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.

Doreen Dutt Doreen Dutt

Join Us for One of Our Upcoming Training Sessions

We're excited to invite you and your team to our upcoming online training sessions. Whether you're new to our tools or looking to deepen your expertise, we've got something for everyone.

We're excited to invite you and your team to our upcoming online training sessions. Whether you're new to our tools or looking to deepen your expertise, we've got something for everyone:

  • Introduction to Quotemonster – Monday, 21 July 2025 11:00 am-12:00 pm

In this session, we go over the basics of using Quotemonster and how to make the most of your Researchmonster subscription.

  • Tips and tricks on how to set up your account for new users

  • Overview of available documents and resources

  • How to do a quote from start to the finished report

  • How to see research for banks, direct providers, group medical, and legacy products

  • How to generate and interpret different types of research reports

  • Demystifying Advicemonster - Wednesday, 23 July 2025 9:30 am-10:30 am

In this session, we will demonstrate how to use our needs analysis and statement of advice (SOA) tools.

  • Business Risk Research and SOAs with Quotemonster – Thursday, 24 July 2025 9:00 am-9:45 am

In this session, we demonstrate how to use Businessmonster to generate quotes and conduct in-depth research on Business Risk products. It includes a detailed walkthrough of a business client scenario, showcasing the process of completing a Fact Find and Needs Analysis, and producing a tailored, professional Business Statement of Advice. The session will also cover how to customise Businessmonster to align with your business’s specific requirements and workflows.

  • Introduction to Kiwimonster - Tuesday, 22 July 2025 10:30 am-10:50 am

In this session, we demonstrate how Kiwimonster helps advisers meet their clients’ KiwiSaver needs using tools to assess risk profiles, compare funds, show retirement projections, and produce client-ready reports. Kiwimonster Research (coming soon) will enhance this process with in-depth fund research, tailored recommendations, and the ability to generate personalised KiwiSaver Statements of Advice—supporting more informed and professional advice delivery.

  • QPR Research Deep Dive - Tuesday, 22 July 2025 10:00 am-11:00 am

This session is ideal for advisers, product managers, and other industry professionals who enjoy diving into the details. We’ll provide an in-depth view of our review processes and share a behind-the-scenes look at our database — plus, you'll have the opportunity to share your feedback in an informal, conversational setting.

What this session will cover:

  • How industry changes impact what we do at Quotemonster

  • Our process and results from the recent Special Events Increase review

  • A sneak peek at new features we’re exploring

  • Our roadmap for the remainder of 2025

  • Open Q&A

If you would like to join any of these sessions, please email your request to info@quotemonster.co.nz

Happy Crunching!

 
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Kelly O Kelly O

Chubb Life announce Group Client Benefits and other improvements

Chubb Life have introduced a range of Group Client Benefits, available to eligible members and their dependent children at no additional cost.

Chubb Life have introduced a range of Group Client Benefits, available to eligible members and their dependent children at no additional cost. These Client Benefits enable members to seek a financial contribution towards the cost of a range of professional services that may be required when life changes happen. Chubb Life can provide financial assistance to access a range of services from addiction counselling to estate planning legal services or career and business advice.

Chubb Life have been busy making other improvements across the business, announcing they’ve improved Group Insurance policy documents to meet the WriteMark plain English standards and that they have given the Underwriting Click to Chat feature a new look.

Between 21 July and 30 September, Chubb Life will be sending letters to customers who don't already receive communications by email. Customers who provide an email address as their preferred contact method will be entered into a prize draw to win one of 25x $100 Prezzy Virtual Cards.

 

More news:

Government announces the launch of the New Zealand Anti-Scam Alliance

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Kelly O Kelly O

Legal and regulatory update for the life and health insurance sector

FMA welcomes NZ Anti-Scam Alliance; IRD to define meaning of ‘management of a retirement scheme’ and how GST might apply to various associated ‘financial services’; FMA launch a review on financial advice; RBNZ release 'The Grey Wave: Exploring the impact of an ageing population on the financial system'; RBNZ open second phase of Exchange Settlement Account System application process in September; FMA observe an increased risk profile of KiwiSaver funds; MBIE is seeking candidates who wish to be appointed as a member of the Financial Code Committee; Minister of Commerce and Consumer Affairs June 2025 diary released; FMA release latest podcast; Anti-Money Laundering and Countering Financing of Terrorism (Supervisor, Levy, and Other Matters) Amendment Bill introduced; RBNZ update timeline for changes to DTA standards.

