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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How to set client scope and priorities

Watch our video to find out how easy it is to set client scope and priorities on Advicemonster.

Watch our video to find out how easy it is to set client scope and priorities on Advicemonster.

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Objectives Settings in Advicemonster

This quick tutorial takes you through how to set the client’s objectives in Advicemonster.

This quick tutorial takes you through how to set the client’s objectives in Advicemonster.

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New Active Benefits are now available to Accuro policyholders

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AIA launch new campaign offering customers up to three months off their premiums

AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.

AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.

  • First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.

  • Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.

  • Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.

  • Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.

 

More news:

The Adviser Platform is offering its CRM system free of charge

Kirk Hope has started his appointment as Chief Executive Officer at FSC

Financial Advice NZ's partnership with Massey University’s Financial Education and Research Centre extended for three years

The Adviser Platform Conference 2024 is on 18 October

Australian life insurance customers who stay loyal to their insurer likely to be paying higher premiums than new customers

Of the roughly 14,000 known chemicals in food packaging, around 25% have been found in the human body

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Asteron Life rating downgraded

S&P have lowered Asteron Life's financial strength and issuer credit ratings to 'A' from 'A+' and given them a stand-alone credit profile of 'a-'.

S&P have lowered Asteron Life's financial strength and issuer credit ratings to 'A' from 'A+'. After a review, S&P has given Asteron Life Ltd a stand-alone credit profile (SACP), which reflects the insurer's satisfactory business risk profile, of 'a-'.

The reason given for the downgrade is an expectation of reduced support from Suncorp Group Ltd in the leadup to the sale of Asteron Life, due to be completed at the end of January 2025. S&P have stated that the ratings on Asteron are on CreditWatch because they believe they will likely lower the ratings if the sale proceeds, with a likely outcome of a one notch ratings downgrade.

 

More news:

NZFSG introduce several changes within their distribution team, including appointing new Regional Manager Zane Low

Incentives for those advising consumer clients set to change on 31 March 2025

mySolutions webinar 'Asteron ConnectedCare' 4 September

UniMed Breakfast Series 'with Conrad Goodhew 8 October

Fidelity Life release details of their customer engagement forum

Fidelity Life announce Apollo enhancement

Financial Advice NZ Professional Ethics Workshop 26 September

Apex Advice looking for an experienced Marketing & Communications Specialist

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nib New Zealand makes $21.2million underlying operating profit in FY24

nib new Zealand have released their FY24 financial results.

nib new Zealand have released their FY24 financial results. Key numbers include:

  • Underlying operating profit of $21.2 million, down from $33.4 million in FY23

  • Resident policyholder growth of 3.1%

  • Insurance revenue of $402.1 million, up 9.4% from FY23

  • Insurance service costs of $380 million, up 14% from FY23

  • Net assets of $91.8 million, up from $84.6 million in FY23

nib NZ Chief Executive Rob Hennin said of higher claims costs and utilisation rates

 “We are focused on costs and containing inflation in the health sector as much as we can because those costs are passed along to our members… We have undertaken measures to help bring about operating efficiencies in the year ahead, including automating claims processing.”

 

More news:

Brent McGregor says balancing act between regulatory requirements and customer experience is tough

Consilium’s KiwiWRAP KiwiSaver Scheme has cracked the $100 million in funds under management

Simon Papa analyses the Commerce Commission's bank report and what it means for mortgage advisers

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Jon-Paul Hale critiques insurers' use of “MedSafe indicated” wording in policies

Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans.

Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans to ensure that coverage extends to the use of the medicine.

In policy wordings, “MedSafe indicated” can significantly limit access to treatment; where MedSafe guidelines include "indicated first-line treatment", this means the medication is only authorised for use as the first treatment. Hale suggests that clients consider any mediations with ‘first-line’ indications may wish to be treated with these medications first, as insurers are unlikely to approve them for later use.

What may surprise you is that many, many, medicines are prescribed that are outside Medsafe indications. Some are prescribed even though the medicine is unapproved for any purpose in New Zealand. Several insurers will not cover medicines that are unapproved. Obtaining a Medsafe approval for the use of a medicine can be time consuming and expensive. We are a small market and some disorders are rare. That means that while it may be economically viable to gain approvals in the United States and Europe, sometimes the New Zealand market may be too small for these companies to consider seeking approval economically viable, especially when some medical professionals will still prescribe an unapproved medicine.

At Quality Product Research Limited we are committed to ensuring that research scores are descriptive of these differences, which are increasingly important. There is a review of the non-PHARMAC coverage item in our health / medical insurance research which is being consulted on right now. If you would like to participate in the review please contact us. Results of the review will be announced at our forthcoming national roadshow which runs from 23 July to 29 August. Register for the roadshow, at a venue near you, here.

