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nib health management programmes, and more daily news

As part of their well care approach, nib has provided insights into health initiatives and pilot programmes. The free Health Management Programmes are intended to offer members support in managing their health and offering expert advice from nib Wellness Coaches. Health Management Programmes include:

  • Healthier Joints Pain Management programme
  • nib Healthier Heart
  • nib Cancer Care
  • nib Healthier Joints Weight Management

“The impact of long-term health conditions can take a toll on not only physical wellbeing, but mental wellbeing too. That’s why we offer our range of free Health Management Programmes, to support our members in proactively managing their health conditions (aiming to reduce the need for invasive medical procedures) while providing expert support and advice from an nib Wellness Coach, every step of the way. 

Our nib Healthier Joints Pain Management programme, for example, covers 9-12 weeks of rehabilitation and helps members effectively manage their pain and symptoms, while also increasing strength and mobility through personalised activity plans.

Other nib Health Management Programmes available to members who meet selection criteria include: nib Healthier Heart, nib Cancer Care and nib Healthier Joints Weight Management.”

Another programme dedicated to bettering the health of members is the Bowel Screening Programme. Through a partnership with MercyAscot, nib offers screening kits to members identified as being at higher risk of developing bowel cancer. The initial screening was offered to Auckland Māori and Pacific Islander members between 45-75 years and other Auckland members aged 55-75 years. More screenings set to begin in March. 

“Bowel cancer is the second highest cause of cancer death in the country, but there’s a great chance of beating it if detected early. To support our members who are at higher risk of developing bowel cancer, we partnered with MercyAscot to deliver our bowel screening programme. 

The programme offers free bowel screening kits to eligible members, so they can easily complete it at home and send back for testing. If needed, members receive priority access to diagnostics, specialists and treatment. They can also receive individualised one-on-one health coaching before and after treatment. 

The pilot was offered to Auckland-based members aged 55-75 years (45-75 years for Māori and Pacific Islanders). Abnormalities were found in two members results, however, early detection has allowed MercyAscot to arrange further screening and treatment. 

Wave two of the programme will commence in March.”

The partnership with Tend allows Auckland members access to GPs through the phone and through an app. Nib offering pilot subscription for eligible members. Members will have: 

  • unlimited access to consultations for a year
  • free repeat prescriptions
  • one influenza vaccination
  • annual health check

“We’ve teamed up with Tend, an innovative and convenient healthcare solution, so we can help members see a doctor all from the comfort of their phone. Eligible Auckland-based members will have access to trusted medical advice quickly and easily through Tend’s online (in-app) appointments, secure messaging or at their in-person clinic in Kingsland if preferred. Tend’s team of experienced doctors and nurses are committed to understanding individual member needs. 

As part of our exclusive partnership, we’re rolling out a pilot subscription for eligible members, offering unlimited GP consultations for 12 months, free repeat prescriptions, one influenza vaccination and an annual health check.”

In other news:

Fidelity Life: Senior Product Manager role being advertised

Fidelity Life: Risk and Compliance Advisor - Reporting and Analytics role being advertised

RBNZ: Shares fall as investors call RBNZ's bluff


AMP sell part of AMP Capital Private, and more daily news

It has been announced that 60% of the AMP Capital private markets investment business will be purchased by Ares Management. It was previously reported the non-binding sale was off the table. The new sale proposal is a more limited joint-venture that will allow Ares to acquire the majority stake in the AMP Capital infrastructure debt, real estate and other minority interests. This is stake is valued at A$2.25 billion. AMP will own AMP Capital’s public markets businesses, with the Multi-Asset Group transferred to AMP Australia.

“Ares Management will buy 60 per cent of the AMP Capital private markets investment business in a proposed deal announced this morning.

After ditching efforts to by all of the ASX-listed AMP in February, the US investment firm has instead opted for a more limited joint-venture arrangement to be explored over the next 30 days in a just-inked non-binding heads of agreement.

