
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.
Should men be screened for prostate cancer?
Media attention has fallen once again on the difficult issue of identification and treatment of prostate cancer. Walking back from an appointment, Nick Kirwan and I were talking about this, Nick brought up the difference between cancers: the ‘pussycats’ and the ‘tigers.’ Since so many men will have some form of prostate cancer, and treating every single one would probably cause more trouble than it resolves, understanding which cancers need aggressive treatment and which would be better with a ‘watchful waiting’ approach is critical. This is about how fast the cancer is progressing not how serious it has already become. For more on the issue at a high level, check out this article.
AIA announce four new national sales manager appointments
AIA has made four new appointments within their Distribution team.
Aaron Gilmore has been appointed National Sales Manager, Retail. Gilmore has been with AIA since 2023 and has been an AIA Vitality Coach and Northern Region Manger, Business Development.
Carley Ellis has been appointed National Sales Manager, Aligned Advice. Ellis has 20 years of experience in New Zealand’s financial services industry and has a proven track record in business development, financial advice, and leadership.
Sarah Hepper has been appointed National Sales Manager, Corporate Solutions. Hepper has over 25 years of experience in the insurance industry, and has spent the past 15 years contributing to the growth of Corporate Solutions at AIA NZ
Nick Russell has been appointed as National Sales Manager, Home Loans. Russell has extensive experience working alongside home loan advisers.
More news:
AIA Trauma Buy-back Enhancement
nib's Amanda Savill unpacks changes in how advisers support their clients
Government announces changes to KiwiSaver
The FSC welcomes decision to increase default KiwiSaver contribution rate
Financial Advice NZ webinar 'Data-Informed Decisions for Private Health Insurance' 28 May
FSC Investment and KiwiSaver Committee meeting on 3 June
Michelle Russell and Tim Horgan step into permanent leadership roles at ANZ
Southern Cross Health Trust funds starter pack for nursing students
Legal and regulatory update for the life and health insurance sector
Updated version of the AML/CFT Audit Guideline published; the Credit Contracts and Consumer Finance Amendment Bill was referred to the Finance and Expenditure Committee; the Financial Markets Conduct Amendment Bill referred to the Finance and Expenditure Committee; the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill referred to the Finance and Expenditure Committee; RBNZ has published a Transitional Standard; RBNZ launch Tara-ā-Umanga Business Expectations Survey; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee; the FMA seeks feedback on their review of 14 class exemption notices; FSC to submit on Financial Markets Conduct Amendment Bill; DIA release guidance on AML.
16 May 2025 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published an updated version of the AML/CFT Audit Guideline. https://www.dia.govt.nz/Updated-AML-CFT-Audit-Guideline-now-available
20 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/6193A33C-40D6-4354-0D5A-08DD6FF875CC?Tab=history
20 May 2025 - The Financial Markets Conduct Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
20 May 2025 - The Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
21 May 2025 - The RBNZ has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. https://www.rbnz.govt.nz/hub/news/2025/05/depositor-compensation-scheme-transitional-provisions-standard-published
21 May 2025 - RBNZ launch Tara-ā-Umanga Business Expectations Survey (BES), with publication of results for the June quarter. https://www.rbnz.govt.nz/statistics/series/economic-indicators/business-expectations-survey
21 May 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/9B141149-011F-4C5F-5319-08DD514ABAA2?Tab=history
22 May 2025 - The FMA is seeking feedback on their review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013 (FMC Act). These notices will expire between December 2025 and November 2026. At the same time, the FMA are reviewing their three class designation notices. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/
23 May 2025 - The Finance and Expenditure Committee is now seeking submissions on the Financial Markets Conduct Amendment Bill. The FSC submission process, including the timetable for feedback and circulation of drafts will soon be available here. https://www.fsc.org.nz/fsc-consults25
23 May 2025 - The Department of Internal Affairs has released new guidance to help organisations assess whether their business is captured under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act). The guidance is intended to help organisations that operate an online marketplace that facilitates payments between customers to determine whether AML/CFT obligations apply — and what steps may be needed to take to comply. https://www.dia.govt.nz/AML-CFT-New-guidance-for-Online-Marketplaces
Upcoming Training Sessions – May 2025
We're excited to invite you and your team to our upcoming online training sessions. Whether you're new to our tools or looking to deepen your expertise, we've got something for everyone.
