nib offer complementary mental health cover, and more daily news

nib New Zealand has launched the new complementary mental health cover that is available to Ultimate Health and Ultimate Health Max members who purchased their policies from 1 October 2021. Eligible customers will have access a consultation with a psychologist or psychiatrist without the consultation being linked to a hospital claim. The new mental health cover replaces the complementary Ultimate Health and Ultimate Health Max travel insurance cover that was offered in the past.

“nib New Zealand (nib) has launched a new complementary Mental Health cover for eligible Ultimate Health and Ultimate Health Max members to provide greater access to mental health services and help Kiwis continue to keep on top of their health and wellbeing.

The new mental health cover is available to members who are covered under a new nib Ultimate Health or Ultimate Health Max policy purchased from 1 October 2021 and provides up to $2,500 of consultations annually with a registered psychologist or psychiatrist on referral from a GP. The complementary cover will initially be available to members for one year.

nib New Zealand Chief Executive Officer, Rob Hennin said the health insurer was pleased to help improve access to mental health services and support the one in five people1 across the country who experience a mental illness each year.

“More and more Kiwis are seeking vital mental health services and we want to ensure eligible members are provided the opportunity to access such care, when they need it,” Mr Hennin said.

“The new Mental Health cover offers eligible members greater access to treatment as they can access a consultation with a psychologist or psychiatrist without it needing to be linked to a hospital claim such as cancer or cardiac services. Those members only need a referral from their GP to claim and they have the flexibility to choose their own health provider,” he added.

The introduction of nib’s mental health cover replaces the previous complementary Ultimate Health and Ultimate Health Max travel insurance cover. nib travel insurance sales have stopped while nib pursues new underwriting arrangements for its travel insurance business across Australia and New Zealand.

Mr Hennin said he believes the new cover will be well received by members who may need additional support for their mental wellbeing.

“As we move towards our ambition of health partner, we want to ensure our members feel supported and empowered to be proactive when it comes to taking care of their health and wellbeing. And, with varying lockdowns and COVID-19 restrictions likely to have an impact on the mental health of our community we believe the introduction of our Mental Health cover is timelier than ever,” he said.

nib’s new Mental Health cover is also available to existing members with an Ultimate Health and Ultimate Health Max policy that commenced from 21 April 2018, with the complementary mental health cover commencing following the renewal of their Ultimate policy from 1 December 2021.

For more information on nib’s Ultimate Health cover advisers should speak with their Adviser Partner Manager. ”

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Fidelity Life: enhancements to CPI option and Indexation option. This will apply to new business issued on the amended wordings.

Fidelity Life: survivor's income cover options have been simplified

Fidelity Life: class 1-4 definition of ‘total disability’ has been updated for income protection-type covers

FSCL: FSCL sees spike in overall complaints


Fidelity Life announce new Solutions and Services team, and more daily news

Fidelity Life has announced the creation of the Solutions and Services team. The team will be led by Trecia Brown in her new role of Head of Solutions and Services. The Solutions and Services team will be responsible for delivering advice solutions, professional development, and the Building Better Businesses programme.

 

Fidelity Life is transforming its support for advisers with the creation of a new team delivering solutions across the areas of advice (including advice-tech) and professional development, as well as an expansion of the company’s market-leading Building Better Businesses programme.

 

The new Solutions and Services team will be headed by the widely experienced Trecia Brown. Drawing on her 30-year career in financial services, Trecia steps up from her current position as Head of Professional Development to become Head of Solutions and Services.

 

Fidelity Life Chief Sales and Service Officer Bronwyn Kirwan says Fidelity Life is on a mission to deliver best-in-market support to advisers.

 

“We’re making great progress with our customer-led transformation, and that includes expanding our adviser and partner propositions so together we can help more New Zealanders get the benefits of insurance protection. 

 

“Our new Solutions and Services team recognises advisers’ needs are constantly evolving as the broader business environment changes. Taking our cues from a range of stakeholders including customers, advisers and regulators, as well as from emerging technologies, our intention is to help advisers stay one step ahead,” says Bronwyn.

 

One of the first cabs off the rank is a new video series specifically for financial advice businesses and designed in conjunction with well-known business and leadership coach Jennifer Myers.  

 

“Working on your business is just as important as working in it, and this new video series will help advisers build and maintain a resilient business,” says Trecia. 

 

“As well as covering key topics like setting business goals, identifying target markets, and building your personal brand, we also look at finessing advisers’ softer skills which are often overlooked as an essential ingredient to running a successful business.”

 

Meanwhile, Fidelity Life’s Building Better Businesses programme is also set for further expansion, with new modules in the pipeline including business diagnostics, behavioural economics and benchmarking.

