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.
Legal and regulatory update for the life and health insurance sector
APRA release March quarter insurance stats; FMA release AML/CFT guidance for Financial Institutions on risk ratings for new customers; ACC Board Chair resigns; APRA and ASIC update on life companies progress; new Assistant Governor Enterprise Services at RBNZ.
29 May 2025 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the March 2025 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-march-2025
30 May 2025 - The FMA has released AML/CFT guidance for Financial Institutions on risk ratings for new customers. https://www.fma.govt.nz/library/guidance-library/aml-cft-guidance-for-financial-institutions/
30 May 2025 - ACC Minister Scott Simpson has accepted the resignation of ACC Board Chair Dr Tracey Batten. https://www.beehive.govt.nz/release/acc-minister-accepts-board-chair%E2%80%99s-resignation
5 Jun 2025 - APRA and ASIC have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design, and disclosure and marketing materials. https://www.apra.gov.au/news-and-publications/asic-and-apra-provide-update-on-review-of-life-insurance-premium-practices
5 Jun 2025 - Kate Le Quesne has been appointed to the new role of Assistant Governor Enterprise Services at RBNZ. https://www.rbnz.govt.nz/hub/news/2025/06/new-appointment-to-the-rbnz-executive-leadership-team
Concerns and scepticism about AI
While Artificial Intelligence (AI) is rapidly being rolled out globally, concerns remain around privacy, cybersecurity and accuracy and reliability of outputs.
While Artificial Intelligence (AI) is rapidly being rolled out globally, concerns remain around privacy, cybersecurity and accuracy and reliability of outputs.
A survey by the Financial Planning Standards Board of more than 6,000 individual practitioners in finance found that 54% of respondents were either already using or piloting AI in their business (with a further 10% planning to rollout AI in the next 12 months). Respondents believe likely uses of AI will include collecting client information, analysing data and developing recommendations. Yet almost half worried about data privacy and cybersecurity and 42% worried about accuracy and reliability of outputs.
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey, which polled more than 5,500 people across 11 countries, found consumers believed AI could have some benefits. Perceived benefits using AI included shortened time required to reach a customer service representative (73.8%), gains in operational performance (71.5%) and better pattern recognition than humans (71.2%). Those who have engaged with AI insurance chatbots were impressed, with 74.5% reporting being satisfied or very satisfied with the interaction. Despite these beliefs, consumers were found to have data privacy concerns and trust issues.
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey (Q3), found that 39% of respondents would be quite or very comfortable having an AI tool decide the outcome of their insurance claim.
More news:
Fidelity Life held first adviser council meeting of the year
Tony Vidler writes about the importance of a prospecting system
NZUAC Christchurch Expo is on 7 May
Apex Advice are looking for a Head of Marketing and Communications
mySolutions webinar 'The journey of building a multi discipline practice' is on 30 April
Code of Banking Practice updated with new commitments to better protect customers against scams
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:
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
The FMA releases Consumer Confidence survey
The Financial Markets Authority (FMA) has released their inaugural Consumer Confidence Survey. The survey combines key questions from previous years’ Investor Confidence Survey and KiwiSaver Statements Survey as well as new questions around key focus areas such as fairness, investment scams and confidence in financial markets
The Financial Markets Authority (FMA) has released their inaugural Consumer Confidence Survey. The survey combines key questions from previous years’ Investor Confidence Survey and KiwiSaver Statements Survey as well as new questions around key focus areas such as fairness, investment scams and confidence in financial markets. Key findings include:
98% of New Zealanders have at least one banking product, with 49% considering at least one banking product in the next 12 months
Savings account ownership is up across all demographics
Credit card ownership has decreased 3% while buy-now-pay-later services are up 5% across all demographics
86% of New Zealanders have at least one insurance product, with the average number of insurance products being 2.5 per person
Younger New Zealanders (18 – 34) generally had fewer insurance products compared to other age groups but were more likely to own pet and health insurance
85% of New Zealanders have at least one investment product, with the average number of different investment products owned being 1.8 per person
KiwiSaver membership is highest amongst Chinese and Pacific ethnicities at 87% and 86% respectively
79% of New Zealanders actively chose their own KiwiSaver fund, with females and those aged 45 – 54 years having lower levels of participation in their choice of fund
KiwiSaver satisfaction levels have improved over the last two years, with 60% of Kiwis being quite/very satisfied
Catalysts for kiwis to consider making changes to their KiwiSaver/other investments include better investment returns from another provider (41%) or if their fees seemed high (39%).
FMA Chief Executive Samantha Barrass said
“The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA. It also helps us to see emerging trends that require our regulatory attention, so that we can focus our efforts on how we can better regulate for all New Zealanders.”
Additional reports will be published in early 2025 on several themes that emerged in the survey findings in 2025, including the experiences of women Māori, and other minority groups with financial markets; the relationship between knowledge of financial markets and confidence; investment scams and their link to confidence and consumer behaviour; the enablers of investment practices; comparative findings on fairness.
