Industry awards finalists revealed, and more daily news

The Life Insurance Company of the Year award finalists for the 9th Australian and New Zealand Institute of Insurance and Finance awards were recently announced. Finalists include AIA, Asteron Life, and Fidelity Life. Additionally, Amy Cavanaugh, Pinnacle Life General Manager Operations and Len Elikhis, AIA Chief Officer - Product and Vitality are among the finalists for Young Insurance Professional of the Year award. Click here to read more

“The top New Zealand insurers will have their time to shine at the upcoming awards hosted by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

This year will mark the 9th year of the awards that aim to "...unite all sectors of insurance for a celebration of excellence, professionalism and community".

The finalists were announced this week with Fidelity Life up against Asteron Life and AIA NZ for the top life insurer award.

The 2019 awards also saw Fidelity Life's Ben Holloway win the gong for the young insurance professional of the year.

This year, Pinnacle Life's Amy Cavanaugh and AIA NZ's Len Elikhis are two of seven young professionals nominated for the award.

"This year’s awards are centred around 2020, celebrating how our industry has supported the customer, community, and its people," the ANZIIF says.

The judging panel will explore how organisations or individuals have contributed to professionalism in the insurance industry and how they have successfully addressed issues by implementing innovative change.

The ANZIIF expects more than 400 of the industry’s top professionals spanning the breadth of New Zealand insurance to attend the awards being held at the Cordis in Auckland on Wednesday, November 17.

2021 ANZIIF New Zealand Insurance Industry Awards finalists:

Life insurance company of the year:
- AIA New Zealand
- Asteron Life
- Fidelity Life

Insurance learning programme of the year:
- AA Insurance
- AIG New Zealand

Young insurance professional of the year:
- Stephen Cantwell, FMG
- Amy Cavanaugh, Pinnacle Life
- Len Elikhis, AIA New Zealand
- Joseph Fitzgerald, Wotton + Kearney
- Steph Kelly, FMG
- Daniel Mathieson, Sherpa
- Megan Wolak, Delta Insurance

ANZIIF lifetime achievement award: Announced on the night”

Amy Cavanaugh:

Lo-amy-clr

Len Elikhis:

Aia-elt-len-elikhis

 

In other news

From Good returns: Life cover - the hard sell for Kiwi insurers

Swiss Re: How much more life insurance needs to be sold

From Good returns: Full licensing - what does it look like?


Fidelity Life flood relief package, and more daily news

Fidelity Life has announced the development of a relief package that offers farming customers suffering financial hardship the option to apply to have their premiums temporarily waived without affecting insurance protection.

“In light of the recent flooding that has devastated parts of the West Coast and the top of the South Island, we’ve developed a special relief package for existing Fidelity Life farming customers suffering from financial hardship as a result of the floods. If you’ve been affected by the floods, we’d like to help lighten the load and offer you a break from your insurance premiums, while you get things back up and running. It means you will be able to apply to have your premiums temporarily waived* without impacting your regular insurance protection.” Click here to find out more

In other news

17th Annual Financial Markets Law Conference held on 26 July 2021. Key themes included:

  • Market conduct and surveillance
  • Fintech
  • CoFI Amendment Bill
  • Sustainability and climate risk
  • Cryptocurrencies and digital assets
  • A new dawn of financial market regulations

From NZ Herald: Why are Kiwis so under-insured?

AA health Insurance: Kiwis: ‘Cheaper Health Insurance Please!’

Russell’s piece in Good returns: How overpaying claims leads to product innovation


Recent Product Updates

QPR subscribers have just received the latest database version (138) it is also live on Quotemonster, the changes in this version include:

* Cigna - new policy document 11/11/2020 -  rating changes applied

* Unimed - new policy document 01/08/2020 -  rating changes applied

* AA Health - new policy document nib366402 and nib366401 effective 01/05/2019 -  rating changes applied

* ANZ Life and Living - new policy document A0006 effective 31/01/2020 -  rating changes applied

* Momentum Life: - New policy document for Life 2633-MLPL2-PW 22/10/2020, New policy document for funeral 2667-MLF6-PW 21/09/2020 - Rating changes applied

* Revised view on: Medical - Treatment (overseas)


Insurers on transgender health cover, and more daily news

The availability of health insurance for transgender individuals was brought forward to the Finance and Expenditure Committee in June 2019 in the form of a petition. Elizabeth Poucher, the driver of the petition, stated that transgender women are unable to get the same level of cover as cisgender women.

“Elizabeth Poucher brought a petition asking for the House to conduct an inquiry into the availability of health insurance for transgender people's care related to transitioning.

She said that transgender people were often unable to get cover for things such as breast cancer, which were affected by hormone treatment, although a male-to-female transgender person was no more at risk than a cisgender woman. Poucher said that while people could sometimes get cover for other pre-existing conditions if they were willing to pay a premium loading, that was not the case for transgender people.”

In response, Roger Styles, Health Funds Association CEO has said that insurers look to offer affordable products and that transgender care was often excluded due to high costs associated with transitioning. For this reason, Styles says that exclusions are not discrimination against the transgender community.

“Health Funds Association chief executive Roger Styles said insurers had to be able to offer an affordable product that was appealing to people to voluntarily purchase.

Transgender care was excluded because of the high cost of the transition process, he said, and the risk of adverse selection. People who thought they might transition would take out cover that would pay for it, loading insurers with extra risk.

He said insurers did not agree with Poucher that this was discrimination.” Click here to read more

In other news

AA Insurance: AA Insurance is a finalist in 2020 Diversity Awards NZ

Southern Cross: Southern Cross celebrated Matariki

RBNZ: RBNZ announced that it will publish data from the Credit Conditions Survey for the June 2020 quarter on Tuesday 14 July. Usually run biannually in March and Sept, the Credit Conditions Survey asks banks qualitative questions about changes in credit conditions in bank lending markets. The RBNZ decided to conduct an interim Credit Conditions Survey for June 2020 to understand how domestic credit conditions have changed post-lockdown.

Cigna: David Haak has joined Cigna.