
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.
Using financial details to provide personalised risk recommendations on Advicemonster
Find out how to enter financial details to provide a recommendation for your clients' personal risk needs.
Find out how to enter financial details to provide a recommendation for your clients’ personal risk needs.
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.
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.
New Active Benefits are now available to Accuro policyholders
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership.
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership. While policy cover remains the same since the transfer of Accuro’s insurance portfolio to UniMed on 31 May, Accuro members can now access a range of UniMed member benefits. Benefits include:
20% off sitewide Parachute first aid (available until 31 Oct 2024)
15% Off Allianz Travel Insurance
20% Off MoleMap Checkups
30 days free at Snap Fitness
Get an intro to 9Round Fitness
Free Hearing Health Checkups
Discounts at Specsavers Optometrists
More news:
FSC webinar 'Cultivating mental wellness at work' 10 October
ANZIIF offer an Insurance Risk Management Study Course
TSB are looking for a Head of Customer Operations
Entries to the Southern Cross Wayfinder Awards close 30 September
Terry Ball says Robo-advice has a long way to go
KiwiSaver passes milestone of $100 billion of funds under management
The Banking Ombudsman Scheme saw a record number of cases
Calls for a public education campaign around consumer data right (CDR) regime
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.
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
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:
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
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
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 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
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)
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.
“… 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.