a key factor in employees choosing to stay with a company, with 62% of those aged 18 to 44 factoring it into their decision. More than half of respondents said company-driven mental health initiatives and benefits influence their engagement at work.

 

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Quarterly rate review results in rising premiums at nib

nib has reviewed its health insurance premiums. Current members’ premiums are reviewed annually at their policy anniversary, with the increases ranging from 9% to 16%, as per below.

 Premiums for prospective new members will be updated from 1 April 2024, with new rates being automatically updated in nibAPPLY.

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