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.
Steve Wright on potential implications of government’s plan to use private health care facilities for public health treatments
Good Returns has an interesting article by Steve Wright considering some of the implications of what may happen if the government goes ahead with their reported plan to consider using private health care facilities to reduce elective surgery waiting lists.
Good Returns has an interesting article by Steve Wright considering some of the implications of what may happen if the government goes ahead with their reported plan to consider using private health care facilities to reduce elective surgery waiting lists. Aside from the obvious benefits of kiwis on public health waiting lists potentially getting treated quicker, Wright considers some potential downsides, from reduced pressure to improve public sector capacity, to the private sector becoming overwhelmed or people ditching their health insurance and the private sectors viability coming into question.
We think these risks are low, given the scale of the intervention proposed by Minister Brown – just $50m to be spent between March and the end of June. For context, ACC will purchase around $500m in surgery in the 2023/24 year, and the total New Zealand Health budget is circa $16.6 billion. For an individual who gets a needed surgery a little faster, we are delighted, but this intervention is unlikely to make a big impact.
More news:
Partners Life new training module ‘Fair Treatment of Customers’
Fidelity Life offers drought-affected Taranaki customers premium relief
The FMA is on track to approve 77 licence applications under CoFI regime
Finance Minister Nicola Willis is reassessing the capital held by banks
Fidelity Life has made five new appointments to its Adviser council
Fidelity Life has made some changes to their Adviser council, adding five new members.
Fidelity Life has made some changes to their Adviser council. Last year when Fidelity Life announced they were looking for new council members, they were overwhelmed with responses. The five new members joining the Adviser council are:
Sarah Hunger, Managing Director and adviser – Cura Advisers Ltd
Andrea Reid, Director and adviser – Aliya Brokers Ltd
David Jochem, Director and adviser – Insure Ltd
Cory Bennett, Director and adviser – Float Financial Advisers
James Pearson, Head of Risk – Total Life Ltd
The departing members are:
Johny Winstone
Emma Hunter
Mark Breen
Yang Gu
Andrew Millar
The Adviser council was established to hear insightful and relevant feedback and respond with actions that drive better outcomes for Fidelity Life’s Adviser community and their customers. They meet quarterly to give objective feedback on new adviser and customer initiatives; collaborate to drive positive change for the industry; share and feedback on market and industry trends, opportunities and issues; and provide fresh insights, ideas and views.
More news:
Partners Life’s office is closed on 27 February 2025 as they hold an all-staff conference
nib to roll out life insurance offering next month
nib’s new Ultimate Life and Living products, which include life, trauma, TPD, income protection and mortgage protection will be available from next month.
nib’s new Ultimate Life and Living products, which include life, trauma, TPD, income protection and mortgage protection will be available from next month. nib are currently running roadshows outlining its new products, but pricing will not be released until closer to the policies being in the market. QPR has rated the products, and they have come out favourably.
New customers buying bundled health insurance and Ultimate Life and Living policies will qualify for a 10% premium discount, while current members can qualify for multi-cover discounts ranging from 10% – 15%.
More news:
Fidelity Life increasing the underlying premium rates from 1 April
Partners Life’s QFA Phase 2 upgrade is now live
Financial Advice NZ Community of Practice: Central District 25 February
Willis Towers Watson will carry out the first independent investment review of ACC
Partners Life to release Quote for Alteration Phase 2
Partners Life new upgrade to their Quote for Alteration (QFA) digital tool is coming soon.
Partners Life new upgrade to their Quote for Alteration (QFA) digital tool is coming soon. There’s a handy tutorial here. The upgrade will provide a fully digital process, where advisers can apply for increases and alterations for existing clients in the same way they do for new clients within QFA. QFA applications will be available on Partners Protection Plan and Business Protection Plan policies; Funeral Plan, Essential, Heritage and Loancare policies cannot be serviced online through QFA.
More news:
AIA extend their 3 months' insurance free offer until 31 March 2025
AIA are introducing digital arrears notifications
AIA increases pricing for some Trauma products
AIA introduce SovLink microlearning
Fidelity Life simplify underwriting process
Partners Life paid out 93% of claims in the year ending March 31, 2024
Government commissions two independent reviews to improve the performance and sustainability of ACC
AM Best reaffirms Partners Life ratings
AM Best has reaffirmed the financial strength rating and the long-term issuer credit rating for Partners Life.
AM Best has reaffirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Partners Life Limited, with the outlook for both remaining stable. AM Best categorises Partners Life’s balance sheet position as very strong.
More news:
TAP has launched a new AI Document Reader
Financial Advice NZ’s National Adviser Conference introduces sessions for new advisers
FSC Empower Women Networking Events 6 & 11 March
The Adviser Platform launch Insider Insights video series
68% of Australians are worried about paying for life insurance
Update to New Zealand Retirement Expenditure Guidelines released
Lee-Ann du Toit appointed new Chief Actuary at Chubb Life
Chubb Life New Zealand has announced the appointment of Lee-Ann du Toit as its new Chief Actuary. She will be part of the senior leadership team and report directly to CEO Gail Costa.
Chubb Life New Zealand has announced the appointment of Lee-Ann du Toit as its new Chief Actuary. She will be part of the senior leadership team and report directly to CEO Gail Costa. Du Toit has more than 25 years of experience in financial services and comes to Chubb Life from Deloitte New Zealand where she served as lead partner for Actuarial Service. Du Toit is also the president of the New Zealand Society of Actuaries.
