Quality Product Research: addition of specific injury insurance rating

Specific Injury Cover is of great benefit in circumstances where ACC or other insurance policies do not provide sufficient financial protection. Although it presents as a succinct product (or optional benefit), it offers a comprehensive injury cover at an affordable price. It may be the case that this product appeals only to a particular market niche, but we believe that its benefits and features are of considerable value and should therefore be included within our rated products’ suite.

We have a draft comparison of those insurers who offer this product but are yet to release this publicly, pending data to support our ratings.

We invite you to join us on this rating process as we greatly value your input and feedback on changes we make to our platform. We are looking at gaining further insight into this product and would really appreciate any data that you are able to share with us from experience. We are especially keen to gain a better understanding of:

  • The most claimed benefits within Specific Injury.
  • The most claimed fractures.
  • The features that are claimed more than once.

It would be of considerable assistance if you are able to provide us with relevant data and claims information.

Once we have received and reviewed all the feedback, relevant information and data from the Insurers we have communicated this to, we will publish a preliminary rating report for you to review.

Please note that at this stage, the rating framework we have formulated for Specific Injury Cover can change depending on the information we receive from those insurers who wish to participate in this exercise. The finalised ratings will subsequently be published and be available to view on Quotemonster.

If you're interested in being involved in this rating, have had a client with a claim, or are an expert in this field please email us on researcher@qpresearch.co.nz 

We look forward to your assistance and input with this rating exercise and thank you in advance for your participation and time.


Fidelity Life announced Toitū carbonreduce certification and more daily news

Fidelity Life are celebrating Earth Day with the announcement of achievement of Toitū carbonreduce certification. As more clients are interesting in aligning their purchases (including advice) with their values and concern for the future of the environment it will become increasingly important to be able to talk about the suppliers of financial products and their commitment to the same goals. While insurers tend to have relatively low carbon footprints relative to their size in financial terms, and so they have not yet been very actively questioned on their green credentials, we think it only a matter of time before the question is more common. From their media release:

To celebrate Earth Day today New Zealand’s largest locally owned life insurer Fidelity Life has formalised its commitment to a lower carbon future with the achievement of Toitū carbonreduce certification.

Fidelity Life Chief Customer Officer Peter Doherty says achieving Toitū carbonreduce certification is an early step for Fidelity Life on its sustainability journey.

“As the largest locally owned player in New Zealand’s life insurance industry, our customers, people, partners, shareholders and the wider community expect us to step up and help the country meet some big challenges, like climate change.

“Our initial sustainability focus is Kaitiakitanga and, for us, this means protecting the environment just like we protect our customers. It’s still very early days - moving into our new 6 Green Star building recently was our first significant stake in the ground, and now achieving Toitū carbonreduce certification formalises our commitment to a lower carbon, more sustainable future.”

Toitū’s carbonreduce programme is certified to the ISO 14064-1:2018 global standard and involves measuring greenhouse gas (GHG) emissions and committing to a reduction target.

Fidelity Life’s total net GHG emissions for the year ended 30 June 2021 were 503.41 tCO2e (tonnes of CO2 equivalent). It aims to reduce emissions by at least 38% by 2030 through focusing on areas including work-related transportation and the company’s supply chain.

More daily news:

  • Cigna's Gail Costa is hosting a Cigna Live Adviser Event with David Downs as guest speaker on 28 April, registration link.
  • Compliance Refinery is running a session on the psychology of the complaint, registration link.

Have a great ANZAC weekend

 


Cigna to offer 2 month free cover, and more daily news

Cigna will be offering new customers that purchase policies via a financial adviser will receive two months of free cover. Existing customers that increase their cover level through their adviser will have the opportunity to get the first two months of increased cover at no additional cost. This offer will run from 1 April until 30 June. Please see below for details.

“The cost of living might be going up, but at Cigna we want to provide a little help to bring the cost of insurance down.

That's why from 1 April to 30 June 2022, we're offering a little something to lighten the load.

New customers who purchase Cigna insurance with an Adviser will receive two whole months of free cover. Existing customers who increase their cover level with an Adviser will receive the first two months of increased cover at no additional cost.

