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.
What advisers think of KiwiSaver
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
To date, the results show that for those advisers who are already offering advice on KiwiSaver investments, the top reasons for offering KiwiSaver are diversifying revenue, building a KiwiSaver book for long term value and adding value to clients. Advisers have told us that performance, ease of withdrawals and alternative fund options are most important to clients when choosing a KiwiSaver provider. And 27% of advisers were interested in additional resources or support related to KiwiSaver advice and independent research.
If you haven’t joined us already, come along to one of our remaining roadshows to find out more – along with info on KiwiSaver we’ll be highlighting some major new research, talking about two new regtech tools to help keep you safe, giving you a sneak peek at Kiwimonster, and much, much more.
More news:
Fidelity Life extend 3 months free until 31 December 2024
Michael Weston talks about key priorities at Partners Life
Jon-Paul Hale highlights the good advisers do
Asteron Life are looking for a Lump Sum Claims Specialist
Study finds three-quarters of respondents have realised the importance of financial knowledge
FAMNZ launch inaugural Adviser Elevate series on 28 August
AIA sponsor the Parliamentary Rugby Team
Charlene Overell is the Financial Advice New Zealand Volunteer of the Year
AIA held annual summit
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July.
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July. The conference brought together advisers to hear from a range of speakers around the Healthier, Longer, Better Lives theme.
AIA NZ Chief Executive Officer, Nick Stanhope, AIA NZ Head of Aligned Advice, Jack Newman, and advisers Leelee Stone and Katrina Church discussed what Healthier, Longer, Better Lives means to them, and the crucial role advisers play in the industry.
David Letele discussed the health burden in society and the important role that preventative health plays in relieving this burden.
Raelene Castle, Group Chief Executive at Sport New Zealand and High Performance Sport New Zealand, shared her practical and unique methods for achieving growth.
Craig Deats, Global Sales and Distribution Executive at Vitality Global, spoke about AIA Vitality, a science-backed health and wellbeing programme, and how it is delivering value for advisers. This session was followed by an AIA Vitality Q&A, where Craig shared insights on the global programme and engaged with attendees.
Dame Valerie Adams, a shotput World Champion, Olympian and AIA Vitality ambassador, discussed the ‘For Myself’ pillar and what that meant to her.
More news:
Agenda try to persuade Government to ban insurers from using genetic testing information
AIA announce the winners of the Supreme Aspire Awards
Chubb Life launch new marketing campaign called Mission Insurable
Chubb Life implement email automation technology
Steve Wrights questions whether today's trauma products are fit-for-purpose
Accuro offer discount on insulated jackets at Kathmandu
Gallagher are giving away native trees in Napier
FMA publish the latest 'Money with Mary' article
Budget cuts at the Retirement Commission could impact Sorted website and other programmes of work
nib looks to improve services to Māori
nib is looking to improve services to Māori communities by learning from indigenous health providers in other countries.
nib is looking to improve services to Māori communities by learning from indigenous health providers in other countries. Leadership from nib and Iwi partners involved in the Toi Ora project have recently returned from a study tour to Canada. Those involved met with Canada’s First Nations Health Authority, Pacific Blue Cross, First Nations Tax Commission (FNTC) and Squamish Nation to get insights into how these organisations deliver services to First Nations people in Canada and how these lessons could be applied in New Zealand.
Sarah McBride, nib NZ’s Head of Iwi Initiatives, said learnings included better ways to use existing funding, the importance of using health-related statistics and relevant previous cases to support new projects, and co-creation with local partners.
More daily news:
Potential CoFI change gives FMA power of onsite inspection without warning
Partners Life to launch new Underwriting Workbench
Michael Weston speaks about his plans for Partners Life
nib release their top five health claims for April
The FMA has highlighted the authorised body system as a potential problem area
Financial Advice NZ publish Budget 2024 Summary - Adviser to Client Resource
Entries open for Insurance Business’ 5-Star Insurance Innovators awards
MAS is looking for a Head of Private Wealth
Budget 2024 includes new health investments
Professor Lester Levy has been appointed as a member and Chair of the Board of Health New Zealand
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
Submissions call for rewrite of FMA’s draft guide about outcomes focused regulation
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide.
