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Quality Product Research - upcoming Quotemonster Demonstrations

We have two scheduled Quotemonster Demonstrations with Kelly on: 

  • Friday, 2 July 2021 10:00 AM-11:00 AM
  • Wednesday, 7 July 2021 11:00 AM-12:00 PM

In this introductory session, we will go over the basics of using the website including: 

  • How to directly compare two insurers for replacement business (Head to Head) 
  • How to add banks and non-adviser companies to your Research comparison - bringing up to 25 insurers into the comparison (check this list if you're in a hurry ) 
  • How to find older policy documents 

...and much more!

All Industry members are welcome to join this session. 

Furthermore, here’s a short promo video we recently created highlighting the reasons why all advisers should be using Quotemonster

 https://www.youtube.com/watch?v=vfrdqooFU4E

Please register your interest by emailing info@quotemonster.co.nz 

Happy Crunching! 


Quality Product Research: Proposed rating for Agreed Value Income Protection: Rehab and Home Modifications

Introduction

Following on from our previous post on “Vocational and Rehabilitation Support”, we have also reviewed “Rehab and Home Modifications” and renamed the item to “Home Modifications and Equipment”.

Please find our proposed sub-items below.

Proposed sub-items

Equip

Notes

The biggest variation can be seen in the monthly benefit limits. AIA and ASB have limited their payment to 6 months while Partners Life uses a tiered approach (the monthly payment reduces in line with the payment term).

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz


Partners Life and Banqer join forces, and more daily news

Partners Life has partnered with Banqer to offer 1,250 students access to the Banqer platform. Partners Life was also involved in the creation of the life and health insurance Banqer module. The new life and health module introduces students to private medical and income protection as a way of managing personal risk. Partners Life has highlighted that this partnership aligns with their core value of minimising the underinsurance gap in New Zealand. Chief Marketing Office Kris Ballantyne has stated that the partnership allows Partners Life to ensure students are offered current and specialist education.

“Partners Life was founded on a core focus of closing the underinsurance gap in New Zealand and over the past year we have reviewed our sponsorships to ensure they align with the purpose of reducing the gap – and one of the best ways we can do this is by investing our expertise in increasing the financial capability of young Kiwis. Increasing financial literacy and awareness of risk at a young age not only inspires them to be confident with money but it also has the potential for this knowledge to be passed on through families to create generational change.

Come with us on this new journey and explore how Partners Life and Banqer are working together to make financial education accessible to more Kiwi students

Not only has Partners Life lent their technical expertise to the creation of the life and health insurance module with Banqer, but our sponsorship also pays for an additional 1,250 students to access the platform at no cost. Research shows normalising lessons through education pathways is an important step towards developing financial capability from a young age. When students go through the Banqer modules they are placed in real-life situations where they make their own assessments, decisions, and deal with the ramifications. The goal is that they become inspired to be curious, creative, and confident with money.”

Partners Life Chief Marketing Office Kris Ballantyne says “We have worked with Banqer to develop the content for the module, which is great because we can influence what and how students learn, and make sure it is absolutely current and the best specialist education available.”

Partners Life’s support in offering a life and health insurance module, which introduces students to private medical and income protection as a means to manage personal risk, adds to existing content covering banking, employment, income, savings, KiwiSaver, purchasing property and fire and general insurance. In working with Banqer as the dedicated life insurance category Support Partner, Partners Life joins an illustrious group of existing supporters including Champion Partner Kiwibank and existing Support Partners, Jarden and the Insurance Council of New Zealand.

Click here to find out more

 

Banqer partnership 28 June

 

 

In other news

 

FMA: 'Finfluencers' now on regulator's radar

RBNZ: Reserve Bank Committed To Its Kaitiaki Role


Legal and regulatory review for the life and health insurance sector

28 June 2021 – FMA released a guide to talking about money online following concerns some social media influencers and bloggers may be straying into regulated financial advice. https://fma.cwp.govt.nz/news-and-resources/media-releases/fma-releases-guide-for-finfluencers/

29 June 2021 – FMA published its Statement of Performance Expectations for the 2021-2022 period. https://www.fma.govt.nz/about-us/corporate-publications/statement-of-performance-expectations/