Under the deal Ares would acquire the majority stake in the AMP Capital infrastructure debt, real estate and other “minority interests” valued at A$2.25 billion, according to a release issued this morning.

“AMP will retain ownership of AMP Capital’s public markets businesses, which in FY 20 made a modest NPAT contribution,” the statement says. “The public markets strategy will continue, including the Multi-Asset Group (“MAG”) being transformed and transferred to AMP Australia, and actively exploring sale or partnership opportunities for the Global Equities and Fixed Income (“GEFI”) business.” Click here to read more 

In other news

Cigna: Cigna has announced multi-benefit promotion extended to 30 June 2021

Financial Advice: Concern adviser outreach may be shackled by FMA advertising rules

nib: nib conducting another review of existing members policies' exclusions and loadings. Members with special terms on their policies will be contacted by nib directly

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Legal and regulatory review for the life and health insurance sector

24 Feb 2021 – Trustees Executors’ newsletter advised of the recent publication of a final report by the Board of the International Organization of Securities Commissions (IOSCO) outlining nine sound practices for retail investor complaint procedures in financial markets.  The January 2021 IOSCO report is titled “Complaint Handling and Redress System for Retail Investors”. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD670.pdf

25 Feb 2021 – Government and RBNZ announcements that the RBNZ is now required to consider the impact on housing when making monetary and financial policy decisions. https://www.beehive.govt.nz/release/reserve-bank-take-account-housing-decision-making


AIA Vitality enhancements on the horizon, and more daily news

AIA chief partnership insurance officer Sam Tremethick shared insights on AIA Vitality to mark the anniversary of the launch. Tremethick noted that AIA Vitality has been embraced by clients and the wider community. Although AIA has reported a high level of engagement, Tremethick has said that the insurer is looking to introduce enhancements next month. Tremethick described AIA Vitality as the cornerstone of what AIA does in terms of shared values.

““We’re over a year into Vitality being launched here in New Zealand, and the great thing is that the community and our clients have really taken to it,” Tremethick commented.

 

“We’re planning to release some further updates in March which will provide some further benefits to clients, and a further update will happen in June.”

 

“We’re continuing to evolve, but we’re already seeing some incredibly high levels of engagement,” he added.

 

“The release of the Apple Watch benefit last year also increased people’s interest in the programme, so we’re certainly continuing to come up with new ideas.”

 

Tremethick says that Vitality has been key to its mission of helping Kiwis improve their health and catch illnesses early, and he says the annual health check benefit and premium incentives have been very successful in promoting these goals.

 

“For us, Vitality is the cornerstone of what we do in terms of shared values,” he said.” Click here to read more

 

In other news

Financial Advice: Financial Advice has reported that they are continuing to develop new tools regarding disclosure, and looking to release it in the next 10 days

nib: 2 Months Free Health Insurance on any new Ultimate Health Max, Ultimate Health or Easy Health policy offer ends 28 February 

MBIE: MBIE has updated the FSPR with information on FAP linking


Legal and regulatory review for the life and health insurance sector

23 Feb 2021 – IRD released a special report on the new resurgence support payment legislation. https://taxpolicy.ird.govt.nz/news/2021/2021-02-23-special-report-resurgence-support-payment

24 Feb 2021 – Companies Office published the following notice on it FSPR website: https://fsp-register.companiesoffice.govt.nz/

FSPR online services will be unavailable from 5pm Tuesday 2 March 2021 to 8am Monday 15 March 2021 while we update the register to support the new financial advice regime that comes into effect on 15 March 2021.

During this period, you will be able to search the public register, but you won't be able to log in to your online services account to file, update, or access information regarding your financial service provider.

However, FSP’s wishing to give notice of their intention to apply for a transitional licence during this period can still do so. Shortly we will publish forms and information on how to apply during the outage.