10 Jul 2025 - The FMA has welcomed the formation of the joint operational partnership to tackle scams, the New Zealand Anti-Scam Alliance.  https://www.fma.govt.nz/news/all-releases/media-releases/new-zealand-anti-scam-alliance/

13 Jul 2025 - The IRD is scoping out a plan to define the meaning of ‘management of a retirement scheme’ and how GST might apply to various associated ‘financial services’. The IRD note says the department “is aware of uncertainty about the scope of the phrase ‘management of a retirement scheme’ and whether it extends to outsourced services provided by third parties”. https://investmentnews.co.nz/investment-news/ird-reopens-gst-debate-for-retirement-schemes/

14 Jul 2025 - The FMA has launched a review on challenges and opportunities related to access to financial advice. https://www.fma.govt.nz/library/reports-and-papers/review-of-access-to-financial-advice-for-nz/

15 Jul 2025 - RBNZ release a Financial Stability Report special topic article 'The Grey Wave: Exploring the impact of an ageing population on the financial system'. The report notes that demand for health insurance is expected to grow, while demand for life insurance may decline. https://www.rbnz.govt.nz/hub/news/2025/07/rbnz-explores-the-impact-of-an-ageing-population-on-the-financial-system

15 Jul 2025 - RBNZ will open the second phase of the Exchange Settlement Account System application process in September 2025. https://www.rbnz.govt.nz/hub/news/2025/07/rbnz-to-open-next-phase-of-exchange-settlement-account-system-applications

16 Jul 2025 - FMA observe an increased risk profile of KiwiSaver funds from 2021-2024. https://www.fma.govt.nz/library/research/increased-risk-profile-of-kiwisaver-funds-2021-2024/

16 Jul 2025 - On behalf of the Minister of Commerce and Consumer Affairs, MBIE is seeking candidates who wish to be appointed as a member of the Financial Code Committee. The Committee sets the professional conduct standards of financial advisers in their interactions with and services provided to New Zealanders. The Committee is an independent body and is established by Part 4 of Schedule 5 of the Act. https://www.mbie.govt.nz/position-descriptions/boards/financial-advice-code-committee-member

16 Jul 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, April 2025 diary released with the following potential financial services sector related meeting noted:

• 3 Jun 2025 – VISIT: ACC (ACC operational teams)

• 3 Jun 2025 – MEET: MBIE Officials (MBIE Officials)

• 4 Jun 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)

• 5 Jun 2025 – MEET: Commerce Commission (Commerce Commission)

• 10 Jun 2025 - MEET: Deputy Chair ACC (David Hunt)

• 10 Jun 2025 – ZOOM: Commerce Commission Officials (Officials)

• 18 Jun 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)

• 18 Jun 2025 -MEET: MBIE Officials (MBIE Officials)

• 18 Jun 2025 – SPEAK: INFINZ (invited guests)

• 19 Jun 2025 – MEET: MBIE Officials (MBIE Officials)

• 19 Jun 2025 – VISIT: FSCL (Susan Taylor and team)

• 23 Jun 2025 - ATTEND: Day in the life of a Financial Advisor

• 24 Jun 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)

• 24 Jun 2025 – MEET: MBIE Officials (MBIE Officials)

• 24 Jun 2025 – SPEAK: Financial Services Federation Event (invited guests)"

https://www.beehive.govt.nz/sites/default/files/2025-07/Proactive%20Diary%20Release%20Simpson%20June%2025.pdf

16 Jul 2025 - FMA release Jess Learns to Invest Episode 6: Bonds with Kim Martin from the Treasury. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-6/

16 Jul 2025 - The introduction of the Anti-Money Laundering and Countering Financing of Terrorism (Supervisor, Levy, and Other Matters) Amendment Bill was announced. https://bills.parliament.nz/v/6/ea81ee71-f6e8-4a84-3f2a-08ddc3f5fe43?Tab=history

17 Jul 2025 - RBNZ publish an updated implementation timeline for incoming changes to the prudential regulatory regime for deposit takers. DTA standards will be issued by 31 May 2027 and come into effect on 1 December 2028. https://www.rbnz.govt.nz/hub/news/2025/07/updates-to-dta-implementation-timeline-and-standards

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Doreen Dutt Doreen Dutt

Quality Product Research: Research Advisory Board – Central

Last month, we held our latest Research Advisory Board meeting in Wellington with our Central adviser group, and insurer observers.

These sessions are a vital part of our work — giving us the opportunity to hear real adviser feedback, test ideas, and ensure our research continues to reflect practical realities in the field.

