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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Fidelity Life’s customer engagement initiative is back

Fidelity Life have announced details of their Customer Engagement Initiative 2025.

Fidelity Life have announced details of their Customer Engagement Initiative 2025. The programme is designed to recognise advisers for exceptional customer outcomes based on Net Promoter Score (NPS) surveys.

The campaign runs between 1 May and 31 October 2025. The top 45 qualifying advisers will be invited to an exclusive professional development focused forum. While the location of the forum hasn’t been released yet, it will take place in early 2026 and will be hosted by the Fidelity Life leadership team and business managers. Last year, the top 30 advisers attended the forum at Kauri Cliffs in Northland.

The forum will include a range of professional development sessions and deep dive business sessions, and Fidelity Life will share new customer insights from survey results. Attendees will receive a certificate of completion, which can be used as evidence of ongoing professional development.

To qualify, advisers need:

  • A minimum of 5 survey responses submitted during the programme period

  • A positive Net promoter score

This year, Fidelity Life have developed personal dashboards, which detail and advisers survey submissions and current overall score.

 

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Changes to KiwiSaver announced by Government

The Government has announced a raft of changes to the KiwiSaver scheme, effective from 1 July 2025. We’re updating our tools to reflect the new KiwiSaver rules—including contribution increases and reduced government top-ups—so you can continue to deliver great advice, confidently.

The Government has announced a raft of changes to the KiwiSaver scheme, effective from 1 July 2025.

  • Default contribution rates increasing. The default KiwiSaver employee and employer contribution rate will be moving from 3% of salary and wages to 3.5% on 1 April 2026, then to 4% on 1 April 2028. Employees will be able to opt to contribute at a lower 3% rate and have that lower rate matched by their employer. Contributions will be reset to the default rate after 12 months, but employees can choose to reselect the lower rate again.

  • Government contribution has been halved. Currently, for every $1 a KiwiSaver member contributes (up to a maximum of $1046.86) in a year, the Government puts in 50c. The government contribution rate will be halved to 25c for every $1 contributed, up to a maximum of $260.72 annually.

  • High income earners no longer qualify for Government contribution. The Government contribution will be removed for KiwiSaver members with a taxable income over $180,000 per annum.

  • KiwiSaver eligibility extended to 16- and 17-year-olds. The Government contribution and employer matching will be extended to 16- and 17-year-olds in the workforce.

The Financial Services Council (FSC) has come out in support of the changes to increase the default contribution rate, and extend contributions to 16- and 17-year-olds. However, they have cautioned that the Government’s decision to reduce its contribution could disincentivise participation in the scheme, particularly for the self-employed. With 40% of members not actively contributing (for example, those on contributions holidays or people in irregular work), halving the government contribution makes it even less appealing for these members to start investing in KiwiSaver again.


Kiwimonster is evolving with KiwiSaver

 

We’re updating our tools to reflect the new KiwiSaver rules—including contribution increases and reduced government top-ups—so you can continue to deliver great advice, confidently.

While the new rules aim to increase participation, they don’t do enough to support the 40% of KiwiSaver members who aren’t actively contributing. That’s where Kiwimonster can help.

Even for those not currently contributing, Kiwimonster enables advisers to project future retirement outcomes. For example:

  • Self-employed clients – whether or not they’re making regular contributions.

  • People on a break – such as those on parental leave or overseas on their OE.

Using existing balances, advisers can still create meaningful forecasts—giving clients clarity, even if they’re pressing pause on contributions.

If you would like to find out how, give us a call.

More news:

mySolutions webinar 'Living an intentional life and building a legacy business' is on 4 June

Pinnacle Life awarded Most Trusted Brand for Funeral Insurance

Andrew Couch to the Wealthpoint team as Head of Investments

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Legal and regulatory update for the life and health insurance sector

FMA operational budget increases; Minister of Commerce and Consumer Affairs April diary released; FMA release Good Cents: Kiwis on savings and debt research.

25 May 2025 - The FMA operational allocation rose from about $71.3 million in the previous fiscal year to almost $78 million for the 2025/26 budget period. https://investmentnews.co.nz/investment-news/fma-wins-6-7m-pay-rise-on-compliance-enforcement-upgrades/

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

  • 2 Apr 2025 – MEET: Kiwibank (Steve Juravich)

  • 3 Apr 2025 – MEET: Financial Ombudsman (Susan Taylor, Jane Meares)

  • 3 Apr 2025 – MEET: Commerce Commission Review Panel (Paula Rebstock,Allan Fels, David Hunt)

  • 3 Apr 2025 – MEET: Chair of ACC Board (Dr Tracey Batten)

  • 7 Apr 2025 - ATTEND: Financial Services Council Roundtable (invited guests)

  • 8 Apr 2025 – MEET: ACC Board (ACC Board)

  • 10 Apr 2025 – MEET: FMA (Samantha Barrass)