More news:
nib release their top 5 health claims for September 2024
AIA campaign offering up to three months off premiums extended to 31 March 2025
AIAHub Resource Hub now available to delegated users
The FSC is gathering feedback on life after licensing
O’Hagan Homes Loans & Insurances has merged with Apex Advice
AIA launch new campaign offering customers up to three months off their premiums
AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.
First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.
Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.
Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.
Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.
More news:
The Adviser Platform is offering its CRM system free of charge
Kirk Hope has started his appointment as Chief Executive Officer at FSC
What advisers think of KiwiSaver
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
To date, the results show that for those advisers who are already offering advice on KiwiSaver investments, the top reasons for offering KiwiSaver are diversifying revenue, building a KiwiSaver book for long term value and adding value to clients. Advisers have told us that performance, ease of withdrawals and alternative fund options are most important to clients when choosing a KiwiSaver provider. And 27% of advisers were interested in additional resources or support related to KiwiSaver advice and independent research.
If you haven’t joined us already, come along to one of our remaining roadshows to find out more – along with info on KiwiSaver we’ll be highlighting some major new research, talking about two new regtech tools to help keep you safe, giving you a sneak peek at Kiwimonster, and much, much more.
More news:
Fidelity Life extend 3 months free until 31 December 2024
Michael Weston talks about key priorities at Partners Life
Jon-Paul Hale highlights the good advisers do
Asteron Life are looking for a Lump Sum Claims Specialist
Study finds three-quarters of respondents have realised the importance of financial knowledge
FAMNZ launch inaugural Adviser Elevate series on 28 August
AIA sponsor the Parliamentary Rugby Team
Charlene Overell is the Financial Advice New Zealand Volunteer of the Year
Fidelity Life appoint new Independent Director
Scott Pickering has been appointed as an Independent Director on Fidelity Life's board.
Scott Pickering has been appointed as an Independent Director on Fidelity Life's board. Pickering has a wealth of governance and insurance experience, currently serving on the boards of IAG New Zealand, IAG Australia and Bowls New Zealand, and he was previously on the board of Chubb Life in New Zealand and Australia.
Fidelity Life Interim Chair Lindsay Smartt says,
“Scott’s passion for the insurance industry and his dedication to mentoring make him a perfect fit for Fidelity Life.
His leadership and strategic insight will be invaluable as we begin deploying our new strategic plan, and chart a course for long term success.”
More news:
Chubb makes multi-benefit discount permanent, extends 2 months’ FREE and 15% Lifetime Reward offers
Jon-Paul Hale espouses the need for Golden Life policies
The federal treasurer has approved of the sale of Suncorp Bank to ANZ
BNZ provides targeted support for customers affected by severe weather
Derek Chen has joined Strategi Group as Head of AML/CFT
ASB is teaching students how to spot fraud and scams in its new ScamWise workshop in schools
Southern Cross Health Insurance CMO talks about biggest challenges and opportunities
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Savage calls out high inflation, the cost-of-living crisis and proving the value of premiums even when people aren’t claiming as the three biggest marketing challenges right now. In terms of opportunities, Savage mentions investing in newer, more capable communications platforms, how they are proactively offering members options to manage premiums as their needs change, and looking for opportunities to utilise AI to automate repetitive tasks.
More daily news:
Pinnacle Life are looking for a Head of Finance
The new Fidelity Life E-App is up and running
mySolutions webinar 'The Thousandth Client' 5 June
Southern Cross recognised at the 2024 Reader’s Digest Trusted Brand awards
Jon-Paul Hale says it's time to review how commission is paid when clients move to a new adviser
The Brand Experience Gap Study found insurers were among worst performers in NZ
Financial Advice NZ webinar 'Post Budget Webinar - Economic and Consumer Impacts 5 Jun
MAS is calling for nominations for the role of Practitioner Trustee of MAS Members’ Trust
Bell Gully summarise the Customer and Product Data Bill that has been introduced to Parliament
New Zealand is 485 GPs short, with this number expected to grow
Zurich develops AI systems to streamline life insurance applications
UniMed give followers a chance to win a double pass to the Crusaders game this Friday
MAS publish their latest Member-exclusive quarterly magazine, OnMAS
Chubb Life Support Person of the Year entries are open
Chubb Life is bringing back their Support Person of the Year award, to recognise behind the scenes team members.
Chubb Life is bringing back their Support Person of the Year award. The award recognises behind the scenes team members. To nominate someone, enter here before 24 May.
The winners will receive a $1,000 Prezzy Card, runner up with receive a $500 Prezzy Card and third place will receive a $300 Prezzy Card.
More daily news:
Entries to Chubb Life Support Person of the Year are open
Chubb Life webinar 'Economic update from Cameron Bagrie' 6 June
AIA offers customers chance to win a year's insurance up to $2,000
AIA launched a new version of AIA Living Accidental Injury Cover
AIA introduce new features in AIAHub
The FSC have announced their fourth Climate Related Disclosures Series session