29 June 2021 – RBNZ released its Statement of Intent for the 2021 – 2024 period. https://www.rbnz.govt.nz/about-us/statements-of-intent/statement-of-intent-1-july-2021-30-june-2024

29 June 2021 – Takeovers Panel released a consultation seeking input on a range of proposed amendments to the Takeovers Code (Code), as well as proposed amendments to other legislation which broadly relate to New Zealand’s capital markets. Submissions close on 27 August 2021. https://www.takeovers.govt.nz/about-the-panel/news/takeovers-panel-consults-on-proposed-amendments-to-capital-markets-legislation/


Partners Life product launch webinars, and more daily news

Partners Life is running webinars focused on the launch of the Income and Expenses Cover and Moderate Trauma Cover. The webinar will be facilitated by Steve Wright, General Manager of Product and Professional Development. In the webinar Wright will discuss the new products and how advisers can use the products to offer better solutions to clients. Wright will also cover enhancements to current products with a focus on the Private Medical Cover. The sessions will run for 90 minutes. The first webinar will be held 1 July at 9.30am and the second webinar will be held 5 July at 10.30am. Attendees will need an account to access the sessions and will have the ability to ask anonymous questions.

“Please join Steve Wright, our General Manager of Product and Professional Development, at one of the two webinars listed below. Steve will explain the details of Partners Life’s new disability and trauma products, and how advisers can use them to create solutions for clients. The webinar will also explore important enhancements to our existing products, in particular Private Medical Cover.

The webinar will run for approx. 90mins including questions and answers.

Following on from the webinar, advisers will have the opportunity to complete product accreditation on these new product developments via the Partners Life academy, thereby providing evidence of their continued professional development.”

In other news

Partners Life: Expression of interest for Evince training open

Suncorp NZ: How Suncorp NZ revamped its response to vulnerable customers


nib announce seminar series, and more daily news

nib has announced seminar series dedicated working together to protect, connect and empower nib members. The seminars will focus on nib’s new benefit option and the First Choice Network of health providers. Case studies and claim stories will be shared throughout the seminar. Benefits of nib First Choice, the selection process, and the development will be explored. How the Find a Provider directory can help empower members will also be discussed. Speakers include: Chris Carnall, Andrew Hurley, Dirk Labuschagne, Arishma Singh, Steph Walker, Andrew O’Hagan, and Sara Williams. Click here to register

“You’re invited to attend our upcoming seminar series where you’ll learn more about how together we can protect, connect and empower your clients, our members, to achieve enhanced health outcomes, and where we will launch our much-anticipated new benefit option!

There are two big focuses for our seminar series. First – we’ll reveal our most anticipated new benefit option. We believe this will make a positive difference for many of our members and encourage advisers to have healthy conversations with their clients.

We’ll also provide a refresher on our First Choice Network of health providers and how the revamped Find a Provider directory can enable you to connect and empower your clients to better choices in the provision of their health care.

What We’ll Cover

Product Launch

·         Introducing our new product benefit option

·         Case studies and claims stories

Find a Provider – nib First Choice

·         Benefits of nib First Choice and how the network was developed to help our members choose their health providers

·         How the network has contributed to a reduction in medical inflation and consequential premium increases

·         How nib selects and manages First Choice health providers”

Nib seminar speakers

In other news

Strategi: New advice rules more flexible than advisers think

 

 


Quality Product Research: nib non-PHARMAC Plus option now live on Quotemonster

We have recently added nibs non-PHARMAC Plus option to our product range on Quotemonster. non-PHARMAC Plus ranges from $20,000 to $300,000, is available through both adviser and group business channels, and can be added to new or existing hospital covers (i.e. Ultimate Health Max) however only available to existing members on legacy products from 5th July 2021. 

The Addon is designed to offer customers more access to potentially life-saving treatments not publically funded by PHARMAC, are Medsafe approved and have been prescribed or administered in line with Medsafe’s guidelines – not just cancer treatments.

The benefit covers the cost of these medicines where nib has accepted a claim for treatment and where the non-PHARMAC drugs are used in a private hospital or at home for up to six months after being admitted to hospital for treatment. The benefit also covers any drug administration costs. Additionally, there are no waiting periods when members choose to add this option to their policy.

