Legal and regulatory review for the life and health insurance sector

24 May 2021 – Advertising Standards Authority calls for submissions on the review of its Code for Financial Advertising, with submissions closing on 30 June 2021.

25-27 May 2021 – APRA released statistics for life insurance, general insurance and superannuation in Australia.

25 May 2021 – Government Minister, Hon David Parker, announced that the temporary regime, introduced to protect New Zealand assets from falling unnecessarily into foreign ownership during the COVID pandemic, will end on 7 June. bringing into place a narrower national security and public order call-in power. This allows screening of investments in strategically important businesses that do not normally require consent under the Overseas Investment Act, such as those involving the acquisition of military technology or critical national infrastructure.

FMA investigate false COVID-19 advertisement by adviser

False information was posted on Chinese social media platform WeChat by an adviser. It was suggested that people living in New Zealand get health insurance to ensure that don’t have to pay the same amount for COVID-19 related hospitalisation as people in China (up to $250,000). Regardless of a person’s immigration status, anyone is eligible for free emergency treatment and testing for Covid-19. The FMA was notified and the adviser has been contact. Although the adviser agreed to remove the ad, the FMA will be following up on the issue.


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Fidelity Life rebrand

Fidelity Life have rebranded and announced the launch of Sharecare, a healthcare app.

The rebrand project included detailed research and interviews with 2,000 consumers and took a year. It highlighted the need to appeal to consumers and build trust.

Sharecare is a global digital health company that assists people with managing their health all in one place. Advisers will be able to register for the app in early April to try it out before clients will have access to it in May.


Pinnacle Life new advertising

The new Pinnacle Life ad has been crafted in a manner that illustrates the consequences of being unprepared for unforeseen life events. The devastating effects of being unprotected is intended to appeal to the emotions of viewers. The turn in events of the main character's life works to highlight the ups and downs in life and places emphasis on the importance of preparing for unfortunate events while in a good place.


How do I offend thee? Let me count the ways....

In an awful appropriation of a line from a beautiful Elizabeth Barret Browning poem, I shall ask "How do I offend thee, let me count the ways..." as the headline for thinking about advertising.

A friend of my wife's think the Momentum Life advert featuring nude middle aged people is in poor taste. Oh no, not for her the need to be reminded that skin is not so toned, nor body quite so pert, as it once was. This was slightly surprising, because at other times this person is not afraid of being forthright, or engaging in bawdy humour. But I must not digress.

A key axis of tension in marketing is between these two ideas:

  • Show images your audience will identify with, but might be a bit too realistic
  • Show images your audience will aspire to, but might be a bit too unrealistic

You can be criticised for only showing beautiful people, or people of just one type, or only thin people, or...

You can be criticised for showing too much reality - older people with average bodies, people not speaking perfectly, mess, vox-pops etc...

As an advertiser, using a medium that reaches many people, only one thing is certain: you will be criticised.

I actually think the Momentum Life adverts were quite good. In some respects, very good. The cliche of 'shopping naked' is an obvious reference for a company wishing to highlight its ease of application process. A further reference may be to the exposure that one feels when completing application forms, something Momentum rarely requires.