Dive in to some extra info

  • The offer is open to all new customers who take out a new policy for any qualifying Cigna advice product.
  • The offer is open to existing customers who make an eligible increase to their cover on any qualifying Cigna advice product.
  • New customers will receive two months, or equivalent in premiums credited to their policy
  • Existing customers will receive two months, or equivalent of the increased premiums credited to their policy
  • The offer applies to all new qualifying policies and eligible increases submitted between 1 April to 30 June 2022 and issued before 31 August 2022.
  • The qualifying products are Assurance Extra, Business Extra, Business Assurance, Agribusiness Extra.”

In other news

Cigna: those that register for Cigna Live will go into the draw to win a $1,000 business development prize pack.

Cigna: HelloFresh promotion to end 30 April

Cigna: Cigna Live will be held on 28 April

Cigna: click here to find out about the changes to occupation classes


Southern Cross publish survey results, and more daily news

Southern Cross recently conducted a survey to understand ways New Zealand businesses can minimise the number of employees resigning. Participants were from different sectors and shared their views on job satisfaction, the best things about their jobs and the effect COVID-19 had had on their feelings. Southern Cross CEO Nick Astwick has said that the survey provides valuable insights.

“While the Great Resignation is sweeping the world as the global workforce enters a third year of pandemic-related disruptions, new research conducted by Southern Cross Health Insurance (Southern Cross) has uncovered what New Zealand businesses can do to help avoid the same fate.

Survey participants across a wide range of sectors were asked to share the best things about their job, as well as indicate their job satisfaction, including how those feelings might have changed since Covid-19 reached New Zealand’s shores.

Nearly half of those surveyed (46 per cent) said they feel grateful to have their job, with this figure slightly higher for female respondents (49 per cent) compared to men (41 per cent). Workers in the education and training (63 per cent) and healthcare and social assistance (49 per cent) sectors topped the list.

However, just over a third of those surveyed said they enjoy going to work most days (35 per cent). This increased significantly for those working in education and training (55 percent) while people employed in manufacturing ranked lowest out of all industries (24 per cent). Interestingly twice as many men (15 per cent) than women (seven per cent) said they already have their dream job.

When it comes to what New Zealanders say is the best thing about their job, factors that create a more supportive work culture rank above aspects like pay and flexibility. Just over a third of respondents (34 per cent) said a supportive employer or team was the best part of their job, while 30 per cent also noted their work colleagues feel like friends or family. Again, these sentiments skewed higher for female workers, with 38 per cent of women valuing a supportive environment compared to 26 per cent of men.

Some sectors scored particularly highly when it came to offering a supportive workplace. Just over half of those who work in education and training (53 per cent), for example, said having a supportive employer or team was the best thing about their job, while 41 per cent of those employed in healthcare and social assistance also shared that sentiment.

CEO of Southern Cross Health Insurance, Nick Astwick, said the survey provides valuable insights into what New Zealand businesses are doing right when it comes to employee satisfaction, but it also shows the challenges that lie ahead.

“There’s been many reports of a significant wave of people overseas reassessing their jobs in the face of the ongoing effects of the pandemic, and New Zealand businesses have an opportunity to prioritise how to prevent the same from happening here.

“Businesses already have difficulty filling roles in a tight labour market, and this will only get worse if they have large numbers of unhappy employees silently looking to move on. There is also a huge risk that New Zealand will lose a large swathe of young people, and the upwardly mobile, who want to move overseas after two years of closed borders.

“As CEO of the country’s largest health insurer, I’m navigating these very challenges, and many of Southern Cross’ business customers have shared they’re also facing the same reality. We have a job as business leaders to step up and fight to keep our employees, because at the end of the day, a business’ biggest resource is its people,” said Astwick.

The research has been valuable in showing organisations what key areas they need to work on in order to retain its people. Despite the upheavals felt across the workforce, a proportion of New Zealanders do still enjoy going to work, and this is largely because they feel supported while they’re there and recognised for the contribution they make – but there is more work to do, added Astwick.

