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.
Fidelity Life offers new customers 3 months' premium-free
Fidelity Life is offering new customers their first 3 months’ premiums free.
Fidelity Life is offering new customers their first 3 months’ premiums free. The offer applies to all eligible Platinum Plus, Platinum Plus Level Term, Mortgage Protector and NZHL Life policies that are:
illustrated between 1 May until 31 August 2024 and
applications are submitted within 30 days of the illustrations being generated and
a policy is issued within the 6 months of the offer period end date.
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nib publish their top five medical claims
New Zealand Underwriting Agencies Council Expo 23 May
The Co-operative Bank win Consumer People's Choice Award
BNZ's net profit after tax for the six months to March 31 was $762 million
FSC reports 70% of Kiwis now frequently worry about their finances, the highest level since 2020
AIA appoints Chief Product and Strategy Officer
AIA NZ has appointed Alex Kühnast as Chief Product & Strategy Officer.
AIA NZ has appointed Alex Kühnast as Chief Product & Strategy Officer. Kühnast joins AIA from KPMG New Zealand, where we was Principal – Head of Insurance Consulting & Actuarial Services. In his newly created role, Kühnast will look after Product, Pricing, Investments and Strategy.
AIA NZ CEO Nick Stanhope said
"Alex’s appointment is exciting for us. He is a natural fit at AIA NZ with his passion for health and wellbeing, and he has a wealth of international experience, having lived and worked in his home country of South Africa, the Netherlands, United Kingdom and of course now New Zealand.”
More daily news:
The FMA is assessing 52 submissions on Outcomes-Focused Regulation consultation
Roxanne Salton talks about Southern Cross Health Society's technology strategy
Tony Vidler writes of how to create top of mind awareness
PWC summarises opportunities posed by open banking
Pharmac allocated largest ever budget of $6.294 billion over four years
Hon Paula Bennett has been appointed as member and chair of the Pharmac board
Fidelity Life offers premium relief to drought-affected customers
Fidelity Life are offering temporary premiums waivers to customers facing financial hardship as a direct result of droughts.
The government has declared medium-scale adverse events due to drought in Northland, Taranaki, Manawatū-Wanganui (including Tararua), Horowhenua, Wairarapa, Marlborough, Nelson, Tasman, Canterbury and Otago.
Fidelity Life customers who are facing financial hardship as a direct result of the droughts in these regions can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
More daily news:
NZFSG launch Mortgage Recommendation Engine
Southern Cross Health Society is now a 4-star Certified Agile Organisation
AIA giving away AIA Vitality partner rewards
AIA webinar on accidental injury cover changes 1pm 30 April
Andrew Logan has joined Lifetime as its chief executive
FinTech NZ event 'Connect Event: Start-up to scale' 8 May in Auckland
Partners Life pricing and product changes effective 22 April 2024
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Dear Quotemonster users,
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Partners Life also announced a range of enhancements, please click here to find a summary of their product enhancements and clarifications. Today, we were provided with the updated policy documents (v19.1), and will be able to provide a detailed overview on how these enhancements affect our research ratings, once the wordings have been systematically reviewed.
Rest assured we will post a notification once these ratings are live on Quotemonster.
Apologies for the inconvenience.
Happy Crunching!
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.
More daily news:
New surgical building in Auckland has opening delayed as it does not have required staff
Southern Cross cautioned by FMA for neglecting to apply advertised discounts
The Financial Markets Authority (FMA) has issued warnings to Southern Cross Medical Care Society and Southern Cross pet Insurance for failing to apply advertised discounts to their insurance products.
Both entities have accepted they had breached the fair dealing provisions of the Financial Markets Conduct Act by making false or misleading representations. The FMA determined the cause of each issue was due to poor controls and/or technical errors. The FMA found no evidence of deliberate misconduct.
Southern Cross Pet Insurance initially reported to the FMA in November 2022 some of the contraventions. Further enquiries from the FMA and an internal review in the wider Southern Cross Group established the extant of the contraventions.
SCPI failed to correctly apply the following discounts:
· Additional pet discount
· Direct debit discount
· Southern Cross membership discount.
SCMCS failed to correctly apply the following discounts:
· Free child discount
· Healthy lifestyle rewards discount
· Low claims discount.
The total amount of Southern Cross Pet Insurance premiums overcharged was $424,508, affecting 7,542 customers. Southern Cross Medical Care Society overcharged $161,547 across 1,957 customers.
More daily news:
Changes to Chubb’s eApp requirement for non-residents to provide a copy of their visa
The Insurance Council to reveal the number of complaints lodged against individual companies
Kevin Smee suggests health insurance premiums should be tax deductible
Tony Vidler spells out the risks of marketing a service as 'free'
FAMNZ will be taking membership applications from next month
In 2023, four out of five New Zealand businesses embraced flexible working hours
nib rates are now live!
We can confirm that the rate changes for nib effective 1 April 2024 are now live on Quotemonster.
We are pleased to confirm that the premium changes for nib, effective 1 April 2024 are live on Quotemonster.
Click here to read our nib quarterly rate review results.
Happy Crunching!
Asteron Life updates personal and business insurance products
Asteron Life has unveiled a raft of updates to their personal and business insurance products.
Asteron Life has unveiled a raft of updates to their personal and business insurance products.
The changes include clarification of existing policy terms to ensure greater transparency and ease of understanding and a range of new and enhanced benefits.
The new benefits and enhancements include:
Repatriation benefit on personal and business life cover
Advancement benefit for terminal conditions on personal life cover
Shortened waiting periods for income protection and mortgage and living cover
Cover conversion benefit on business disability cover and farmers disability cover
Enhancements to the Funeral benefits on life cover, kids cover and business expenses
Enhancements to two definitions for trauma recovery and 11 definitions for major trauma
The requirement for 14 days total disability as part of the waiting period has been removed from business disability cover, farmers disability cover and business expenses cover
Introduction of a premium and cover suspension to the optional needlestick benefit
Removal of some restrictions from various benefits such as specific injury support – lump sum and monthly, trauma reinstatement option and the crisis benefit within the optional immediate assist package
Claire Sutton, Executive Manager Life Portfolio and New Business at Asteron Life said
“It's key that our range of covers continue to add value for our customers, policies and terms are easy to understand, and insurance remains as affordable and accessible as possible. We know that these things really matter for our customers and advisers. We also worked hard to ensure that these improvements have not increased customer premiums, given we know how tough it is for many New Zealanders right now.”
More daily news:
AIA extend one month’s premium free on qualifying new policies
mySolutions webinar 'Quotemonster Research' 9am 3 April
mySolutions roadshows are running in May
Partners Life sponsor Cheques and Balances podcast
Commerce Commission to meet with Financial Advice New Zealand after accused of being out of touch
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.
You can find out more in their frequently asked questions here.
More daily news:
mySolutions webinar 'Ark Adventures' 9am 27 March
Craig Tyson leaves head of Australasian listed property role at ANZ investments
Maaike van Tol leaves head of asset allocation role at ANZ investments
FSC publish KiwiSaver Industry Spotlight December 2023
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