Last month, we held our latest Research Advisory Board meeting in Wellington with our Central adviser group, and insurer observers.

These sessions are a vital part of our work — giving us the opportunity to hear real adviser feedback, test ideas, and ensure our research continues to reflect practical realities in the field.

Board members: Samuel Rees-Thomas, Louise Grinstead, James Pearson

Independent Chair: Tony Dench

Insurer Observers: Emma Wise (AIA), Amanda Harlen (Asteron Life)

QPR Representatives: Russell Hutchinson and Doreen Dutt

The research advisory board reviewed the following topics:

  • Rating complexities for AIA’s Critical Conditions Buyback and proposed changes to Buyback categories

  • Update to quoting functionality including the introduction of a new button on Quotemonster

  • Enhancing research commentary in reports to better support adviser-client conversation

  • A handful of research reviews we have accumulated based on adviser feedback

  • Procedural fairness and how it could influence future ratings

The feedback from our Research Advisory Board meetings has overall been very valuable to our Research team and allows us to strengthen our research ratings when we gain an insight into the adviser perspective.

We look forward to visiting our Southern team later this year.  

For more information on our Research Advisory board please click here.

 
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Kelly O Kelly O

Upgrading your Quotemonster Account

Upgrading to a paid subscription for your Quotemonster account is super easy and unlocks a range of features that will help you supercharge your advice recommendations.

Upgrading to a paid subscription for your Quotemonster account is super easy to do and unlocks a range of features that will help you supercharge your advice recommendations.

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Doreen Dutt Doreen Dutt

Join us for July's Research Deep Dive session

Over the last few months, we've had a lot of interest from advisers wanting a deeper insight into how Quotemonster functions behind the scenes. In response, we've developed a series of special online Research Deep Dive sessions — where we’ll take you through how we conduct research reviews and give you the opportunity to be among the first to hear about new features we're considering developing.

We’ve had a lot of interest from advisers wanting a deeper insight into how Quotemonster functions behind the scenes. In response, we've developed a series of special online Research Deep Dive sessions — where we’ll take you through how we conduct research reviews and give you the opportunity to be among the first to hear about new features we're considering developing.

We’d love for you to join Russell and the research team for our upcoming online session, where we’ll cover the following:

What this session will cover:

  • How industry changes impact what we do at Quotemonster

  • Our process and results from the recent Special Events Increase review

  • A sneak peek at new features we’re exploring

  • Our roadmap for the remainder of 2025

  • Open Q&A

When & Where:

  • Tuesday, 22nd July

  • 10:00am – 11:00am

  • Online via Microsoft Teams

The session will run for approximately 45 minutes, with time for questions at the end.

Who should attend:

This session is ideal for advisers, product managers, and other industry professionals who enjoy diving into the details. We’ll provide an in-depth view of our review processes and share a behind-the-scenes look at our database — plus, you'll have the opportunity to share your feedback in an informal, conversational setting.

If you’d like to attend, simply respond via email and we’ll send you the meeting link.

We look forward to having you join us on the 22nd!

 
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Russell Hutchinson Russell Hutchinson

New health / medical insurance price comparison database 

The health / medical insurance premium comparison database is available for our institutional subscribers and is accessed in the usual ways. Changes in V118 include:

  • Updated nib rates effective 1/7/25 (including new policy fee of $7.70)

  • Updated Southern Cross rates effective 1/7/25

  • Updated Partners Life rates effective 22/7/25 (available in quote software now)

  • Reinstated the ‘Include Discount for Multiple Benefits’ option. If you check this box, nib prices will include the 10% discount that applies when Ultimate Life and Living benefits are added.

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Kelly O Kelly O

Swiss Re on emerging risk insights

Swiss Re’s SONAR 2025: New emerging risk insights report identifies new or changed risks that could impact on insurers today and in the future.

Swiss Re’s SONAR 2025: New emerging risk insights report identifies new or changed risks that could impact on insurers today and in the future. The report highlights a range of emerging risks, with those most relevant to the life and health insurance sector being: declining consumer trust in institutions and the insurance industry; elevated levels of excess mortality; aging populations; extreme heat events; fungi-adaptations; harm caused by plastics; new technologies in healthcare delivery; rising consumption of ultra-processed foods; workforce gaps and skillset shortages. It’s an interesting read - we’ve picked out some things we think are particularly relevant to the New Zealand market.

  • With aging populations, fewer and later family formations could lead to less events (such as the birth of a child) that typically spur life insurance purchases.

