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Quashed weigh in on common insurance mistakes, and more daily news

Justin Lim, Quashed founder and CEO, recently discussed the top ten insurance mistakes New Zealanders make and how Quashed can help. Although some points aren’t exclusive to life and health insurance, it is still a good list of common mistakes. Although we do not agree with him on all points, among our favourites from his list are:

“Lim spoke to Newshub about ten of the most common insurance mistakes - and how the Quashed platform can help.

  1. Not knowing if you're covered (and what for)

Remember that insurance policy you were sold ten years ago?

If you haven't heard from them in a while, it's worth checking if the policy is still in force. 

You may also have policies with benefits you weren't aware of - big and small.

"People may miss out on claiming benefits they're paying for, simply because they're not aware of them," Lim says.

In addition to loading policy details, you can upload your policy documents to Quashed, so all the benefits you're covered for are at your fingertips.

  1. Not checking your policy excess and sum insured (cover amount)

The 'excess' is the amount you pay before the insurance kicks in.

A higher excess reduces your premium, whereas a lower excess increases it.

You can adjust your insurance excess depending on your budget, and the amount of your rainy day savings.

It's also important to check your sum insured, ideally once a year. House insurance is now based on a 'sum insured', meaning homeowners are responsible for calculating the total cost to rebuild their home. 

If you've bought new household items, or renovated, they're good reasons to update your House and Contents insurance sum insured too.

  1. Not reviewing policy exclusions and/or loadings

If you have life and health insurance, you may have exclusions and/or loadings applied to your policy. 

If you were a smoker when you took the policy out, you may be paying higher premiums.

Check your policy schedule, or your policy renewal letter to see if any of these apply, and whether there's a review date (ask your insurer if unsure).

If you were a smoker and haven't smoked for 12 months, you can complete a declaration and have your policy reassessed.

  1. Not knowing about employee benefits (e.g. a life insurance group scheme)

It's worth checking whether you receive free or discounted insurance through your workplace.

"For some corporate health insurance schemes, if you sign up within the first month of starting with the company, your pre-existing conditions would also be covered," Lim says.

The Quashed portal allows these covers to be added - some employers are already added to the platform and can be selected with a drop-down box.

  1. Not using an expert

Before cancelling an existing policy, or taking out new cover, it's recommended that you understand the difference and impact on your existing cover. You could talk to an expert.


We particularly agree with that last point - talking to a financial adviser with the right experience can save a huge amount of money and trouble.

In other news

Southern Cross: $11 million expansion at Southern Cross New Plymouth Hospital was unveiled at a dawn blessing ceremony led by Ngāti Te Whiti kaumātua Shane Cassidy

Southern Cross dawn blessing

FMA: the following roles are currently being advertised.

Giving well: The Life You Can Save

"The life you can save" has been in my recent reading. As this relates to both data and risk the striking quote below would be good to share:

“This “identifiable victim effect” leads to “the rule of rescue”: we will spend far more to rescue an identifiable victim than we will to save a “statistical life.” Consider the case of Jessica McClure, who was 18 months old in 1987 when she fell into a dry well in Midland, Texas. As rescuers worked for two and a half days to reach her, CNN broadcast images of the rescue to millions of viewers around the world. Donors sent in so much money that Jessica ended up with what was reported to be a million-dollar trust fund.[ xcix] Elsewhere in the world, unnoticed by the media and not helped by the money donated to Jessica, about 67,500 children died from avoidable poverty-related causes during those two and a half days, according to UNICEF. Yet it was obvious to everyone involved that Jessica must be rescued, no matter what the cost. The same reaction led to the extraordinary efforts mentioned in the previous chapter, to save the 12 boys and their coach trapped in a cave in Thailand. Similarly, we do not abandon trapped miners or lost sailors, even though we could save more lives by using the money spent on such rescues on making dangerous intersections safer. In providing health care, too, we will spend much more trying to save a particular patient, often in vain, than we are willing to spend promoting preventive measures that would save many people from becoming ill.[ c]”

— The Life You Can Save: How to Do Your Part to End World Poverty: 10th Anniversary ed. Edition by Peter Singer https://a.co/8AzaS9k

FSC summit postponed, and more daily news

The FSC has announced that the upcoming Future Ready Advice Summit in Queenstown is now postponed. The Summit will go ahead in person once the country enters orange. In the meantime the summit will be held virtually on 17 February.

“We had been looking forward to delivering our first in-person event of the year, the Future Ready Advice Summit in Queenstown, which will now be postponed until we can meet again in Orange level. We will have a virtual summit on the same day, and will share more on this shortly. Thanks to everyone who has already booked tickets and shown your support.