You can select the nib non-PHARMAC Plus options in your Product Settings screen: 

Nin

 

Nib_non-PHARMAC Plus_logo

Please email us should you wish to discuss this further or would like to provide feedback.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz

 

 

 

 

 


New Asteron Life Chief Financial Officer, and more daily news

Suncorp New Zealand has announced that Andrew MacFarlane will join as the new Chief Financial Officer in August. MacFarlane will be responsible for providing strategic oversight and monitoring of financial, actuarial, investment, capital and reinsurance for all of Suncorp’s businesses, which include Vero, Asteron Life, AA Insurance and AA Money. Jimmy Higgins, Suncorp New Zealand CEO, has said that MacFarlane’s experience will be invaluable for Suncorp.

“Suncorp New Zealand has appointed Andrew MacFarlane (pictured) as chief financial officer, effective August 02.

MacFarlane will join Suncorp from ANZ, where he spent 25 years holding several senior finance roles in areas such as its institutional division, retail bank and tax, and product management and strategy. Most recently, he was chief financial officer, group functions for ANZ New Zealand.

In his new role, MacFarlane will provide strategic oversight and monitoring of financial, actuarial, investment, capital and reinsurance aspects of Suncorp’s businesses in New Zealand. These businesses include the Vero and Asteron Life brands, as well as AA Insurance and AA Money, which are joint venture partnerships with the New Zealand Automobile Association.

Suncorp New Zealand CEO Jimmy Higgins said MacFarlane’s extensive industry experience will be invaluable to Suncorp’s business.

“I’m delighted to welcome Andrew to the Suncorp New Zealand leadership team,” said Higgins. “His experience of the financial services markets in New Zealand and Australia, coupled with his leadership within high performing businesses will be invaluable for Suncorp New Zealand as it continues to transform its business, while delivering great customer outcomes.”  Click here to read more

Andrew MacFarlane

In other news

AIA: Scott St John to join AIA board after Tony Cater retires

From Good returns: Complaints and the problem with professional indemnity insurance

FSC: ReGenerations earlybird ticket sale end next week


Legal and regulatory update for the life and health insurance sector

23 June 2021 - Minister of Commerce and Consumer Affairs, Hon David Clark, May 2021 diary released with the following potential financial services sector related meetings noted:

  • 6 May 2021 – Paymark (Maxine Elliott CEO and Pip White, General Counsel)
  • 6 May 2021 – Buy Now Pay Later group meeting (Shaun Quincey – Lattitude Innovation Holdings Ltd; Michael Saadat – Afterpay Ltd; Gary Rohloff – Laybuy Holdings Ltd; Julian Grennell – Zip Co Ltd; Chris Lamers, FlexiGroup NZ Ltd; Ed Bunting, Openpay Ltd)
  • 12 May 2021 – Securities Industry Association (David Fear, Jarden, SIA Chair; Managing Director, Head of Wealth & Markets; Neil Paviour Smith, Forsyth Barr, Managing Principal; David Lane, UBS New Zealand , Managing Principal and Head of NZ Equities; David Roberton, Macquarie Securities, Managing Principal and Head of NZ Equities; Gareth Stratton, ASB Securities, Managing Principal and General Manager; Tim Kiefte, Craigs Investment Partners, Head of Advisory; Craig Patrick, JBWere, Managing Principal; Warren Couillault, Hobson Wealth Partners, Chief Executive Officer, Managing Principal; Anthony Sabiston, Somerset Smith Partners, Managing Principal; Bridget MacDonald, SIA , Executive Director)
  • 12 May 2021 - ANNOUNCEMENT: Merchant Service Fees (Greg Harford, CE, Retail NZ)
  • 12 May 2021 – IAG NZ (Craig Olsen, CE IAG NZ; Blair Williams, General Counsel and Executive General Manager External Relations; Bryce Davies, Executive Manager Corporate Relations)
  • 28 May 2021 – Tower Insurance (Blair Turnbull, CEO Tower insurance; Michelle James, MD Tower Direct; Ron Mudalair, Chief Underwriting Officer)

https://www.beehive.govt.nz/sites/default/files/2021-06/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20May%202021_0.pdf

23 June 2021 – Reserve Bank of NZ Bill second reading completed in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_99656/reserve-bank-of-new-zealand-bill