  • 14 Apr 2025 -MEET: Commerce Commission (Commerce Commission)

  • 15 Apr 2025 – MEET: ACC Officials (ACC, MBIE, Treasury Officials)

  • 15 Apr 2025 – MEET: MBIE Officials (MBIE Officials)

  • 17 Apr 2025 – MEET: Chair & CE of ACC (Dr Tracey Batten & Megan Main)

  • 23 Apr 2025 -MEET: MBIE Officials (MBIE Officials)

  • 29 Apr 2025 – SPEAK: Financial Services Leaders Roundtable (Invited Guests)

  • 29 Apr 2025 – MEET: ACC Board Chair (Dr Tracey Batten)

  • 30 Apr 2025 – MEET: AIA (Nick Stanhope)

https://www.beehive.govt.nz/sites/default/files/2025-05/Proactive%20Diary%20Release%20Simpson%20Apr%202025.pdf

29 May 2025 - The FMA releases Good Cents: Kiwis on savings and debt research, which looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. https://www.fma.govt.nz/news/all-releases/media-releases/good-cents-kiwis-on-savings-and-debt-research/

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How to update your billing details

Find out how to update your billing details here.

This quick video will show you how to update your billing details on Quotemonster, including how to add an additional email for receiving invoices.

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Fidelity Life welcomes record number of advisers to Career Connect programme

Fidelity Life has announced the fourth intake of its adviser programme, Career connect, for new advisers and the recipients of their eight scholarships.

Fidelity Life has announced the fourth intake of its adviser programme, Career connect, for new advisers. This year sees the programme expand to welcome its largest cohort to date - 30 emerging advisers. The company will also soon invite adviser businesses to join the Career connect registry; to signal their interest in offering work experience opportunities to newly qualified financial advisers. 

Submissions this year attracted greater diversity, , with 56% of applicants under the age of 35, 62% coming from female applicants and just under 30 ethnicities represented across the more than 70 applicants.

The Career connect programme awarded eight scholarships this year, up from seven last year, with each valued at up to $5,000. The recipients of the 2025 Career connect scholarships are:

  • Grace Leaso, Auckland - Kōwhai scholarship (for an outstanding Pasifika applicant)  

  • Grace Shearer, Hastings - Toe Toe scholarship (for an outstanding young applicant aged 21-25)

  • Jada Mandery, Auckland - Women in Finance scholarship (supported by Kaplan Professional)

  • Marcel Stenning, Auckland - Pāua scholarship (for outstanding applicant demonstrating excellence)

  • Michelle Andrews, Auckland - Women in Finance scholarship (supported by Kaplan Professional)

  • Milly Elworthy, Mosgiel – Rural scholarship (supported by FMG) 

  • Olivera Vasic-Wooller, Auckland - Rāngi Po scholarship (for an underrepresented community in financial services)

  • TK Buchanan, Christchurch - Pounamu scholarship (for an outstanding Māori applicant)

Fidelity Life Head of Solutions Michelle Doyle said

“By taking part, advice businesses play a vital role in mentoring fresh talent… It helps new advisers gain industry experience and build confidence as they transition into the profession.” 

The 2025 cohort of 30 will start their journey this week. Over the next six months, they’ll take on part-time study to earn their Level 5 qualification through Kaplan Professional. Fidelity Life will host a graduation ceremony early next year to celebrate their accomplishments.  

 

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Introduction to Kiwimonster webinar 12pm 26 May

Katrina Shanks and Kris Faafoi recognised on the Hot List 2025

Link Financial Group NZ appoints Anton Wicken new compliance manager

The banking industry welcomes the first reading of CCCFA amendment bill

Auckland emergency departments diverting patients to urgent care clinics with vouchers to cover the cost

New Zealanders will soon be able to receive 12-month prescriptions for their medicines

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AIA announce four new national sales manager appointments

AIA has made four new appointments within their Distribution team.

 
 

Aaron Gilmore has been appointed National Sales Manager, Retail. Gilmore has been with AIA since 2023 and has been an AIA Vitality Coach and Northern Region Manger, Business Development.

 

Carley Ellis has been appointed National Sales Manager, Aligned Advice. Ellis has 20 years of experience in New Zealand’s financial services industry and has a proven track record in business development, financial advice, and leadership.

Sarah Hepper has been appointed National Sales Manager, Corporate Solutions. Hepper has over 25 years of experience in the insurance industry, and has spent the past 15 years contributing to the growth of Corporate Solutions at AIA NZ

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Legal and regulatory update for the life and health insurance sector

Updated version of the AML/CFT Audit Guideline published; the Credit Contracts and Consumer Finance Amendment Bill was referred to the Finance and Expenditure Committee; the Financial Markets Conduct Amendment Bill referred to the Finance and Expenditure Committee; the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill referred to the Finance and Expenditure Committee; RBNZ has published a Transitional Standard; RBNZ launch Tara-ā-Umanga Business Expectations Survey; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee; the FMA seeks feedback on their review of 14 class exemption notices; FSC to submit on Financial Markets Conduct Amendment Bill; DIA release guidance on AML.

