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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Privacy Week 2025 is coming up

Privacy week runs from 12 - 16 May, and features a range of free webinars that promote privacy awareness.

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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.

Financial Advice NZ said

“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.

 

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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.

 

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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.

 

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EY release global insurance outlook for 2025

EY have released their global insurance outlook for 2025, with a range of insights applicable to the health and life insurance sectors.

EY have released their global insurance outlook for 2025. One of they key takeaways for life and health insurers is the growing global retirement savings gap. Longer lifespans and aging populations are set to increase the gap from US$106 trillion in 2022 to US$483 trillion in 2025, with EY predicting increased demand for financial estate planning services, life insurance, health insurance and wellness programmes.

AI is shifting business practices globally, with 99% of insurers already investing in GenAI or making plans to invest. EY posit that as data and tech become so much more important, they must be baked into front line operations and decision-making processes. More than half of workers believe GenAI will positively impact their productivity and ability to do high-value work. EY highlight the importance of having staff with AI skills and fostering a culture of innovation and adaptability to drive productivity gains and increase employee engagement.

EY predict a rise in personalised offerings, driven in part by advances in AI helping with tailored messaging, targeted recommendations, more accurate pricing and faster underwriting. EY suggest that product innovation will prioritise features (such as preventative services) that drive outcomes customers desire (e.g. healthier lifestyles), a la AIA’s vitality programme. They also highlight that importance of partnerships and new channels to gain access to new customer segments.

 

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AM Best reaffirms Partners Life ratings

AM Best has reaffirmed the financial strength rating and the long-term issuer credit rating for Partners Life.

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Fidelity Life open applications for training programmes

Fidelity Life has opened applications for Advice Masters, Professional Pathways, Practice Manager Masterclass and Career Connect.

Fidelity Life has opened applications for Advice Masters, Professional Pathways, Practice Manager Masterclass and Career Connect.

Applications are open for Advice Masters, Fidelity Life's intensive training and personalised professional development programme designed for experienced business owners in the financial services industry. The programme encompasses a wide range of topics: M&A; capital raising/funding strategies; high performance for business leaders; leading high performing teams; business strategy design and execution; governance; board craft; director skills and sustainability; business efficiency; technology and AI. The 30 available spots are by invitation only – interested people can talk to their business manager or apply here.

Professional Pathways is Fidelity Life's customisable extended training and development programme designed for motivated advisers, who are dedicated to growth and achieving their business goals. Over a 9-month period the programme will take participants through key topics – developing their business; advice and planning; business sales and growth; business efficiency. The programme consists of skills based workshops, self-paced learning through courses, resources and quizzes, online webinars and interactive online workshops.

Practice Manager Masterclass are targeted at admin staff and will help to improve workflow and productivity.

Career Connect is Fidelity Life's comprehensive education and skills programme designed to develop the next generation of financial advisers. Career Connect equips participants with relevant qualifications, practical skills and knowledge, and industry connections. The 2025 intake will commence in May and will run for 6 months. Applicants will be invited for an interview and the fee for the programme is approximately $1650.

 

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Chubb launches underwriting chat service

Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions.

Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.

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This week is Cyber Smart Week

Running from 21 – 27 October, Cyber Smart Week is here! With the theme of ‘The Scamathon’, it highlights the importance of being more secure online.

Running from 21 – 27 October, Cyber Smart Week is here! With the theme of ‘The Scamathon’, it highlights the importance of being more secure online. Some key precautions you should be taking include:

  • Using long, strong and unique passwords

  • Using two-factor authentication (2FA)

  • Reporting any suspected scams to your management or IT teams

  • Turning on automatic updates

  • Stopping to think before you click – could it be a scam?

Own your online has produced a 5-part video series about business online security – you can watch them all here.

  • Episode 1 - How to protect your business: Learn why it’s important for your business to prioritise online security and how to start getting your business in better shape.

  • Episode 2 - How to protect your online accounts: Learn about the most important protections you can put in place for your online accounts.

  • Episode 3 - Protecting data and systems: Learn why it’s important to protect your data and your customers’ data and how to put these protections in place. Also learn how your business can best recover from an online attack.

  • Episode 4 - Protect your website and social media: Learn how to put the right protections in place for your website and social media accounts.

  • Episode 5 - How to spot phishing: Learn about the most common online attack – phishing – and how your business can avoid getting caught by it.

They are also running a series of online events around online security you can register to join.

·         Online security for individuals, 1pm, Monday 21 October 2024

·         Working together to improve cyber resilience across the health sector, 10:30am, Tuesday 22 October 2024

·         Online security for small businesses – simple steps for a big improvement, 3pm, Tuesday 22 October 2024

·         Supporting clients with cyber security - for mentors and advisors, 11am, Wednesday 23 October 2024

·         Financial sector cyber security threats and protections, 2pm, Wednesday 23 October 2024 

·         Online security for seniors, 1pm, Thursday 24 October 2024

·         Cyber security insights for tech professionals, 10:30am, Thursday 24 October 2024

 

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New Active Benefits are now available to Accuro policyholders

Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership.

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