23 Feb 2021 – Hone David Clark, Minister of Commerce and Consumer Affairs, diary released for January 2021, containing just 9 items, none identified as directly relevant to financial services. https://www.beehive.govt.nz/sites/default/files/2021-02/Min%20Clark%20Ministerial%20Diary%20January%202021.pdf

23 Feb 2021 – The Department of Internal Affairs advised that it is undertaking a review of sector specific guidelines for accountants, lawyers and conveyancers, and real estate agents, and is offering a survey for completion as a means to provide feedback on the guidelines. https://www.dia.govt.nz/AML-CFT-DNFBPs---Help-us-improve-our-guidance

15 Feb 2021 - The FMA released the Financial Markets Conduct (NZX Derivatives Market Rules) Approval of Rule Change Notice 2021. The notice came into effect from 15 February 2021.


FSC announce RBNZ outlook webinar, and more daily news

The FSC has announced that an outlook webinar will be held on 3 March 2021 to hear from Geoff Bascand, Deputy Governor and General Manager of Financial Stability. RBNZ’s first Monetary Policy Statement for the year is set to go ahead during the webinar. This means that webinar attendees will hear about the current economic as well as getting an update on cyber security and other key focus areas. During Q&A, the Deputy Governor will be joined by:

  • Richard Dean, Manager, Insurance Oversight
  • Andy Wood, Head of Supervision
  • Brendan Manning, Senior Adviser External Stakeholders

The agenda for the session is:

8.00am - Welcome from FSC Chief Executive, Richard Klipin
8.05am - Outlook 2021 with Geoff Bascand, Deputy Governor, Reserve Bank of New Zealand
8.30am - Fireside chat and audience Q&A with Geoff Bascand and Reserve Bank team

  • Richard Dean, Manager, Insurance Oversight
  • Andy Wood, Head of Supervision
  • Brendan Manning, Senior Adviser External Stakeholders

Click here to register

In other news

From Good Returns: Guaranteed medical cover policy wordings


nib report on interim results, and more daily news

nib New Zealand has reported on the half year results that were presented in a webcast by nib holdings limited. nib New Zealand CEO Rob Hennin has said that the results to 31 December 2020 were pleasing. Hennin noted that there were 3,135 new policies in the past 12 months, this is a 2.8% increase in health insurance coverage. nib also found that claims increased 7.6% as members were seeking medical care after lockdown. Hennin continued by explaining that $6.5 million claims catch-up provision has been released.

“nib New Zealand today announced its results for the six months to 31 December 2020 (1H21) with premium revenue up 7.9% to NZD$136.1 million and underwriting result1 of NZD$12.3 million broadly in line with same period last year (1H20: NZD$12.6 million).

nib New Zealand Chief Executive Officer, Rob Hennin said overall the result was pleasing with earnings stable as healthcare treatment bounced back following COVID-19 restrictions.

“Despite uncertain market conditions, over the past 12 months we grew New Zealand residents health insurance coverage by 2.8%, adding 3,135 new policies,” Mr Hennin said.

“Our first half result also shows claims increased 7.6% as members head back to their medical professional or seek treatment following first wave of COVID-19 restrictions.

“We know from our claims experience that many of our members either had healthcare treatment delayed or chose to stay away from hospitals during the peak of the pandemic,” he said.

“Its great members are now feeling more confident and getting the necessary healthcare treatment. Recognising some healthcare treatment in FY20 was simply deferred not cancelled during COVID-19, nib set aside a provision meet this expected claims catch-up over the course of FY21. As at 31 December 2020, NZD$6.5 million of the NZD$9.0 million provision has been released,” he added.

