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.
Strategi Group white paper outlines ways for FAPs to future-proof their business
Strategi Group’s Next Gen Advice: Future-Proofing Your Business For 2030 report explores evolving trends shaping the future of the financial advice industry and outlines practical steps for FAPs to future-proof their business.
Strategi Group have released a white paper Next Gen Advice: Future-Proofing Your Business For 2030, which explores evolving trends shaping the future of the financial advice industry and outlines practical steps for FAPs to future-proof their business. The findings from the report were presented at the 2025 National Adviser Conference – Shaping the Future of Advice.
Firms that thrive in 2030 will look very different to those operating today – the paper explores what a ‘Next Gen’ advice business will look like – a FAP that uses technology, marketing, outsourcing, people and governance/compliance to their advantage.
Unsurprisingly, technology advancements will be more widespread and better incorporated in 2030 – whether that’s AI agents handling administrative tasks such as scheduling appointments and answering client queries or calls being recorded, transcribed and summarised into client summaries and adviser’s file notes. Video is anticipated to play a greater part, with SOA’s predicted to be delivered as video presentations incorporating interactive, scenario-based calculators and past video calls available to be retrieved via a secure app. Leveraging data analytics and AI will enable hyper-personalised advice aligning to each client’s goals and life stages.
The report cautions that AI rollouts need to be approached with careful thought and planning around
current and future expected markets and how they prefer to engage;
how to ensure AI integration is seamless, scalable and easily upgradeable;
privacy, security and compliance needs being fulfilled;
hardware capability;
upskilling staff;
implementing new technologies in a way that ensures smooth transitions and minimal disruption.
To successfully market themselves, FAPs need to decide if they will be specialists who focus on a single product area and establish themselves as experts or generalists who can save clients time by simplifying all the financial aspects of a client’s life. In both instances, FAPs will need to focus on providing proactive advice that anticipates and helps prepare clients for their future financial needs, opportunities and challenges.
The report predicts successful FAPs will have larger client numbers but use fewer staff to manage them, with non-core tasks being outsourced to specialist providers. Currently, functions such as accounting, payroll, IT & data security, data storage and CRM, research, marketing and investment platforms are commonly outsourced. In future, Strategi envisages further areas for outsourcing to be compliance, AML/CFT, technology integration, training, HR and back-office admin.
Effective governance is critical to help future-proof advice businesses. While small firms may rely on a trusted professional consultant, mid-sized firms may need independent directors to be appointed. The report predicts that compliance providers will play a crucial role in helping firms adopt new technologies while ensuring that their advice processes remain compliant with evolving regulations. Improving governance competence, knowledge and skill and planning for governance scalability as businesses grow will be key to succeed.
Implementing these steps will allow the FAP of the future to spend less time on admin and more time engaging with clients.
More news:
Introducing our new Quotemonster Masterclass
We're excited to announce our brand-new Quotemonster Masterclass series designed specifically for experienced Quotemonster users who want to deepen their understanding of our tools and rating methodologies.
We're excited to announce our brand-new Quotemonster Masterclass series designed specifically for experienced Quotemonster users who want to deepen their understanding of our tools and rating methodologies.
Who Should Attend?
These sessions are ideal for advisers who have been using Quotemonster for a while and have already completed our "Introduction to Quotemonster" session.
Session Details
Date: Thursday, 17 April 2025
Time: 10:00 am – 11:00 am
Location: Online via Microsoft Teams
What You'll Learn:
An overview of key research tools
Standalone Head-to-Head comparisons
Effective use of Checkmonster
Managing complicated quote scenarios
Deep dive into our rating methodologies
A behind-the-scenes look at our database
Insights into our rating review process
Don't miss the opportunity to join our inaugural session hosted by Russell Hutchinson!
How to Register:
To secure your spot, please email us at info@quotemonster.co.nz and our team will respond with an invitation link.
We look forward to seeing you there!
