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.
Fidelity Life’s customer engagement initiative is back
Fidelity Life have announced details of their Customer Engagement Initiative 2025.
Fidelity Life have announced details of their Customer Engagement Initiative 2025. The programme is designed to recognise advisers for exceptional customer outcomes based on Net Promoter Score (NPS) surveys.
The campaign runs between 1 May and 31 October 2025. The top 45 qualifying advisers will be invited to an exclusive professional development focused forum. While the location of the forum hasn’t been released yet, it will take place in early 2026 and will be hosted by the Fidelity Life leadership team and business managers. Last year, the top 30 advisers attended the forum at Kauri Cliffs in Northland.
The forum will include a range of professional development sessions and deep dive business sessions, and Fidelity Life will share new customer insights from survey results. Attendees will receive a certificate of completion, which can be used as evidence of ongoing professional development.
To qualify, advisers need:
A minimum of 5 survey responses submitted during the programme period
A positive Net promoter score
This year, Fidelity Life have developed personal dashboards, which detail and advisers survey submissions and current overall score.
More news:
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
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
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
Nominations for the FSC industry awards open
The Financial Services Council (FSC) has opened entries for their 2025 Awards programme, including two new award categories.
The Financial Services Council (FSC) has opened entries for their 2025 Awards programme. The awards will be presented at the FSC Awards Dinner on 11 September 2025, at the Cordis Hotel in Auckland, as part of the FSC25 Conference. Entries are open to individuals, teams and organisations, with nominations closing 29 June 2025.
There are two new award categories this year.
New: Innovation of the Year
New: Excellence in ESG
Emerging Trailblazer: sponsored by Swiss Re
Excellence in Wellbeing and Inclusion: sponsored by Swiss Re
Contribution to Community
Team of the Year
Workplace Savings
Chair's Award for Service to the Industry
More news:
mySolutions webinar 'Getting more of the 'right kind' of referrals' is on 14 May
Investment News NZ produce ‘Welcome to FAP-land’ report
Jon-Paul Hale talks about how service commissions could be structured
Gen Z expect the same digital experience with life insurers as they have with banks
Naomi Ballantyne honoured with Lifetime Achievement Award
Naomi Ballantyne, chair of The Adviser Platform, was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand Conference.
Naomi Ballantyne, chair of The Adviser Platform (TAP), was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand (FANZ) Conference.
“Her commitment to making financial advice accessible to more New Zealanders is evident in her continued efforts towards driving the importance of advice and innovation…Her tireless advocacy for the importance of financial advice is sure to inspire the new generation of advisers, leaders and entrepreneurs to walk in the path she has carved.”
Naomi’s career in the life insurance industry spans more than 40 years and includes founding two insurance companies, advocating for making financial advice more accessible for all New Zealanders, and spearheading initiatives aimed at supporting advisers through technology-driven solutions.
At TAP, Naomi has worked on embedding fintech solutions to streamline compliance and administrative processes, freeing up members to have more time to focus on clients; shares her invaluable expertise through TAP’s Insider Insights series; leads initiatives designed to empower and inspire female advisers; and is a regular presence at TAP events and conferences.
Ballantyne will lead TAPs inaugural Women in Advice event being held in July in Auckland, a full day event to empower, connect, and inspire female advisers and staff within the TAP community.
More news:
Swiss Re to exit Australia life market, Hannover Life Re to take over portfolio
Medicines Amendment Bill passes first reading
WellSouth encourages NZers to include Advanced Care Plans in their personal planning portfolios
Product changes at Chubb Life
Chubb Life introduce a Moderate Trauma Cover option, make enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers and change underlying premium rates.
Chubb Life have introduced a Moderate Trauma Cover option under Assurance Extra. Offering coverage for the same critical illness conditions, it is a more affordable alternative to Trauma Cover. Moderate Trauma Cover requires a higher level of severity to be met on 11 of the more common conditions to be eligible to claim. Customers have the option to take Moderate Trauma on its own or mix and match their cover level across both Trauma and Moderate Trauma Covers. They’ll also have the option to take out Continuous Trauma on both covers.