Gail Costa said
“With our industry rapidly evolving, Lee-Ann’s extensive expertise in driving strategic business outcomes and fostering customer-centric solutions will be invaluable to Chubb Life NZ. The chief actuary plays an important role in supporting both our board and senior leadership team to make strategic business decisions, and we’re looking forward to having Lee-Ann’s voice and unique perspective at the decision-making table.”
More news:
Women in Insurance Summit 26 February in Auckland
Expressions of interest open for Partners Life's new adviser training course 24 - 26 February
Steve Wright shares his thoughts on CPD for giving life and health insurance advice
Massey Fin-Ed Centre Retirement Expenditure Guidelines released
Westpac launches several initiatives to improve accessibility
Thoughts from advisers - Jeremy Bernstein
Hear from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher.
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher
What is the most rewarding part of your job?
I get huge satisfaction from writing insurance for people that are not otherwise insured, new policies for new clients, creating financially resilient families & businesses and growing the insurance market.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
Find ways to enjoy continuous learning. Over time, aim to understand every corner of detail of how these policies work - understand that attention to detail is absolutely vital in this industry.
What is something you are looking forward to about the industry over the next 10 years?
I look forward to the industry maturing into regulation and contributing to higher standards of ethics and professionalism.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20’s: Find a career they love and one where you are not simply renumerated by wages alone i.e. share in profits through professional partnership or business ownership or a role that offers bonuses if sales targets are achieved. Contribute to KiwiSaver with high growth asset allocation with low fee investments. If not already insured, apply for Private Medical Cover with Partners Life, apply for Loss of Earnings Income Protection with Level Premium until age 70 with Asteron Life.
30’s: Buy a home and review insurance to ensure Life Cover is sufficient.
40’s: Work hard to achieve career goals and find ways to enjoy continuous education. Stay healthy and try hard to keep relationships intact i.e. divorce is a massive financial setback.
50’s: Apply for higher professional roles and actively seek opportunities for business growth and increased income, repay mortgage and step up investment.
60’s: Stay married, stay happy, stay healthy, stay professionally relevant and stay working!
What’s the last book you read?
How Star Wars Conquered the Universe - Chris Taylor.
Dacreed will take over the Adviser Support Programme
Compliance technology firm Dacreed will take over the Adviser Support Programme from Partners Life.
Partners Life launched the Adviser Support Programme (ASP) back in December 2018 at a time of much regulatory change. With the legal, regulatory and licensing obligations now available and clear, Partners Life have decided to find a new home for the ASP, with the Partners Life ASP in its current form ceasing on 28 March 2025. They recommend advisers export their Word outputs and resource templates by 31 January 2025.
Compliance technology firm Dacreed will take over the ASP. Dacreed are planning on updating and modernising the ASP to provide advisers with a turnkey compliance framework that will remind advisers when and how to meet their regulatory obligations.
The ASP was a fantastic way for an advice business to develop policies and procedures. It was used by hundreds of advisers to build a framework for compliance where previously they had none. Dacreed is a great home for the ASP, which also hosts the continuing professional development content for www.sponge.co.nz . As a subscriber to the platform, which now hosts a wide range of training and compliance materials, including those made by Rosewill Consulting, it is fast becoming an essential destination for the materials, expertise, and information to run a better financial advice provider.
Asteron Life paid out 97% of claims
Asteron Life paid out 97% of the Trauma, Life and Income Protection claims it received in the year ended June 30 2024.
Asteron Life paid out 97% of the Trauma, Life and Income Protection claims it received in the year ended June 30 2024. In total, Asteron Life paid out $112 million of claims, with $53.5 million being paid out for Life Insurance, $34.1 million in Trauma policy payments and $24.4 million in Monthly Income Protection cover claims.
Accident or Injury was the leading cause of claims, for both Monthly Income cover and Trauma cover. Mental Health claims duration remains high, with an average duration of 8 - 12 months, compared to other new claims where the average duration was around 6 - 8 months. Executive Manager Claims and Customer Solutions, Seema Bangera, said
“Return to work outcomes are directly related to early intervention and rehabilitation. This means the mental wellbeing of customers needs to be at the forefront for claims specialists and we need to ensure all clients have the necessary support building their personal resilience for their return-to-work journeys.”
More news:
Financial Advice NZ masterclass 'The ethics of client psychology: How clients think' 1 April
Partners Life appoints new Chief Financial Officer
Mark Schollum has been appointed as Partners Life's new chief financial officer.
Mark Schollum has been appointed as Partners Life's new chief financial officer. Schollum is currently Chief Financial Officer at Chubb Life New Zealand and has held a variety of roles in the life insurance industry in New Zealand and internationally. He is qualified as a Chartered Accountant and is a member of the New Zealand Institute of Directors. Schollum will start his new role in March next year.
More news:
FSC Women in Finance Leadership Series is on 20 March
NZFSG has introduced Adviser Insights reporting tool
Government greenlights Kiwibank raising $500m ahead of eventual float
Confidence in New Zealand’s economy has nearly doubled among directors
Australia is set to introduce a ‘new class’ of financial advisers