“Businesses need to look at the reasons why people are happy in their job - which is having a supportive workplace, a good work/life balance, and flexibility – and use that information to increase the number of people who enjoy their job, and reduce the number of people feeling burned out and reassessing their career.

“Getting those conditions right can mean greater retention of staff. There’s no denying the impact that employee turnover has on an organisation’s productivity and bottom line, so investment in building a purpose-driven culture that also encourages a feeling of belonging can help to retain a motivated and engaged workforce,” said Astwick.

Southern Cross works with more than 3,500 businesses to help them support their people, with just over half of Southern Cross’ almost 895,000 members part of an employer work scheme.

“As a health and wellbeing partner to a significant portion of Aotearoa New Zealand’s workforce, we see how employers are willing to support their people beyond the time they spend at work, and recognise how their workforce gives their everything, every day,” added Astwick.  

“Feedback from those businesses also shows the workplace wellness benefits provided to employees can make them feel valued – and people who feel recognised and supported at work are more inclined to support and show loyalty to their employers in turn, and as they continue to drive the New Zealand economy forward during these uncertain times,” said Astwick.

Key insights from the Southern Cross research

(Omnibus research commissioned with Perceptive – January 2022):

How do you feel about your current job?

I feel grateful to have my job

46%

I enjoy going to work most days

35%

My employer is supportive

31%

I receive recognition for a job well done from my employer

24%

I love my job

24%

I have a better work/life balance following the outbreak of Covid-19

19%

I want to do something completely different to what I am doing now

17%

I feel burned out at work

17%

The pandemic made me reassess my career

15%

I wish I could take a career break

14%

What are the best things about your job?

Good work-life balance

42%

Satisfaction in getting to help others

36%

Supportive employer / team

34%

Flexible hours

32%

Work colleagues are like my friends/family

30%

Positive work culture

30%

Remote / flexible working

29%

Variety

28%

I receive fair / competitive pay

28%

Challenging work

27%

In other news

Cigna: Product Manager role is being advertised

ACC: Wellington based Senior Actuarial role being advertised

 


Fidelity Life appoints new Head of Strategic Alliances, and more daily news

Melanie Beattie leaves her current role as Head of Strategic Alliances to take on the newly created role of Head of Distribution. Bronwyn Kirwan has said that Melanie will be responsible for ensuring the distribution mix continues to provide customers with choices and aligning with Fidelity Life’s end-to-end customer focus.

“Fidelity Life has created a new Head of Distribution role, and its current Head of Strategic Alliances, Melanie Beattie, has been appointed to the position.

Chief Sales and Service Officer Bronwyn Kirwan says the new role brings together accountability for all of Fidelity Life’s distribution relationships.

“Our advisers and strategic alliance partners are critical components of our customer-led transformation and work with us to protect New Zealanders’ way of life. As Head of Distribution, Mel will be responsible for ensuring our entire distribution mix – including new and emerging channels - continues to provide customers with choice, and aligns with our end-to-end customer focus.”

Bronwyn says Mel brings a strong strategic focus to Fidelity Life.

“Since Mel joined us in October 2021 she’s successfully helped us shift gears in our approach to our strategic alliance partnerships, and is poised to apply the same rigour and strategic thought to elevating our support and partnerships in the adviser community.

“The decision of our Head of Adviser Distribution Todd Allan to embark on a new career as a financial adviser, as well as our proposed acquisition of Westpac Life and strategic alliance with Westpac NZ, also played a part in our re-evaluation of our distribution leadership structure.”

Mel Beattie joined Fidelity Life as Head of Strategic Alliances in October 2021. She spent the formative years of her career in the UK starting and selling a business in the energy sector before making a switch to corporate – initially with EY as Executive Director Business Development, then IBM Associate Partner, Global Business Services. She became Head of Strategic Partnerships at ASB and led their partnership practice across corporate, commercial, SME, and rural/primary sectors. In 2020 she took a up new role at tech start up Trade Window as Head of Global Ecosystems.”