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide, with both law firms arguing that implementing outcomes-based proposals will impose confusing and expensive compliance duties of market participants – with no legal basis.
Criticisms include the guide being unclear on how outcomes focused regulation supports regulatory compliance; the draft guide being too vague to be readily applicable; the lack of tying high level outcomes back to actual legal requirements; and some of the draft guide lacks the authority of Parliament and risks being unenforceable or amendable to judicial review.
Suggested improvements include clarifying the scope and targeted market sector of each proposed outcome; providing detailed examples of how businesses can comply; adding more examples of expected compliance behaviour; and identifying when compliance with existing legislative requirement is sufficient to ensure delivery of fair outcomes.
More daily news:
MAS looking for a Senior Life and Disability Underwriter
AIA study finds stress is still one of the biggest issues affecting adviser wellbeing
Kelly Brough takes on new role as head of distribution and product development at Advice Link
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Southern Cross Health Insurance has appointed Cath Lomax as its Chief People and Strategy Officer. Lomax joins from Fisher Funds, where she was the Chief Client Officer.
Nick Astwick, CEO of Southern Cross Health Insurance said
“As well as being in the business of health, we're also in the business of people – be it serving our members or our people. Cath brings to this role a wealth of experience which will undoubtedly allow us to build on our reputation for being a great employer.”
Lomax was recently awarded the Auckland Emerging Director Award from the Institute of Directors Auckland branch for her work at Surfing NZ.
More daily news:
FMA proposes to run pilot on 'outcomes' style regulation with industry
Financial Advice NZ Masterclass - The psychology of financial planning on 4 March
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Finance and Mortgage Advisers Association of New Zealand (FAMNZ) sets up in NZ
Asteron Life sees uptick in lapse rates
Asteron Life’s executive general manager Grant Willis spoke to Good Returns about increasing lapse rates, levels offerings and changing adviser profiles.
Asteron Life’s executive general manager Grant Willis spoke to Good Returns about increasing lapse rates, levels offerings and changing adviser profiles.
Anecdotally, advisers are starting to see more household budgets under financial pressure. Willis said Asteron Life is seeing more cancellations and alterations to policies to reduce premiums and/or scale the sum insured back, despite having one of the best lapse rates in the industry. Willis highlights the importance of product flexibility during times such as these, with Asteron Life customers being able to pick different levels of cover, level of yearly renewable term and even the availability of inbuilt premium holidays that customers can take under specific pressure.
Willis talks about how he’s seeing a lot of new advisers coming though, younger people and perhaps people in second careers, plus children following their parents into financial advice.
More daily news:
FMA release the results of its annual Ease of Doing Business survey
Lifetime webinar 'Invest In Your Tomorrow: Enhance Your Financial Wellbeing' Dec 14
Gallagher Insurance is a new sponsor of the 103rd New Zealand Open
Foundation Advice Ltd owes around $8 million
Graeme Lindsay talks about the best health insurance to have
The FMA had an almost $6 million surplus for the 12 months to June 30
AMP settles with Australian financial advisers for A$100 million
AMP has settled a legal dispute with hundreds of Australian financial advisers affected by unilateral changes to buyer-of-last-resort (BOLR) terms.
AMP has settled a legal dispute with hundreds of Australian financial advisers affected by unilateral changes to buyer-of-last-resort (BOLR) terms. After a long-running legal dispute AMP has settled, with no admission of liability, for A$100 million.
In August 2019 AMP made unilateral changes to adviser contracts that meant BOLR multiples were cut by almost 40%, from 4 times recurring revenue to 2.5 times (excluding grandfathered commissions).