  • While NZ is not subject to such extremes of temperature as in other parts of the world, a recent study estimated that 500 children under five are hospitalised for heat-related reasons each year in NZ . Currently 14 heat-related deaths occur in Auckland’s over-65 population annually – with climate change increasing the number of days exceeding 25C, we can expect the number of people dying from heat-related deaths to increase correspondingly.

  • With fungi adapting to warmer temperatures and the overuse of fungicides leading to more multi-drug-resistant fungal pathogens, there could be an increase in fungal infections and limited medical treatment options for those with fungal infections.

  • The potential health effects from micro- and nano-plastics and their additives are still being studied, but there is growing research on the negative impacts of plastics on human health.

  • Swiss Re highlight that innovations like GLP-1 weight-loss medications and the increasing uptake of these drugs should help reduce mortality in the future. Semaglutide (Wegovy/Ozempic) was approved for weight-loss use in New Zealand by Medsafe last month, though it is not Pharmac-funded.

  • The increasing availability and variety of AI and virtual health services should lead to healthier populations over time, by enabling early detection and preventative interventions. Personalised health monitoring and nudges towards healthier behaviour (a la AIA’s vitality product) will potentially reduce claim frequencies and lead to longer healthspans. Conversely, the digitalisation of medical records and other previously private health information, comes with greater data security and privacy risks.

  • Research has shown associations between high consumption of ultra-processed foods and elevated health risks, including obesity, type-2 diabetes, depression, cardiovascular disease and cancer.

  • An aging workforce will contribute to labour and skillset shortages in the healthcare field, which could lead to delays in medical treatment, under-diagnosis and sub-standard levels of care – leading to an increase in morbidity and mortality. Healthcare worker shortages have been in the news regularly in NZ and The Royal NZ College of General Practitioner’s 2022 workforce survey found 64% of specialist GP’s were intending to retire by 2032.

 

More news:

Fidelity Life roll out this year’s annual product re-accreditation

Financial Advice NZ community of Practice: Central District 17 July

Scheme of Arrangement between Foundation Life and policyholders approved

Russell Hutchinson writes of how insurers could improve awareness

Australian advisers change fee structure, higher revenue and profit

OCR remains unchanged at 3.25%

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Kelly O Kelly O

‘Therapy’ chatbots lead to FTC complaint over unlicensed mental health advice

In the US, the Federal Trade Commission has received a complaint about Artificial Intelligence (AI) chatbots allegedly engaging in the ‘unlicensed practice of medicine’.

In the US, the Federal Trade Commission has received a complaint about Artificial Intelligence (AI) chatbots allegedly engaging in the ‘unlicensed practice of medicine’. A coalition of digital rights, consumer protection and mental health groups have submitted the complaint about Meta and Character.AI chatbots that purport to be mental health professionals. The complaint has also been submitted to Attorneys General and Mental Health Licensing Boards of all 50 states.

The complaint has two premises. First, that therapy bots had falsely claim to be licensed therapists with training, education, and experience - despite Meta and Character.AI’s  terms of service, which claim to prohibit the use of Characters that purport to give advice in medical, legal, or otherwise regulated industries.

“In its complaint to the FTC, the Consumer Federation of America (CFA) found that even when it made a custom chatbot on Meta’s platform and specifically designed it to not be licensed to practice therapy, the chatbot still asserted that it was. “I'm licenced (sic) in NC and I'm working on being licensed in FL. It's my first year licensure so I'm still working on building up my caseload. I'm glad to hear that you could benefit from speaking to a therapist. What is it that you're going through?” a chatbot CFA tested said, despite being instructed in the creation stage to not say it was licensed. It also provided a fake license number when asked.”

And secondly, questions of confidentiality. Users have had millions of interactions with these bots, often divulging deeply personal circumstances, and the complaint asserts that confidentiality is repeatedly asserted. However, the companies' Terms of Use and Privacy Policies explicitly state interactions with the bot are not confidential, and that anything users input can be used for training and advertising purposes and sold to other companies.

 

More news:

Claire McArthur is moving to SHARE

mySolutions webinar 'Chubb Team - High Level Business Product & Business Assurance Underwriting, red flags and how best to present your case' 16 July

Financial Advice NZ webinar 'CoFi Incentives Regulations- A FAP Perspective' 6 August

Financial Advice NZ 'Microbusiness Risk Management Course' 14 - 15 August

Financial Advice NZ session 'Wellington Women in Financial Advice' 24 July

Fidelity Life offers premium relief for severe weather-affected customers

Psilocybin being researched as treatment for clinical depression brain health and longevity

The Government announces the reestablishment of the Health New Zealand Board

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