Covid-19 has made event planning especially difficult, as you'll already be aware, with the disruption to 2020 and 2021 events nationwide. Naturally your safety and that of all involved is our primary concern and we will be following:

  • All government advice
  • Ministry of Health guidelines
  • All venue rules and
  • All traffic light system advice

We are also aware that many companies have their own Health & Safety rules on meeting, events and travel, and we respect those too and will work with you to ensure we can guide, support and educate our members. The FSC team will stay close to the Covid-19 guidelines as they evolve and keep in touch with any changes that may affect our events and participation.” Click here to register

In other news

From Insurance Business Mag: Building trust in advice in a digital world

Legal and regulatory update for the life and health insurance sector

27 Jan 2022 – FMA released its 2021 Annual Report. https://www.fma.govt.nz/news-and-resources/media-releases/2021-annual-report/

26 Jan 2022 - The FMA approved Smartshares Limited as a passport fund under the Asia Region Funds Passport. https://www.fma.govt.nz/news-and-resources/media-releases/first-investment-passport-granted-to-nz-fund-manager/

26 Jan 2022 - The Broadcasting Standards Authority is proposing changes to the Broadcasting Standards Codebook, with submissions closing on 8 March 2022. https://www.bsa.govt.nz/research-and-reports/public-consultation/code-review-consultation/

Quality Product Research: Proposed rating for HIV


According to the New Zealand AIDS Foundation, in 2020, 162 New Zealanders were diagnosed with HIV – the lowest number since 2012. Advancements in reproductive medicine have led to a low prevalence of the virus in our country and ultimately a low weighting in our Trauma Research. We have renamed Medically Acquired HIV to HIV and rated insurers based on the coverage they offer for both Medically and Occupationally acquired HIV.

For more information on HIV in NZ click here

Sub-items rating review

Please find our proposed rating below: 



Our Research rating reflects the similar approach insurers take with their HIV definition. While AMP Lifetrack and Westpac require an incidence report within 14 days, most other insurers request a 30-day notice period, and a negative HIV antibody test must support a potential claim. AMP also includes the previous requirement for any claims outside of NZ or Australia, whereas Westpac entirely excludes any overseas coverage. Most insurers also require evidence of medically acquired HIV from a recognised health authority and after reviewing several online resources, the likelihood of this seemed relatively low.

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 Manager, researcher@qpresearch.co.nz


Highway to Health Seminar Series set to resume, and more daily news

nib has announced that the Highway to Health Seminar Series will resume from 10 February 2022 and will continue until 25 February 2022. The seminar series will include topics on the expansion into life insurance, health management programmes for clients, and the value of group health insurance. Those looking to attend the seminar in person will need to present their vaccine passes while those without passes will have the opportunity to watch a recording of the seminar through Take Five.

After a long break due to COVID-19 restrictions, we’re going on the road to bring you our next seminar series. The Highway to Health seminar is coming to a location near you, with presentations and discussion on a whole range of topics that will help you have more healthy client conversations.

What We’ll Cover

Highway to Life - CEO Rob Hennin

The Kiwi Insurance acquisition will see nib expanding into life and living insurance, to fully deliver on our purpose of ‘your better health’.

Highway to Health Prevention

Find out about our health management programmes that can help your clients, our members, take control of their health and wellbeing, and prevent or delay serious health issues.

Highway to Group Health Insurance

Learn more about the value of group cover and wellbeing for businesses and their employees.

Your Health Comes First

With New Zealand now operating under the New Zealand Covid-19 Protection Framework, nib has carefully considered how we will operate our business under this framework. We are committed to ensuring the safety of our advisers, members, our people and the public.

Standing by our commitment to keep our community safe, it will now be a requirement of anyone attending an nib hosted event to provide a valid My Vaccine Pass. We’ll also work within the requirements of each region regarding the traffic lights system.

For our upcoming seminars, you’ll need to show your My Vaccine Pass on arrival. If you don’t have this, you can watch our recording of the seminar via Take Five, so you don’t miss out.

If you have any questions, please reach out to your Adviser Partner Manager, we’re here to help. As we all move into a fresh year, we hope things will be looking brighter for our communities and the economy. Click here to register

In other news

Financial Advice: Economic Update with Cameron Bagrie

Quashed: Ten insurance mistakes that cost you money

MAS: Dayeon Lee named as one of the MAS Here for Good Scholarship recipients

Asteron Life: Suncorp shuffles New Zealand leadership

Legal and regulatory update for the life and health insurance sector

20 Jan 2022 – RBNZ & FMA released their finalised framework for assessing the systemic importance of Financial Market Infrastructures (FMIs) following consultation with industry and stakeholders.



Southern Cross appoints new board members, and more daily news

It has been announced that Chris Black, David Bridgman and Dr. Dwayne Crombie have been appointed as trustees on to the Southern Cross Healthcare board. Chris Black recently left his role as the CEO of FMG. David Bridgman was a partner at PwC before retiring in 2020. Dr. Dwayne Crombie is currently the Head of Health Services at Bupa Asia-Pacific. Chairman Greg Gent has said that each trustee will make significant contributions to the board.

The appointments follow Keith Taylor’s retirement from SCHL’s board at the end of 2021. Taylor served on both the SCHL and Southern Cross Health Society boards for 11 years.