 

Today’s announcement follows the unveiling of Fidelity Life’s new look Strategic Alliances team last week and continues the momentum of the firm’s customer-led transformation.

 

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Cigna: pay later option available on eApp for customers that have been referred for further underwriting

 

Financial Advice: Financial Advice submitted on the Advertising Standards Authority Consultation on the new draft Financial Advertising Code

 

FSC: 5 sleeps until ReGenerations Reimagined

 

October 15 is Global Handwashing Day

 

World Food Day will be on 16 October 

 

World Osteoporosis Day will be on 20 October


Quality Product Research: How do we model the package weightings and why?

A package should reflect the relative value of different types of insurance protection to the person buying that cover. We put weightings on packages because, for example, a package of just life and trauma is less comprehensive than a package of life, trauma, mortgage protection, and medical.

A summary of the weightings is shown below:

Prdouct new

Zoom in on the income and mortgage elements for a moment. That was raised by several advisers recently who feel that mortgage cover is the first element of temporary disability protection put in force. Market practice backs this up - quoting by advisers in Quotemonster shows that more mortgage protection is now quoted than income protection. So how were we to revise the package breakdown? We took the view that of the 45% of the package value assigned to MP and IP combined, the scores should reflect the relative weights when MP and IP are typically included in a plan together. MP often covers the first 40% of income insured and IP tops that up to about 75%. Clearly it can vary according to rules specific to each company and products used, but broadly this gives a new weighting as follows:

MP         25%

IP           20%

Total      45% of package value

We value and appreciate all the feedback coming through! If you have any questions or comments please email them through to info@quotemonster.co.nz


Income protection concerns for the self-employed and other daily news

In the UK, where the gig economy is more developed than it is here, policy makers are worried that varieties of social protections designed for full-time employment are not going to work so well in the 2st century labour market. These include pensions (to us, superannuation), holidays, and insurance. Income protection in particular is under the spotlight because, at the same time as self-employment is growing rapidly, it seems that income protection is shrinking rapidly. Income cover has become more and more restrictive for the self-employed as insurers have grappled with long-term claims with hard-to-pin-down signs and symptoms. This sounds familiar. In fact, it sounds like our future if the APRA changes mandated to ensure the sustainability of income protection eventually end up being adopted here. The essence of the problems with income protection for the self employed is a lack of flexibility in the product. That is exactly what insurers are struggling with too. If both want more flexibility it looks like there is room for a new kind of IP product for the self-employed. 

Other daily news

Fidelity Life rolled out August Lockdown mix-tape on Spotify – some fun and simple initiatives for people working from home. Link here: https://www.linkedin.com/posts/fidelity-life-company-ltd_august-lockdown-mix-tape-activity-6836487685444636672-OcWj

Fidelity Life has advertised a new role for Head of Risk and Operational Compliance. More info and the Seek.co.nz link here: https://www.linkedin.com/posts/angelareddy_head-of-risk-operational-compliance-job-activity-6835715862239031296-rVZJ

Asteron Life providing product innovation by listening to customers and advisers. Link here: https://www.linkedin.com/posts/asteron-life-limited_asteron-life-supporters-for-life-activity-6836047658919055361-Y_3g

Stuff published a handy guide to the interaction between ACC, health insurance, and harm if you get an allergic reaction to the vaccine against COVID-19 (a very rare eventuality, but there are some instances of this). Essentially, you are covered by ACC and your personal health insurance is unaffected. Link


New Zealander’s health concerns, and more daily news

A Swiss Re study has revealed that because of COVID-19 one in three New Zealanders have increased health concerns. The study found that one in two participants felt that their financial future was positive while 14% were anxious about their financial future. The number of participants that had increased health concerns and participants that were anxious about their financial future were the lowest among other developed countries within the Asia-Pacific region. Leigh Watson, head of life and health in Australia and New Zealand noted that although the New Zealand findings weren’t as concerning as respondents from other countries in the region, mental wellness and price certainty were identified as issues. The study found that New Zealanders felt that policy features were the most important aspect of insurance and claims payout was the least important aspect. Watson highlighted that the insurance industry has a role in promoting wellbeing.  Watson has said that Swiss Re is looking to work  alongside insurers to help customers through difficult situations.

“A Swiss Re study has shown that one in three New Zealanders have an increase in health concerns as a result of the COVID-19 pandemic - however, this is the lowest reported level of concern among developed markets in the Asia-Pacific region.

The study showed that half of all surveyed New Zealanders were keen to resume domestic and international travel and social activities, and one in two respondents felt that their financial future was positive. Fourteen per cent (14%) felt overwhelmed or anxious about their financial future - the lowest percentage in the surveyed region.