Hennin revealed since lockdown, neurological, cardio-thoracic surgery, diagnostics, and gynaecological claims have experienced the largest increase.  It was revealed that the nib Group member support package is more than $45 million.  The package includes:

  • financial hardship premium relief
  • suspension options
  • pre-approval extensions
  • expanded coverage
  • Lifeline Aotearoa and Clearhead support

The procedures that have experienced the largest increase following the initial lockdown (relative to pre-pandemic claims activity) were:

  • Neurological: 116% increase
  • Cardio-thoracic surgery: 49% increase
  • Diagnostics: 38% increase
  • Gynaecological: 36% increase

“To date our nib Group member support package totals more than $45 million, and includes financial hardship premium relief, suspension options, automatic six-month pre-approval extensions and expanded coverage for COVID-19 related treatment at no cost,” he said.

In other news:

Partners Life: Expressions of interest now open for our 3 day Virtual New Adviser Training Course - March 2021

FMA: Scams under-reported by Chinese New Zealanders: FMA


Australia: "ASIC boss should enforce rules not fantasise about setting them"

The Sydney Morning Herald had that powerful headline in a revealing piece about the future direction for ASIC as it enters upon the search for a new CEO. Link: https://www.smh.com.au/politics/federal/new-asic-chief-must-enforce-rules-not-fantasise-about-setting-them-hartnell-20210221-p574cs.html 


Legal and regulatory review for the life and health insurance sector

22 Feb 2021 – Privacy Commissioner released new guidance in relation to Privacy Principle 12 for sending personal information overseas, with the guidance in the form of two new interactive online tools to help organisations and businesses understand what they need to do. https://www.privacy.org.nz/publications/statements-media-releases/new-guidance-for-sending-personal-information-overseas/

19 Feb 2021 – RBNZ announced amended dates for statistical releases as follows:

Survey

Series

Original date

New publication date

New mortgage commitments - LVR

C30-35

29 January

19 February


Bank balance sheet
 

C5, C50-52, S10-41

29 January

23 February

Non-bank lending institutions

T1, T4, T11, T21,
T31

29 January

23 February


Insight into FSPR usage, and more daily news

MBIE has published a document covering adviser and FAP responsibilities under the new regime. The document first sets out the rules of engagement, stating that every adviser must be engaged or linked to a FAP. Advisers must ensure the FAP registers the engagement on the FSPR. But to link to FAPs, advisers must first provide the FAP with their name and FSP number.

 From 15 March, advisers must have these things before linking to a FAP:

  1. A RealMe® login
  2. An online services account with the FSPR
  3. Authority to update records on behalf of the financial advice provider

In order for advisers and FAPs to engage, FAPs must:

  1. Log in to your online services account using your RealMe ID and password, and locate your registration in the ‘FSP Registrations’ tab of your dashboard.
  2. On the ‘View FSP details’ screen, select the ‘Financial Services’ tab and click the ‘Maintain Financial Services’ button.
  3. Scroll down to the ‘Financial advice service’ where you’ll see the FAs, if any, that you’re linked to.
  4. Click the ‘Add Financial Adviser’ button and search for the FA you wish to engage, using their FSP number or name. Select the FA from the drop-down list, and indicate whether or not they will be covered by your dispute resolution scheme (DRS).
  5. Repeat step 4 above for each new financial adviser you add. Please note, multiple advisers are displayed alphabetically. (Cont.)
  6. When you’ve finished updating your registration, click on ‘Next Step: Declaration’. Review and confirm the declaration.
  7. Click on ‘Next Step: Review’. Review the information you have entered and tick the check box to confirm the information is true and accurate
  8. Click on the ‘Submit’ button at the bottom right of the screen.
  9. Viewing the FAPs financial services, you’ll see that the FAs now appear on the ‘Financial Services’ tab.

To support the new regime being implemented, the FSPR will also be updated. The Companies Office will release guidelines and videos to help users closer to the date.

This video shows the engagement process.

In other news

Fidelity Life: Dan Wilkinson joined Datacom #RightCloud panel

Cigna: Multi-Benefit Discount promotion that applies a discount up to 7% on Life Cover or Life Income Cover with an additional benefit is set to end February 28, 2021

Partners Life: Is data the key to understanding underinsurance?