Black was chief executive of mutual insurer FMG from 2008 to 2021 and was an independent director of FMG prior to this. Black was previously a member of the Insurance Council of New Zealand (ICNZ), including a three-year appointment as ICNZ president. He was also a commissioner of the Insurance and Financial Services Ombudsman scheme and board member of BNZ Life Insurance. He also previously served as the vice-chair of the International Cooperative & Mutual Insurance Federation.

Bridgman is a veteran advisor in the corporate finance and restructuring field. He retired from PwC at the end of 2020 after 22 years as a partner. He has worked extensively with many leading New Zealand cooperatives and mutual organisations and currently chairs several private companies and provides corporate finance and strategic advisory services on his own account.

Crombie has worked at global healthcare organisation Bupa for 15 years in several managing director roles, and is currently head of health services at Bupa Asia-Pacific. Prior to this, he was CEO for Waitemata Health and Waitemata DHB. He is currently the chair for Repromed Auckland and is a board member of Bupa Health Services, Bupa Innovation and George Health.

SCHL said it undertook a robust and thorough search for Taylor’s successor and to fill two additional trustee vacancies.

“We believe Mr Bridgman, Mr Black and Dr Crombie will each make a significant contribution to the SCHL board and complement the skill set of the other trustees,” said Southern Cross Healthcare chair Greg Gent. “On behalf of the board, I would like to express my particular gratitude and appreciation to Mr Taylor for his leadership and considerable service in fulfilling the purpose of helping to make quality healthcare more affordable and accessible for all New Zealanders.” Click here to read more

In other news

FMA: register for FMA Full Licensing Process

Financial Advice: Canterbury/Nelson regional meeting will be held 15 February

Financial Advice: Auckland regional meeting will be held 24 February

Financial Advice: Next Professional Ethics Course will be on 27 January

Southern Cross celebrate new marketing campaign and more daily news

Southern Cross has launched the next instalment of the With You campaign. This campaign showcases employees of Southern Cross’ business customers working in different sectors. The campaign shows different tasks being completed to provide a glimpse into the work that is done to keep New Zealand businesses running. The campaign will run across TV, On Demand, OOH, print, social media, digital and will also be supported by PR.

“Southern Cross Health Insurance (Southern Cross) has launched the next chapter in its ‘With You’ story with a new creative platform that demonstrates how Southern Cross is with more New Zealand business leaders and their people than any other health insurer, and to recognise the Kiwi workers who give their everything, every day.

The work was created by TBWA\NZ after it won a competitive pitch last year to become the creative agency on record for Southern Cross Health Insurance and Southern Cross Pet Insurance.

Southern Cross is a health and wellbeing partner to over 3,500 businesses, helping business leaders to support their people beyond just the time they spend at work. Just over half of Southern Cross’ almost 895,000 members are part of an employer work scheme. 

Featuring employees who work for some of Southern Cross’ business customers across a range of sectors, the marketing campaign and ongoing platform captures the reality of life inside the workplace – one rarely seen by people outside of those organisations.

From early starts to goal post shifts, mucking in and perking each other up – the campaign shines a spotlight on the many ways that New Zealand workers consistently give their all to keep New Zealand businesses running.

TBWA/NZ’s Chief Creative Officer Shane Bradnick said the campaign presented an opportunity for Southern Cross to champion the efforts of everyday heroes who make a vital contribution to not only their place of work, but their wider communities and country.


“After the past couple of years, nothing feels more important than acknowledging the passion and dedication of New Zealand’s workforce. It was inspiring to be able to capture a representation of our country’s diverse and hardworking people, and then be able to share and celebrate their images and stories with the rest of New Zealand. 


It was a challenging production to pull off, filming on the premises of several businesses at a time when the Delta lockdown restrictions were changing rapidly. We’re grateful to Southern Cross’ business customers for welcoming us into their places of work, and the great work from Dan and the team at Eight”

Regan Savage, Head of Marketing and Engagement for Southern Cross Health Insurance, said that feedback from businesses which choose to be with Southern Cross clearly shows that the benefits provided to employees contribute to their sense of being valued by their employers.

“Celebrating that sense of purpose is something we wanted to capture with this campaign. Our customers who chose to work with us on this project - Oha Honey, Primero Profiles, BECA, Weleda and Unison - typify the thousands of businesses in Aotearoa who support their people with Southern Cross demonstrating that when you take care of your people, they will take care of your business. The creative campaign is our tribute to that partnership.

“TBWA and Eight have done a beautiful job of capturing the highs, lows, joys and challenges of New Zealanders at work – the very people who keep our economy humming and our communities thriving. It was a privilege to be welcomed into their place of work and capture their passion for what they do. We’re really looking forward to sharing their individual stories through this campaign,” said Savage.

The campaign will run across TV, On Demand, OOH, print, social, digital and be supported by PR.”



In other news

FSC: 2022 Event - Future Ready Advice Summit will be held in Queenstown on 17 February

Partners Life: Expressions of interest are now open for 3 day New Adviser Training Course

Pinnacle Life: Financial Analyst job is being advertised