We're excited to invite you and your team to our upcoming online training sessions. Whether you're new to our tools or looking to deepen your expertise, we've got something for everyone:
Introduction to Quotemonster – Tuesday, 27 May 2025 9:00 am-10:00 am
In this session, we go over the basics of using Quotemonster and how to make the most of your Researchmonster subscription.
Tips and tricks on how to set up your account for new users
Overview of available documents and resources
How to do a quote from start to the finished report
How to see research for banks, direct providers, group medical, and legacy products
How to generate and interpret different types of research reports
Demystifying Advicemonster - Tuesday, 27 May 2025 11:00 am-12:00 pm
In this session, we will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
Business Risk Research and SOAs with Quotemonster – Thursday, 29 May 2025 12:00 pm-12:45 pm
In this session, we demonstrate how to use Businessmonster to generate quotes and conduct in-depth research on Business Risk products. It includes a detailed walkthrough of a business client scenario, showcasing the process of completing a Fact Find and Needs Analysis, and producing a tailored, professional Business Statement of Advice. The session will also cover how to customise Businessmonster to align with your business’s specific requirements and workflows.
Introduction to Kiwimonster - Monday, 26 May 2025 12:00 pm-12:30 pm
In this session, we demonstrate how Kiwimonster helps advisers meet their clients’ KiwiSaver needs using tools to assess risk profiles, compare funds, show retirement projections, and produce client-ready reports. Kiwimonster Research (coming soon) will enhance this process with in-depth fund research, tailored recommendations, and the ability to generate personalised KiwiSaver Statements of Advice—supporting more informed and professional advice delivery.
If you would like to join any of these sessions, please email your request to info@quotemonster.co.nz
Happy Crunching!
Medical premiums keep on rising – Jon-Paul Hale takes a look at why
Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year.
Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year. From more claims leading to additional people and resources needing to be hired by insurance companies to the flight of clinicians overseas and training on new technologies and tools, there seems to be a perfect storm leading to the hikes. Hale compares premiums in NZ to those in Australia, and despite the recent increases, we’re still looking affordable in comparison. Hale also ponders what would help stabilise premiums, giving a few examples. It mostly comes down to spreading the cost across a wider pool of people. A good article, one we’d recommend you check out.
More news:
Chubb Life's Essential Underwriting Guide is now available
nib produce Warrant of Wellness guide
Nominations open for Chubb Life Support Person of the Year award
mySolutions webinar 'Leo Moloney-Geany from Minitech - using AI in your business' 28 May
Apex Advice announce a new partnership with the Evidential KiwiSaver Scheme
Financial Advice NZ's Community of Practice: Hamilton event is on 2 July
Westpac announce they won't charge fintechs for standard API calls
FinTechNZ roundtable 'Digital payments for all: Exploring innovative solutions to improve access to basic transaction services' 3 June
Best product, no. Best solution, yes!
Steve Wright questions what makes the best product in his latest article on Good Returns.
We are in enthusiastic agreement with Steve Wright’s recent article, in which he questions what makes the best product in his latest article on Good Returns. Steve advocates that the FMA and Disputes Resolution Service need to debunk the view of advisers that they sell only the ‘best’ product as rated by independent services.
As a research business, we are happy to debunk the notion that we tell people what to sell, or ‘rank’ products. We go to great pains to point out that this is not our job, we understand that our role is to provide useful information about the meaningful differences between products to enable advisers to have better conversations about suitability. We will never tell you what product to recommend because only financial advisers can give financial advice. To quote directly from a slide from our recent roadshow:
We also highlighted the importance of recognising the financial adviser’s unique role in the process of reconciling objectives with options and choices and limitations to arrive at a good solution, which is nearly always a compromise, unique to the client. That’s the essence of suitability assessment, entirely within the financial adviser’s legally defined role. If you haven’t heard us talk through the leading car purchase example, join us at a training session coming soon!
Like Steve, we believe that the best product is the one that suits the specific clients’ needs – even if it’s not the most generous, or the highest rated. He stresses that advisers must thoroughly understand a client’s individual circumstances, risks, and goals to come up with the most suitable product, then give enough detail that the clients can understand the advice and the products recommended.
What are some examples you’ve come across of products that at first look may not be the ‘best’, but actually have been the best fit for your clients?