When it comes to insurance, respondents felt the ability to set a fixed premium was the most important policy feature (31%), while monetary payout was the lowest priority (19%).

Leigh Watson, head of life and health in Australia and New Zealand, said that while New Zealanders appear to have less money troubles compared to other APAC countries, issues like mental wellness and price certainty remained a concern.

“While New Zealanders aren’t so worried about the financial impacts of the pandemic, they are worried about the mental wellness impacts, which have been exacerbated by COVID-19,” he said.

“We can see that New Zealanders would also like to see more price certainty in their insurances, and the industry is definitely trying to tackle this through a greater focus on more sustainable products and pricing.”

“Claimants are also looking for faster and easier claims processes,” he continued.

“Our claims team recognises that an innovative and agile response is required to support our insurer clients, and ultimately customers, to help them navigate unforeseen challenges in their time of need.”

Watson said that the insurance sector needs to “draw lessons” from the pandemic and how customers are responding to pressure, and it particularly needs to increase its focus on resilience and mental wellness.

“The insurance industry has a role to play to promote wellbeing, and to support a more proactive management of everyone’s physical and mental health,” Watson said

“The impacts of COVID-19 on mental health remain a concern, and we are assisting insurers in helping their customers through difficult situations and towards long-term recovery.” Click here to read more

In other news

nib: nib Health Insurance Protect, Connect & Empower Seminar Series held in Queenstown and Invercargill

Fidelity Life: From 31 July 2021 desktop Apollo will no longer be available, advisers will need to access Apollo web.

Fidelity Life: For applications submitted up to 31 July 2021 Fidelity Life will pay the commission rate that applied at the time of submission

From Good returns: [GRTV] Looking after advisers' mental health

From Stuff: The traumatic process for young women needing a hysterectomy - examples of the value of the power of choice in healthcare


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

 

 

 

 

 


nib announce grant programme, and more daily news  

nib foundation has launched Health Smart Grants, its first New Zealand grant programme. The grant is designed to support registered charities that work to improve the health and wellbeing of New Zealanders. nib has noted that there are three $40,000 grants available. nib New Zealand CEO, Rob Hennin has said that he is looking forward to seeing the impact the Health Smart Grants programme will have. nib foundation Executive Officer, Amy Tribe has said that Health Smart Grants will help in creating a healthier landscape. Expression of Interest applications are open until 30 June 2021. Shortlisted applicants will be invited to submit a full proposal in mid-August.

“nib foundation, the charitable entity of leading health insurer, nib New Zealand (nib), has today launched its first Kiwi grant programme, called the Health Smart Grants. Designed to support registered charities dedicated to improving the health and wellbeing of Kiwis and our rangatahi (youth and young adults), there are three Health Smart Grants of $40,000 up for grabs. 

 

nib foundation Executive Officer, Amy Tribe, said being able to offer the Health Smart Grants to Kiwi charities, is an important step towards creating a healthier landscape across both sides of the Tasman.

 

“Chronic conditions account for more than 80% of all deaths in New Zealand, but over a third of this health burden is avoidable. And with an ageing population and contributing lifestyle risk factors on the rise, it’s expected to continue to increase unless there’s adequate intervention,” Mrs Tribe said

 

“The good news is, in so many cases, these conditions can be prevented by addressing modifiable factors such as poor diet, lack of exercise, alcohol use and smoking. We know there are many amazing organisations in New Zealand doing great things in the community, so we hope word spreads about this opportunity,” Ms Tribe said. 

 

The Health Smart Grants are designed to provide a healthy funding boost to charities specialising in prevention and that are using innovative ways to empower and educate Kiwis to be health smart in their everyday lives. Initiatives that are inclusive and relevant in supporting our rangatahi to achieve improved health and wellbeing outcomes will be given preference. 

 

nib New Zealand Chief Executive Officer, Rob Hennin, said he is looking forward to seeing the impact the Health Smart Grants programme can make for Kiwis and their health.

 

“There’s a huge opportunity to prevent and better manage the chronic conditions that exist among our community today. It’s time more investment is placed in this space and I hope that those working in the charitable sector driving these kinds of behaviour changes apply, as the work they do is truly life changing,” said Mr Hennin. 

 

Expression of Interest (EOI) applications are open from 1 - 30 June 2021. Following this, shortlisted applicants will be invited to submit a full proposal in mid-August for the opportunity to receive a $40,000 grant.

 

To submit an EOI, visit: www.nib.com.au/foundation/apply 

 

In other news

Fidelity Life: Part 3 accreditation questions on Learning HQ

FSC: FSC Research Launch: Technology and Micro-Investing 

nib: April top five claims

Screen Shot 2021-06-02 at 1.07.24 PM

 

nib: nib Webinar Series – Tend