16 May 2025 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published an updated version of the AML/CFT Audit Guideline. https://www.dia.govt.nz/Updated-AML-CFT-Audit-Guideline-now-available

20 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/6193A33C-40D6-4354-0D5A-08DD6FF875CC?Tab=history

20 May 2025 - The Financial Markets Conduct Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history

20 May 2025 - The Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history

21 May 2025 - The RBNZ has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. https://www.rbnz.govt.nz/hub/news/2025/05/depositor-compensation-scheme-transitional-provisions-standard-published

21 May 2025 - RBNZ launch Tara-ā-Umanga Business Expectations Survey (BES), with publication of results for the June quarter. https://www.rbnz.govt.nz/statistics/series/economic-indicators/business-expectations-survey

21 May 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/9B141149-011F-4C5F-5319-08DD514ABAA2?Tab=history

22 May 2025 - The FMA is seeking feedback on their review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013 (FMC Act). These notices will expire between December 2025 and November 2026. At the same time, the FMA are reviewing their three class designation notices. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/

23 May 2025 - The Finance and Expenditure Committee is now seeking submissions on the Financial Markets Conduct Amendment Bill. The FSC submission process, including the timetable for feedback and circulation of drafts will soon be available here. https://www.fsc.org.nz/fsc-consults25

23 May 2025 - The Department of Internal Affairs has released new guidance to help organisations assess whether their business is captured under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act). The guidance is intended to help organisations that operate an online marketplace that facilitates payments between customers to determine whether AML/CFT obligations apply — and what steps may be needed to take to comply. https://www.dia.govt.nz/AML-CFT-New-guidance-for-Online-Marketplaces

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Medical premiums keep on rising – Jon-Paul Hale takes a look at why

Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year.

Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year. From more claims leading to additional people and resources needing to be hired by insurance companies to the flight of clinicians overseas and training on new technologies and tools, there seems to be a perfect storm leading to the hikes. Hale compares premiums in NZ to those in Australia, and despite the recent increases, we’re still looking affordable in comparison. Hale also ponders what would help stabilise premiums, giving a few examples. It mostly comes down to spreading the cost across a wider pool of people. A good article, one we’d recommend you check out.

 

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Best product, no. Best solution, yes!

Steve Wright questions what makes the best product in his latest article on Good Returns.

We are in enthusiastic agreement with Steve Wright’s recent article, in which he questions what makes the best product in his latest article on Good Returns. Steve advocates that the FMA and Disputes Resolution Service need to debunk the view of advisers that they sell only the ‘best’ product as rated by independent services.

As a research business, we are happy to debunk the notion that we tell people what to sell, or ‘rank’ products. We go to great pains to point out that this is not our job, we understand that our role is to provide useful information about the meaningful differences between products to enable advisers to have better conversations about suitability. We will never tell you what product to recommend because only financial advisers can give financial advice. To quote directly from a slide from our recent roadshow:

We also highlighted the importance of recognising the financial adviser’s unique role in the process of reconciling objectives with options and choices and limitations to arrive at a good solution, which is nearly always a compromise, unique to the client. That’s the essence of suitability assessment, entirely within the financial adviser’s legally defined role. If you haven’t heard us talk through the leading car purchase example, join us at a training session coming soon!

Like Steve, we believe that the best product is the one that suits the specific clients’ needs – even if it’s not the most generous, or the highest rated. He stresses that advisers must thoroughly understand a client’s individual circumstances, risks, and goals to come up with the most suitable product, then give enough detail that the clients can understand the advice and the products recommended.

What are some examples you’ve come across of products that at first look may not be the ‘best’, but actually have been the best fit for your clients?

If you have missed some of the comments on Steve’s article, we particularly like these:

“Advisers must give financial advice that I'd suitable… suitability has a lot more to do with the client circumstances than stars”

“In short, I don’t believe that we should be looking for who’s the “best.” I believe we should be looking for the “best fit.” And that’s a very different thing!”

“It's a good discussion point, but if you want a more realistic glimpse of what is likely to happen here in the future, speak to those involved in the Australian market about the removal of the 'safe harbour' provision in their financial advice regulation. Not only is it likely that product research into features and benefits likely to become more necessary, not less, but it also seems more and more likely that the actual underwriting terms offered across the entire market will need to be considered.”

 

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Financial Advice NZ upcoming webinars and workshops - Data Informed Decisions & Demonstrating Suitability of Advice for Private Health Insurance 28 May, Navigating the Complexities of a Blended Family 11 June, Ethics Workshop 12 June, Understanding Portfolio Investment Entities (PIE’s) 25 June, Tackling the Tough Questions 25 June

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