If you have missed some of the comments on Steve’s article, we particularly like these:
“Advisers must give financial advice that I'd suitable… suitability has a lot more to do with the client circumstances than stars”
“In short, I don’t believe that we should be looking for who’s the “best.” I believe we should be looking for the “best fit.” And that’s a very different thing!”
“It's a good discussion point, but if you want a more realistic glimpse of what is likely to happen here in the future, speak to those involved in the Australian market about the removal of the 'safe harbour' provision in their financial advice regulation. Not only is it likely that product research into features and benefits likely to become more necessary, not less, but it also seems more and more likely that the actual underwriting terms offered across the entire market will need to be considered.”
More news:
Financial Advice NZ upcoming webinars and workshops - Data Informed Decisions & Demonstrating Suitability of Advice for Private Health Insurance 28 May, Navigating the Complexities of a Blended Family 11 June, Ethics Workshop 12 June, Understanding Portfolio Investment Entities (PIE’s) 25 June, Tackling the Tough Questions 25 June
Apex Advice partners with Pathfinder to expand ethical KiwiSaver investment options
The Co-operative Bank comes top in customer satisfaction survey
How to use the underwriting requirements tool on Quotemonster
This optional tool can help you save time and see if there’s any additional requirements you need to prepare when doing initial applications.
Legal and regulatory update for the life and health insurance sector
Amendments to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime take effect on 1 June 2025; FMA to pilot a Financial Advice Regulatory Panel; RBNZ to launch Tara-ā-Umanga Business Expectations Survey on 21 May; the Credit Contracts and Consumer Finance Amendment Bill and the Financial Markets Conduct Amendment Bill had first readings in Parliament; RBNZ publish bulletin which discusses barriers Māori face in accessing capital.
8 May 2025 - A number of amendments to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime are set to take effect on 1 June 2025. 3 Key Changes Impacting FAPs
Mandatory Customer Risk Rating
Enhanced Due Diligence for Low-Risk Trusts
Extended Reporting Timeframes
12 May 2025 - The FMA are to pilot a Financial Advice Regulatory Panel. The purpose of the Panel is to provide industry perspectives to the FMA on issues related to financial advice in New Zealand. The Panel will serve as a sounding board for how the FMA regulates the industry, including supporting good practice and ensure the FMA continue to regulate financial advice in a fit-for-purpose way. The FMA have approached key industry associations for nominations. https://www.linkedin.com/posts/financial-markets-authority-new-zealand_financialadvice-regulation-fma-activity-7327528052719083520-BD0y?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAwmg70BxdkhEtiDz1U0ui17rIBWTv3T_Es
14 May 2025 - On 21 May 2025 the RBNZ will be launching the Tara-ā-Umanga Business Expectations Survey (BES), publishing results for the June quarter.
14 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
14 May 2025 - The Financial Markets Conduct Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
15 May 2025 - The RBNZ has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections. https://www.rbnz.govt.nz/hub/news/2025/05/examining-maori-access-to-capital-market-failures
Website and research upgrades: what you need to know – website version v4.6.8 / QPR v16.7
Our updated version of the QPR database has been released and contains the following updates.
Our updated version of the QPR database has been released and contains the following updates:
Researchmonster updates:
- Pricing and research available for AIA's $10,000 excess option
On 17 April, AIA introduced a new $10,000 excess option for Private Health, it is a valuable tool to help manage costs for a client group that can typically manage a bill of $10,000 provided the insurer can stump up the balance. Simply ensure you have selected the excess when quoting health cover.
Read more here: Policy Wordings and Enhancements Information
- Research and policy documents available for AA Life
On a quarterly basis, our research team searches through all our non-adviser and bank insurer websites to assess whether there have been any updated policy documents. In our most recent review, we found that AA Life had updated their life cover policy document in November 2024 and removed the Premium Holiday Benefit.
A rating for their June 2024 document can be found in our Standalone Head to Head.
Other noteworthy updates:
- Updated research infographics
The following infographics have also been updated:
· Insurer Pass Back Rules and Policy Terms
Training sessions:
Our team hosts online training sessions on a regular basis and invites you and your colleagues to join us if you’re interested in learning more about our services.
Our next sessions will be:
Introduction to Quotemonster – Tuesday, 27 May 2025 9:00 am-10:00 am
In this session, we will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.
