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.

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FSCL sees significant increase in complaints over the past year

Financial Services Complaints Limited (FSCL) has revealed that complaints rose by 6% in the last year, to 1,426.

Financial Services Complaints Limited (FSCL) has revealed that complaints rose by 6% in the last year, to 1,426. Of these, complaints against financial advisers were up by 18% and complaints against insurers were up by 14.5%. The biggest driver of complaints was against lenders, particularly involving car, personal and small business loans. In all, new disputes involving formal investigations by FSCL increased by 10% to 359.

FSCL Financial Ombudsman Susan Taylor has said

“We expect this high level of complaints to persist as long as economic conditions remain difficult. The new rules increasing our financial loss compensation to $500,000 (previously $350,000), which took effect in July, could also lead to a further rise.”

 

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ANZ has announced that Nagaja Sanatkumar will join its board

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AIA held annual summit

AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July.

AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July. The conference brought together advisers to hear from a range of speakers around the Healthier, Longer, Better Lives theme.

  • AIA NZ Chief Executive Officer, Nick Stanhope, AIA NZ Head of Aligned Advice, Jack Newman, and advisers Leelee Stone and Katrina Church discussed what Healthier, Longer, Better Lives means to them, and the crucial role advisers play in the industry.

  • David Letele discussed the health burden in society and the important role that preventative health plays in relieving this burden.

  • Raelene Castle, Group Chief Executive at Sport New Zealand and High Performance Sport New Zealand, shared her practical and unique methods for achieving growth.

  • Craig Deats, Global Sales and Distribution Executive at Vitality Global, spoke about AIA Vitality, a science-backed health and wellbeing programme, and how it is delivering value for advisers. This session was followed by an AIA Vitality Q&A, where Craig shared insights on the global programme and engaged with attendees.

  • Dame Valerie Adams, a shotput World Champion, Olympian and AIA Vitality ambassador, discussed the ‘For Myself’ pillar and what that meant to her.

 

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Agenda try to persuade Government to ban insurers from using genetic testing information

AIA announce the winners of the Supreme Aspire Awards

Chubb Life launch new marketing campaign called Mission Insurable

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The Adviser Platform (TAP) appoint Taz Alnahas as key account manager and Meryll Villaver as client engagement manager

Steve Wrights questions whether today's trauma products are fit-for-purpose

Accuro offer discount on insulated jackets at Kathmandu

Gallagher are giving away native trees in Napier

FMA publish the latest 'Money with Mary' article

Budget cuts at the Retirement Commission could impact Sorted website and other programmes of work

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Financial Advice NZ’s Connect Tour 2024

Financial Advice New Zealand’s Connect Tour 2024 runs across July and August, with 6 sessions across the country.

Financial Advice New Zealand’s Connect Tour 2024 runs across July and August, with 6 sessions across the country. The programme features:

  • Bronwyn Kirwan, Chief Commercial Officer at Fidelity Life, speaking about New Zealanders’ attitudes towards financial advice;

  • a fireside chat with Angus Dale-Jones, Chair of the Financial Advice Code Committee;

  • Michelle Forster, Director Principal at Heathcote Investment Partners giving observations from the frontline;

  • a session on adviser excellence featuring William Tieu, Mortgage Adviser at Your Financial Engineer and Tim Fairbrother CFP, Financial Adviser at Rival Wealth;

  • and Nick Hakes, Chief Executive Officer and Cecilia Farrow, Head of Professional Development at Financial Advice New Zealand sharing the outcomes of member value research.

Dates and locations below:

Tickets cost $60 +gst for members or $160 + gst for non-members.

 

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Gallagher Insurance becomes the new naming sponsor of Challenge Wānaka

ANZIIF has moved to bolster its relationships and enhance opportunities in Southeast Asia

OCR remains at 5.5%

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Gallagher Bassett’s 2024 Claims Insights

Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.

Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.

Gallagher Bassett say last year key business challenges were premium affordability (29%), market competition (22%) and keeping up with technology (20%).

Gallagher Bassett suggest that to gain advantages, carriers need to implement strategies that leverage external expertise, data-driven insights and generative AI.

Some other key findings include:

·         84% of global respondents emphasised offering competitive salaries to retain employees.