Chubb have also made enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers. Assurance Extra Trauma Covers have added a Newborn Children’s Benefit, Complimentary Children's Benefit conversion enhancement and added a feature allowing policyholders to convert Trauma Cover to Moderate Trauma Cover. Assurance Extra Business policies have had to Age 65 and to Age 70 level premium review periods added and the payment term options have been extended to include a two-year payment term for Replacement Labour.
Chubb Life has made changes to the underlying premium rates on their Specific Injury Cover under Assurance Extra, Assurance Extra Business, Business Assurance and Agribusiness Extra. The new underlying rates come into effect on 8 May 2025 and will see the average Specific Injury premium increase by $3.10 per month depending on gender, occupation and cover level.
They have also updated their non-medical codes and associated limits – reducing the number of medical code categories and removing several mandatory testing requirements, and making some improvements to limits.
Chubb Life have also extended their 15% Lifetime Reward and 2 months’ free cover for new policies or cover increases under an existing eligible policy until 31 March 2026.
More news:
Rob Hennin to step down as nib CEO
Steve Wright writes of how advisers need a mindset change away
Naomi Ballantyne to lead TAP's inaugural Women in Advice event
Fidelity Life offers drought-affected customers premium relief
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief.
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief. Fidelity Life customers who are facing financial hardship as a direct result of the drought in these regions who are eligible can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
Fidelity Life’s Chief Commercial Officer Bronwyn Kirwan said
“We recognise how tough it’s been for these regions as the dry weather continues and we want to show our support in a meaningful way. Our premium relief offer is a way we’re trying to help ease the burden and be there for our customers when they need us most.”
More news:
Collaboration between Retirement Commission and FANZ announced
The FMA to introduce a new newsletter for Financial Advice Providers
mySolutions webinar 'Keeping it as simple as 1..2..3' is on 16 April
Haven announce partnership with Whānau Āwhina Plunket
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:
Fidelity Life announce several key appointments
Fidelity Life have announced a range of changes to their team.
Fidelity Life have announced a range of changes to their team.
Craig Wagstaff appointed Head of Individual Life
Craig starts the role 9 June, and he will report directly to Bronwyn Kirwan, Chief Commercial Officer. Craig brings extensive expertise in life insurance, adviser relationships and bancassurance partnerships and most recently was Group General Manager Franchise, Brand and Marketing at NZHL. Craig will lead all aspects of Fidelity Life’s distribution strategy and channel performance for advisers, strategic alliances, bancassurance, and digital partners - areas of significant investment as Fidelity Life continues its growth journey.
Simon Millward takes on newly created role of National Partnerships Manager – Corporate and Growth
Simon will manage a portfolio of intermediary partnerships at regional and national levels while driving growth through new relationships. Simon was formerly Fidelity Life’s Head of Service Excellence, overseeing adviser onboarding, customer value and retention, customer advocacy and complaint resolution, and quality assurance.
Rhys Knight takes on the new role of Group Business Manager (contract)
Rhys was previously at Suncorp New Zealand and his new role will enable Fidelity Life to provide greater support to Group advisers and offer more protection to employees across New Zealand.
Sam Paterson takes on the role of Canterbury & Marlborough region Business Manager
Sam starts mid-April and was previously Area Manager for the Canterbury region at Farmers Mutual Group (FMG).
Peter Warfield & Kirsty Michell promoted to Senior Business Managers
Peter Warfield has been promoted to Senior Business Manager – North while Kirsty Michell has been promoted to Senior Business Manager – South.
Title changes for Michelle O’Connell and Gary Binnie
Following Peter and Kirsty’s promotions, Fidelity Life’s two current Senior Business Managers have had title changes. Michelle O’Connell has a title change to Regional Manager – North while Gary Binnie has a title change to Regional Manager - South.
Kenny Kaushish leaves Fidelity Life
Kenny Kaushish leaves Fidelity Life on 30 June, to transition into new role as a financial adviser. A search for a new Auckland Business Manager has commenced.
More news:
FSC Professional Advice Special Interest Group Networking Event 7 May
Seven new FANZ members have achieved certified financial planner designation
AIA launch AIA NZ Quarterly, a quarterly LinkedIn newsletter
Wealthpoint is looking for a Head of Investments
The IRD delivers a definitive statement of how it views GST in relation to funds management