Demystifying Advicemonster - Tuesday, 27 May 2025 11:00 am-12:00 pm
In this session, we will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
Business Risk Research and SOAs with Quotemonster – Thursday, 29 May 2025 12:00 pm-12:45 pm
In this session, we will demonstrate how to use our business risk pricing, research, and SOA functionality.
Introduction to Kiwimonster - Monday, 26 May 2025 12:00 pm-12:30 pm
A session on our brand spanking new service – Kiwimonster.
QPR Research Deep Dive - Tuesday, 24 June 2025 10:00 am-11:00 am
A deep-dive session designed for advisers seeking in-depth knowledge across a range of research topics.
If you would like to join any of these sessions, please email your request to info@quotemonster.co.nz
Happy Crunching!
Munich Re look at improving Cancer outcomes
As part of Munich Re’s Life Science Report 2025, they have investigated the projected impact of advances in cancer treatment and research. These advances will change how cancers are defined, prevented, diagnosed and treated and are expected to significantly improve cancer mortality.
As part of Munich Re’s Life Science Report 2025, they have investigated the projected impact of advances in cancer treatment and research. These advances will change how cancers are defined, prevented, diagnosed and treated and are expected to significantly improve cancer mortality.
Cancer is the leading cause of death among policyholders for most insurers worldwide, as such it demands investigation. Much progress has been made in the past couple of decades to improve cancer mortality, through both reducing cancer risk factors (such as the dramatic downturn in tobacco use) and better diagnosis and treatment. Mortality improvement trends are expected to accelerate as our understanding of cancer genetics are combined with artificial intelligence (AI).
AI will be used to both improve cancer risk prevention and diagnostics. AI analysis of an individual’s personal information such as health data, family history, genetic and epigenetic profiles, microbiome, living environment and exposure history, sometimes called a statistical biopsy, will give a better understanding of risk for a wide range of cancers. This could potentially allow for a personalised approach to risks, behaviours, and identification of which strategies may be most effective in addressing these factors.
Being able to diagnose cancer more accurately, and at earlier stages, should improve cancer mortality. AI has already led to refinements in imaging studies, and in blood, urine and tissue samples. AI can also be used to analyse the tumour’s genetic pattern, other associated biomarkers and an individual’s risk profile to allow for better prognosis and management approach. AI’s ability to recognise patters not apparent to humans will help with diagnostic tools such as imaging studies, pathologic specimen interpretation and photograph analysis.
More effective screening approaches will lead to earlier cancer diagnosis and improved cancer mortality. An important technology, ‘liquid biopsy’, is currently used to analyse fluids to look for markers indicating the presence of a cancer, typically used to detect residual cancer after treatment or recurrence. If a liquid biopsy test that can screen for multiple cancers in asymptomatic individuals could be brought to market at a price point where it is accessible to the masses, it would be a game changer. Though it would also raise concerns about over-diagnosis and surveillance bias, as some identified cancers may never post a significant mortality risk.
The combination of AI and genomic analysis of tumour cells and immune cells has led to the development of targeted treatments that exploit specific genetic patterns. These treatments are more precise and safer than chemotherapy, with the four key categories of therapies emerging being targeted monoclonal antibodies, immune checkpoint inhibitors, cancer vaccines and adoptive cell immunotherapy.
With potential changes in how cancers are classified, product definitions will need to be modified. Instead of being classified based on their tissue of origin, it’s expected new cancer tests will be able to categorise cancers based on their underlying genetic causes – potentially leading to thousands of cancer subtypes.
Where previously terminal cancers become able to be managed and instead turn into chronic disease, there may be implications for living benefits products. Reduced mortality should be favourable for life insurances businesses, though the costs of more sophisticated, individualised cancer treatments may have a negative cost impact on health insurance businesses. Munich Re predict that advances in diagnosis and changes in diagnostic criteria are going to increase cancer incidence rates in the short term, but may decrease critical illness rates if major advances in cancer prevention are realised.
AI will also have implications for underwriting. AI-based diagnosis is likely to be more accurate and predictive than current methods, with fewer false positive and false negative results, enabling risk to be better assessed. Better monitoring post-cancer treatment will mean recurrence risk can be more accurately assessed too.
More news:
Southern Cross Health Trust to fund salaries of nursing positions at City Missions
Kiwi advisers believe AI could help improve advice delivery
Pharmac to fund or widen access to three treatments, including for skin cancer, from 1 June 2025