·         75% predict the biggest challenge in the compliance and regulation area will be around data privacy and security.

·         86% use climate data and analytics in risk assessments and underwriting processes.

·         67% of insurance carriers utilised generative AI chatbots in customer service.

·         95% of global carriers anticipate improved speeds and operational efficiency with AI integration.

 

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Asteron Life updates personal and business insurance products

Asteron Life has unveiled a raft of updates to their personal and business insurance products.

Asteron Life has unveiled a raft of updates to their personal and business insurance products.

The changes include clarification of existing policy terms to ensure greater transparency and ease of understanding and a range of new and enhanced benefits.

The new benefits and enhancements include:

  • Repatriation benefit on personal and business life cover

  • Advancement benefit for terminal conditions on personal life cover

  • Shortened waiting periods for income protection and mortgage and living cover

  • Cover conversion benefit on business disability cover and farmers disability cover

  • Enhancements to the Funeral benefits on life cover, kids cover and business expenses

  • Enhancements to two definitions for trauma recovery and 11 definitions for major trauma

  • The requirement for 14 days total disability as part of the waiting period has been removed from business disability cover, farmers disability cover and business expenses cover

  • Introduction of a premium and cover suspension to the optional needlestick benefit

  • Removal of some restrictions from various benefits such as specific injury support – lump sum and monthly, trauma reinstatement option and the crisis benefit within the optional immediate assist package

Claire Sutton, Executive Manager Life Portfolio and New Business at Asteron Life said

“It's key that our range of covers continue to add value for our customers, policies and terms are easy to understand, and insurance remains as affordable and accessible as possible. We know that these things really matter for our customers and advisers. We also worked hard to ensure that these improvements have not increased customer premiums, given we know how tough it is for many New Zealanders right now.”

 

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FMA says those with licences unlikely to have to undergo another licencing process

Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process.

Speaking at Financial Advice New Zealand’s Thrive Conference, Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process. Barrass said last year’s push for financial advisers to achieve their Level 5 before the deadline was “the most successful transition I've witnessed in my career” and “a world-beater.”

Speaking earlier at the conference, Commerce Minister Andrew Bayly had said he was aware some organisations held multiple licences and he was looking at whether it could be streamlined into a single licence as part of the government’s drive to simplify regulation of the financial services industry.

 

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Insurance Business announces the Elite Women of 2024

CoreLogic releases 2024 Women & Property report

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Asteron Life sees uptick in lapse rates

Asteron Life’s executive general manager Grant Willis spoke to Good Returns about increasing lapse rates, levels offerings and changing adviser profiles.

Asteron Life’s executive general manager Grant Willis spoke to Good Returns about increasing lapse rates, levels offerings and changing adviser profiles.

Anecdotally, advisers are starting to see more household budgets under financial pressure. Willis said Asteron Life is seeing more cancellations and alterations to policies to reduce premiums and/or scale the sum insured back, despite having one of the best lapse rates in the industry. Willis highlights the importance of product flexibility during times such as these, with Asteron Life customers being able to pick different levels of cover, level of yearly renewable term and even the availability of inbuilt premium holidays that customers can take under specific pressure.

Willis talks about how he’s seeing a lot of new advisers coming though, younger people and perhaps people in second careers, plus children following their parents into financial advice.

 

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Fidelity Life makes three key appointments in its Sales and Service team

Fidelity Life has made three key appointments in its Sales and Service Team. David Winspear (left) has been appointed to take on the newly created role of Head of Channel Strategy and Michelle Doyle (middle) has been appointed as the new Head of Solutions, both of whom will report to Fidelity Life’s Chief Sales and Service Officer Bronwyn Kirwan.  Kylie Oldham (right) has been appointed as Senior Group Insurance Business Manager, and will report to Fidelity Life’s Head of Group Insurance, Anita Los’e. 

David Winspear, Michelle Doyle, Kylie Oldham

David’s role will be leading the design and delivery of Fidelity Life’s channel strategy, delivering sustainable growth across its advisers and strategic alliance partners.

Michelle will be accountable for Fidelity Life’s adviser channel solutions, professional development programmes and their in-house adviser team.

Kylie will be responsible for developing Fidelity Life’s group insurance portfolio and expanding its market presence with new propositions, technology, sustainable pricing and commercial terms.

 

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