References:

Medsafe – about and role: https://www.medsafe.govt.nz/other/about.asp

Medsafe – use of Unapproved Medicines and Unapproved Use of Medicines: https://medsafe.govt.nz/profs/riss/unapp.asp#need

 

More daily news:

Partners Life a finalist in the ‘Insurer Innovation’ category at 'The World’s Digital Insurance Awards'

Partners Life campaign top in the 2023 Global Effie Rankings - insurance category

AIA recognised as one of the most diverse insurance companies

AM Best withdraws ratings for Accuro

Philip Macalister discusses research on areas advisers can improve in

Retirement Commissioner proposes 15 recommendations aimed at enhancing KiwiSaver

The FSC continues to call for review into KiwiSaver settings

Health New Zealand orders hiring freeze on all non-frontline roles

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Legal and regulatory update for the life and health insurance sector

Privacy Commissioner clarifies guidelines on notification periods; The Customer and Product Data Bill introduced to parliament; Privacy study finds higher levels of concern among Māori; Minister of Commerce and Consumer Affairs April 2024 diary released

16 May 2024 - Office of the Privacy Commissioner clarifies guidelines around 72 hours notification period for privacy breaches. https://privacy.org.nz/publications/statements-media-releases/how-long-is-72-hours/

16 May 2024 - The Customer and Product Data Bill was introduced to Parliament. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history

20 May 2024 - A recent study by the office of the Privacy Commissioner of New Zealander’s attitudes to privacy shows higher levels of concern among Māori. https://privacy.org.nz/publications/statements-media-releases/maori-are-more-concerned-about-privacy-in-every-way/

21 May 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly April 2024 diary released  with the following potential financial services sector related meeting noted:

  • 4 April 2024 – MEET: Westpac (Pip Greenwood)

  • 4 Apr 2024 – MEET: Suncorp (Jimmy Higgins and Clayton Cosgrove)

  • 8 Apr 2024 – VISIT: Commerce Commission (Commerce Commission Staff)

  • 10 Apr 2024 –MEET: Insurance and Financial Services Ombudsman (Karen Stevens)

  • 10 Apr 2024 – MEET: AIA NZ (Nick Stanhope)

  • 10 Apr 2024 -MEET: Commerce Commision (Commerce Commission Officials)

  • 23 Apr 2024 – MEET: Westpac (Catherine McGrath)

  • 23 Apr 2024 – MEET: Takeovers Panel (Takeovers Panel members)

  • 30 Apr 2024 –MEET: Commerce Commission (Commerce Commission Officials)

https://www.beehive.govt.nz/sites/default/files/2024-05/Proactive%20Diary%20Release%20Apr%2024%27%20Hon%20Andrew%20Bayly.pdf

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Contracts of Insurance Bill

Commerce and Consumer Affairs Minister Andrew Bayly talks about his three focus points; ombudsman welcomes changes; and where to find more information on how the Bill could affect you.

Commerce and Consumer Affairs Minister Andrew Bayly has said that insurance law reforms are “long overdue”, with some laws over 100 years old. Bayly has said his three focus points for the new Contracts of Insurance Bill are to make it easier for consumers to get insurance, for consumers to better understand what they’ve signed up for and for consumers to get paid out more quickly. Bayly has said the government intend to pass the Bill before the end of 2024.

The Insurance & Financial Services Ombudsman, Karen Stevens, has said she looks forward to insurance contracts becoming fairer and easier to understand for consumers.

“… Many consumers don’t understand what information they are supposed to tell their insurer, and the consequences if they don’t disclose this information.

Forgetting to tell the insurer something regarded as being material to the risk of providing a consumer with insurance (i.e. whether the insurer would have provided cover or not, and on what terms) can be fatal.

I’m pleased that this law change will require insurers to ask clear and relevant questions, making it easier for consumers to know what information they have to provide.”

Submissions on the Bill are open until 3 June 2024. The Financial Services Council (FSC) is urging members to feedback and has circulated an industry submission process document.

We think that all the questions adviser-focused insurers ask are clear and relevant and that in a full underwriting environment it is clear to customers what they should be disclosing. But this is not the full scope of the changes that the law will bring in. Bell Gully’s comment covers this well:

“Most submitters welcomed the overall approach taken in the exposure draft, which proposed to consolidate, modernise and clarify a number of outdated statutes into one primary statute governing insurance policies generally, as well as the specific relationship between insurers and their customers.  The Bill also proposed to bring about significant changes in the law of insurance in New Zealand – particularly relating to the duty of disclosure owed by insureds, the duty of utmost good faith, the remedies available to a party who has a claim against an insolvent insured, and the application of the unfair contract terms regime to insurance policies. The details of some of these substantive changes were met with resistance, including in our submission, primarily due to concerns that the reforms may create significant uncertainty for both insureds and insurers.”

For more details on the content of the Bill, we suggest that you check out their summary here. Steve Wright also outlines seven potential changes facing advisers and insurers here.

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