AI becoming more trusted by executives
SAP investigated how US executives were using AI in their organisations and their trust in the technology.
SAP investigated how US executives were using AI in their organisations and their trust in the technology. They found that AI has become embedded in work practices (with 63% of executives using generative AI daily) and is changing how people do business.
Decisions are being made based on AI insights, with 44% of C-suite executives saying they would override a decision they had already planned to make based on AI insights and another 38% trusting AI to make business decisions on their behalf. 74% of executives had more confidence in AI advice over advice from family and friends. And a massive 55% of executives say in their company AI-driven insights have replaced or bypassed traditional decision-making.
Some common tasks carried out by generative AI tools include:
Analysing data and making recommendations for decision-making (52%)
Spotting risk or issues they hadn't previously considered (48%)
Offering alternate plans (47%)
Enhancing product development (40%)
Supporting budget planning (40%)
Performing market research (40%)
SAP found that there were positive implications on employee wellbeing, with 39% of executives reporting better work-life balance, 38% reporting improved wellbeing and 31% reporting reduced stress.
More news:
SortMe Advisor Portal, a tool designed to enhance financial advisory services, launches
AIA launch new Guide to Medical Underwriting
28% of large organisations rank AI-generated cyber threats as a major risk
Monsters in March off to a great start
We’ve kicked off our Monsters in March event series, thanks to the attendees, sponsors and speakers for making it happen.
We’ve kicked off our Monsters in March event series, holding the first session in Remuera on 18 March and the second session in Christchurch on 20 March. Thanks to the 150+ advisers that showed up to hear about personal insurance, business insurance or KiwiSaver advice. And thank you to all of our sponsors and speakers for making it happen.
Here’s a few photos from the events so far.
We’ll be holding a last on the North Shore in Auckland on 25 March – hope to see you there!
More news:
Fidelity Life will host a workshop at FANZ conference
mySolutions Member Benefits day is on 19 March
mySolutions webinar 'Artificial Intelligence: is it for you?' 26 March
Southern Cross Health Insurance appoint Russell Simpson Chief of Healthcare Partnerships
Registrations open for the Million Dollar Round Table’s Annual Meeting in Miami in June
Advisers originate about 70% of Kiwibank’s mortgages by volume
GlobalData projects the life insurance market in New Zealand will grow
GlobalData projects the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029.
GlobalData, an international data and analytics company, has projected the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029, equating to a compound annual growth rate of 7.0%, in terms of gross written premium. It expects the New Zealand life insurance market will reach $6.4 billion in gross written premiums in 2025.
The largest driver of growth is expected to be life personal accident and health, with an expected compound annual growth rate of 6.9% between 2025 and 2029 driven by rising healthcare expenditure and corresponding premium increases.
GlobalData puts the increased demand down to factors including an aging population, heightened health awareness and the rising cost of living, which have increased the need for financial protection, though they caveat their projections, saying high unemployment and inflation could pose risks to this growth.
More news:
Applications for Fidelity Life’s Career Connect 2025 intake are open
The ‘Get AIA Vitality and Start Thriving’ brand campaign is back
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
The Neuroscience of Focus
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain.
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain. One of the depressing facts Alex points out is that in 2022, 50% of the workforce felt burnt out – but by 2024 it had raised to 61% feeling burnt out.
One of my key takeaways to overcome continuous partial attention and help focus, was switching off notifications and using the ‘out of office’ function to stop those external factors that can halt our focus in its tracks. It’s an excellent watch if you want to get a few tips on how to improve your focus, and in turn improve your performance.
Alex Davids will also be presenting at the National Adviser Conference, 1 – 3 April at the Te Pae Christchurch Convention Centre.
More news:
Steve Wright talks about how proactive life advisers are required to be
Tony Vidler recommends tightening up your value proposition
Wealthpoint welcome Affinity + Co team to Wealthpoint's network
Edge Mortgages has joined Link Advisory
Concerns reforms to the anti-money-laundering regime could risk grey-listing NZ
Super Early Bird tickets to the FSC 2025 Conference available now
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland.