In other news

Fidelity Life: Todd Allan to leave Fidelity Life 18 February to become an adviser

Cigna: Claire Terblanche will replace Toni McAlpine as Product Manager for all in Market products after Toni leaves Cigna

FMA: The target date for Class 1 and Class 2 licence applications is 30 September 2022 and the target date for Class 3 licence applications is 30 June 2022

From NZ Herald: Regulators will show more muscle this year, directors warned


Cigna partners with HelloFresh, and more daily news

Cigna has announced that they have partnered with HelloFresh to offer customers the chance to win a month’s worth of HelloFresh boxes. Customers will enter the draw when the adviser quotes a new Assurance Extra policy through the Cigna online quote tool between 13 February - 30 April 2022. A total of 60 packs worth $679 each are up for grabs.

“At Cigna we believe good insurance is like good food, so we’ve teamed up with HelloFresh to bring you and your customers another great reason to start the process of protecting what matters most to them.

What’s the offer?

From 13 February - 30 April 2022, customers who get a quote for a new Assurance Extra policy through the Cigna online quote tool will go in the draw to win a month of HelloFresh boxes, on us. There are 20 prizes each month to be won.

How do I enter my customers in the draw?

When you issue a quote through the Cigna online quote tool on Adviser Hub, your customer will automatically go in the draw. You don’t need to do anything else.

Is there anything else I need to know?

There are a total of 60 HelloFresh packs to give away valued at $679 each.

Quotes on increases or changes to an existing Cigna Assurance Extra policy are not eligible for the prize draw.

Quotes for non-Assurance Extra Cigna covers are excluded as are quotes generated by non-Cigna quoting tools or comparison sites.

Quotes must include the customer’s name and other mandatory fields.

All monthly prizes will be drawn at random using random.org at the end of the promotional period.

The competition is open to New Zealand Residents aged 16 and over only.”

In other news

AIA: Jennifer Wiseman appointed as General Manager Customer Operations

Gen Re: Medical Director role being advertised

From The Guardian: My partner died. Then my brother. Here’s what not to say to someone who is grieving

 


Cigna offer free critical care cover, and more daily news

From 1 February, Cigna will be offering up to $30,000 of free critical illness cover to eligible customers. The cover applies to customers that take out new or additional Cigna Assurance Extra Life Cove worth a minimum of $100,000 via an adviser before 31 March. These customers will receive free critical illness cover that is valid for two years. Once the two years are up customers have the option of renewing to paid cover. When customers choose to have paid cover advisers will receive full commission.

For a limited time beginning 1 February we’re offering a little something extra to New Zealanders by providing them up to $30,000 free critical illness cover for two years on us.

How does the offer work?

For new customers

New eligible customers who purchase a minimum of $100,000 of Cigna Assurance Extra Life Cover through an Independent Financial Adviser will receive two years of free critical illness cover up to the value of $30,000.

For existing customers

Eligible customers that top up their existing Cigna Assurance Extra Life Cover with their Independent Financial Adviser by $100,000 or more will receive two years of free critical illness cover up to the value of $30,000.

For you

At the end of the free cover period, you’ll have the opportunity to connect with your customer to check in and review if the trauma cover still meets their needs. Switching them to paid cover will be as simple as ticking a box. If they choose to keep their cover, you’ll receive full commission on the renewed business. Click here to read more

In other news

Cigna: customers who get a quote for cover through the Cigna online quote tool between 13 February - 30 April 2022 will go in the draw to win a month of HelloFresh boxes

Cigna: Income Protection calculator is now available on Adviser Hub

Cigna: Cigna is currently developing a plan to run Business Development Forums across the country under the Red setting


New Year, new research: expanded and updated research database and product range details...

The Quotemonster team is back on deck for the new year and ready to support your quoting and Research needs.