In July an Australian Federal Court decision found AMP erred in altering the buyer-of-last-resort terms for two advice businesses operating under its brand. Justice Moshinsky ruled in favour of the two Australian advisory firms who bought suit, awarding Equity Financial Planners A$813,000 and Wealthstone A$115,000 and opening AMP up to 120 or more similar claims. AMP lodged an appeal in October but opted to settle following a mediation process in November.
More daily news:
Jon-Paul Hale questions whether non-smoker rates are non-smoker rates
AIA Group has announced the publication of its inaugural climate transition plan
$100 million programme for specialist mental health services is behind schedule
Fidelity Life release financial results
Fidelity Life has released its annual report and financial results for the year ended 30 June 2023.
Fidelity Life has released its annual report and financial results for the year ended 30 June 2023. Highlights include:
· Insurance premium revenue of $450.4 million, up 33% from FY22
· Total comprehensive income (net of tax) of $3.2 million, an improvement from their FY22 loss of $24 million
· Underlying profit, excluding the impact of government bond rate changes (net of tax), of $19 million
· Claims paid out in FY23 $209.7 million, up 27% from FY22
· 304,867 customers
· Market share of 15.7%
Fidelity Life resumed payment of dividends, with Fidelity Life’s shareholders receiving a full-year dividend of $8.013 per share. The dividend is unimputed as the Group continues to utilise brought forward tax losses.
Fidelity Life Chair Brian Blake says
“We expected the benefits of our Westpac Life acquisition to start materialising in FY23, and that’s proven to be the case. Our performance shows the business is in good shape and proving resilient against a weak economy and the high cost of living.
…In response to adviser feedback, we’re introducing a raft of new initiatives spanning the digital, product and service spaces to make it easier for advisers to do business with us, focus on growth, and together take our respective businesses to the next level.”
More daily news:
Deloitte Top 200 Business Awards finalists include staff from ANZ, ASB, The Co-operative Bank
ANZ Chief Marketing Officer Astrud Burgess named Effective Marketer of the Year at Effie Awards
Kiwibank received 6 awards, including the Grand Effie, at the 2023 Aotearoa Effie Awards
Ainsley McLaren talks about the investment needs and behaviours of women
CERT NZ create Own Your Online website, to raise understanding of cyber security issues
The unemployment rate rose to 3.9% from 3.6% in the September quarter
Fraud Awareness Week is taking place November 13-18
Cancer patient advocates say health system reforms are taking too long
AIA updates the benefits of its living products
AIA has released a raft of changes updating the benefits that apply to its living products covering critical conditions, progressive care, life cover, and family protection, including changes to selected closed Sovereign, TotalCareMax, AIA Trauma and AIA Life Cover products.
Some of the key changes, which are applicable to new claim events on or after 10 October 2023, include:
· The minimum coverage age for standalone children’s trauma has been lowered from two years to three months.
· Extension of the life buyback reinstatement period from 30 to 60 days.
· Removed the benefit for new business that pays on the diagnosis of medically or occupationally acquired HIV, and introduced a new benefit that pays on the diagnosis of advanced AIDS – regardless of transmission method.
· Changed the terminal illness definition to clarify that life expectancy is less than 12 months, despite all reasonable medical treatment.
· Increased bereavement support benefit from $15,000 to $25,000 in cases where there is joint policy ownership.
· Removed the 5% limit to pay up to $20,000 as an early payment if the life assured dies overseas to return their body to either New Zealand or their home country.
More daily news:
Partners Life has updated its underwriting guide
Southern Cross new naming rights sponsor of Wellington Round the Bays
nib says insurance can help families navigate increasing mental health concerns
MAS appoints Matt Harvey as Chief Distribution and Marketing Officer and Craig Ward as Chief Innovation and Digital Officer
FSC webinar 'Leading Lawyers Australia' 31 October
Jon-Paul Hale believes some providers are asking advisers for too much
ACC fund slips from ‘responsible investment leaders’ to ‘responsible investors’
New AI tool diagnoses brain tumours on the operating table and helps surgeons decide how to operate