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland. While details of the speakers and sessions are still to be released, the FSC has said that FSC25 Conference: Transforming for Tomorrow “…aims to inspire attendees to move beyond the present and envision a future where financial services not only meet immediate needs but also anticipate and address challenges for generations to come.”
Super Early Bird tickets are on sale now, which includes the FSC Awards Dinner.
More news:
Nicola Willis will deliver a keynote address at National Adviser Conference
Jon-Paul Hale questions whether we should commoditise life insurance
The gender pay gap is a key focus of the FSC's Empower Women workplan
Survey finds kiwis have experienced a decline in their overall satisfaction of their quality of life
Report delves into implications for insurers from emerging medical trends
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers, with the Artificial Intelligence in Healthcare and Improving Cancer Outcomes chapters released to date.
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers. The report is split into five sections which analyses different topics: Artificial Intelligence in Healthcare (released); Improving Cancer Outcomes (released); Prevention (releasing 18 February); Obesity (releasing 4 March); and Climate Change (releasing 18 March).
Insurance Business Mag ran an article where Dr. Brad Heltemes, VP & medical director of R&D at Munich Re, discusses the Improving Cancer Outcomes chapter. In particular, Heltemes highlights how identification of various gene alterations the drive the development of a cancer can be significantly different between two cancers that appear to be alike in location and appearance, giving as one example “…the multiple different gene signatures seen with non-small cell lung cancers, each which responds to a different targeted treatment and each having a different prognosis.”
New diagnostic tests and innovative treatments are also leading to improving cancer outcomes, with many cancers that used to be terminal now being able to be managed as chronic diseases. With patients leading longer, healthier lives (which is great news!), longevity models and expected treatment costs need to be re-examined.
More news:
The unemployment rate reached 5.1% in the December 2024 quarter
New Zealand Society of Actuaries suggests retirement savings targets could be overstated
KiwiSaver funds under management reached $121 billion in the December 2024 quarter
Happy New Year!
The Chatswood and QPR teams are back in the office and looking forward to everything we have planned this year.
We hope you had a lovely break, got to enjoy some sunshine and had a chance to relax. The Chatswood and QPR teams are back in the office and looking forward to everything we have planned this year.
Things you may want to check out again now you’re back:
Research: If you come across legacy products, then dive into our Standalone Head-to-Head feature, designed to make product comparisons more precise and efficient. This tool lets you compare two products side by side in detail, highlighting key differences across benefits, features, and ratings.
Insurer updates: A range of new insurer benefits and features were launched late last year – have you seen…
o Chubb Life – Continuous trauma
o Fidelity Life – Specific Injury benefit
o AIA – Accidental Injury benefit
Advicemonster: If you’re not already using Advicemonster to create better, faster, and more robust SOAs, we’ve added even more reasons to make the switch. Have you tried our new AI features?
Businessmonster: New Year, New Business!? Whether you are experienced or new to giving advice on business insurance we offer you the best online business insurance statement of advice assistance tool you can find. It includes access to the companies office API and AI services to help get you the data you need faster and even help with drafting parts of the SOA. If you have Advicemonster you can check it our for free. If not, request a trial so you can check it out by clicking here.
Security: Your FAP has requirements to meet certain standards. Want to take another look at what we do to help you? Check out our Outsource Provider Statement and information security bulletins for extra peace of mind.
If you haven’t already, check out Kiwimonster - compare over 30 KiwiSaver schemes and 300+ funds with ease at www.kiwimonster.co.nz or by clicking on the new icon at the top of the screen when you login to www.quotemonster.co.nz.
You’ve read this far. Not many people have. Email Russell to ask about a super special offer (but hurry, the rest of the staff will get in and stop him by the 16th of January – so you must email before then).
Hit us up with any questions you have. And if you have any thoughts on training you would find useful, please let us know here or here.