On our last day of business, we uploaded database version 14.7 to Quotemonster which contained the following changes:

> Fidelity’s range of enhancements effective 15 November 2021  

  • Updated policy wording, brochures, and application forms are also available in the “Documents” tab within your Research comparison screen   
  • Funeral Fund was withdrawn from this date however a static Research rating for this can be found in your "Research Tools" tab 
  • More information on these enhancements can be found here 

> Updates to our Research include:

Within Trauma:

  • Chronic Lung Disease
  • HIV Medically Acquired renamed to HIV

Within Medical:

  • Specialist Consultation – (minor correction to guide score)
  • Imaging
  • Mental Health
  • Physiotherapist (applies to Southern Cross Wellbeing 2)

> Updates to our website include:

  • Research for Life Income/Family Protection has been enabled for AIA, Cigna, Fidelity, and Partners Life

And the biggest upgrade will be an entire site refresh scheduled for early 2022!

Happy Crunching!  


Cigna extends campaign, and more daily news

Cigna has announced that the Good things come in twos campaign has been extended until the end of January. Cigna has highlighted that they have received positive feedback on the campaign. New customers will be able to get two months free premiums while existing customers will get free premiums when they take out or increase their level of insurance via a financial adviser. Cigna will apply the same offer for applications submitted after 17 December. Advisers will be offered twice the servicing commission for two months for all new business. They will also be offered increases sold while the campaign is running.

“To help you and your customers get off to a great start in 2022 we’re extending our Good things come in twos campaign until 31 January.

The campaign’s had a fantastic response and we’ve had overwhelming positive feedback from you about the impact that two months of free cover has had for your new and existing customers.

We'll be backdating the offer so if you've submitted any business after 17 December please let your customers know that they may be eligible to take up the offer.

Two months free for them

We’re giving your customers free premiums when they take out or increase their level of insurance with the help of an Independent Financial Adviser.

New customers will receive two months of free cover.

Existing customers who increase their level of insurance will receive the first two months of increased cover at no additional cost.

Twice the servicing commission for you

We’re offering twice the servicing commission for two months for all new business and increases sold during the campaign period. This is a continued show of thanks for the significant additional time and effort you’ve put in to supporting your customers and to adapting to new ways of working.

In other news

From Good returns: Cold call changes insured's life

Cigna: Cigna NZ "really excited about the change"


Partners Life on reasons for pricing changes, and more daily news

Partners Life has highlighted reasons for the recent pricing change announcement. Partners Life has noted the following reasons as the key drivers for change:

  • The number of claims paid in the past 19 months were greater than expected
  • Partners Life has sufficient data to ensure that the most accurate price of risk is applied
  • It’s been approximately two years since the last Yearly Renewal Term pricing changes
  • high level of cross-subsidisation across some products and within products
  • wants each product to be sustainable, especially trauma and disability

Partners Life has defended the upcoming changes to its premium structure saying they are a "normal aspect of the insurance market that we operate in".

Earlier this week the life insurer said that over the past 19 months it had paid out more in claims than expected and would increase its Yearly Renewal Term (YRT) policy premiums by an average of six to seven per cent from February 21 next year.

Chief commercial officer Tony Arthur said over the past 10 years the company had collected enough data that "...we now have the level of insight where we can appropriately price the client demographic to make sure that we are applying the most accurate price of risk by each customer group".

"It's important to remember it's been almost two years since our last YLT pricing changes and pricing changes like this are a normal aspect of the insurance market that we operate in."

Partners Life chief actuary Anton Gardiner said the firm was not afraid to make tough calls but were "very transparent when we do that".

"For some product lines we are paying more than we expect...and we found quite a high level of cross-subsidisation both across products and within products.

"For our products to be sustainable we had to start to address some of this cross-subsidisation.

“It's important that each product can support itself on its own - particularly for trauma and disability...we were getting a lot more claims than we expected in certain age groups."

An example of this was for trauma claims for women aged 40 to 49 where Partners has paid out over 20% more than it expected to pay. Click here to read more

In other news

Cigna: David Hadley appointed as Business Performance Manager

Fidelity Life: existing Platinum Plus, Platinum Plus Level Term and Mortgage Protector policies with a May anniversary were moved to Tahi on 13 December. The following polices were excluded:

  • polices that are paid from a consolidated direct debit
  • policies with direct debit or credit card payments due 8 - 13 December
  • polices with application or alterations in process
  • polices on claim
  • a small number of other polices for various reasons