AIA enhance AIA Vitality, and more daily news

AIA has announced the addition of a new benefit to AIA Vitality. Customers will have the chance to earn an Apple Watch when weekly physical targets are reached. This change is intended to motivate customers to increase physical activity. To have the chance to earn the Apple watch customers will need to enter into an interest-free loan agreement to ensure upfront costs are covered. Once customers enter to agreement, AIA contributes to monthly repayments, if physical targets are met, customers will not be required to pay anything. Len Elikhis, chief product and vitality officer, has said that this new addition to AIA Vitality will offers significant value to customers.

“AIA recently launched a new benefit for its AIA Vitality customers, and is giving them the chance to earn an Apple Watch for reaching weekly physical targets – an initiative it says will be a strong motivator for customers to increase their physical activity.

 

To earn their Apple Watch, customers must enter into an interest-free loan agreement to cover the upfront cost. AIA then contributes to the monthly repayments, and if all physical targets are reached, the customer ends up paying $0.

 

Len Elikhis, chief product and vitality officer says the initiative offers “significant value” to the AIA Vitality membership base, which has been growing steadily since its launch.”

 

Elikhis noted that the new initiative is intended to make the Apple Watch Series 6 more accessible as well as encouraging members to achieve goals. 

“The Apple Watch Benefit is another example of the significant value AIA Vitality is providing for our members,” he concluded.

 

“The aim of the benefit is to make it easier for members to access Apple Watch Series 6 to further encourage our members to achieve their physical activity goals.” Click here to read more 

In other news

AMP: AMP Capital insider flies into top job

NZFSG: NZFSG Makes New Appointment


Industry associations merge

The Health Funds Association of NZ will merge with the Financial Services Council from 1 December. Congratulations to the FSC and HFANZ on concluding the merger. In an increasingly complex environment, driven by regulatory change, technology, and consumer choice, it makes sense to have a single, stronger, industry advocate capable to looking across the wide range of issues in common facing the sector. 

From the media release: 

Health Funds Association of New Zealand (HFANZ) and the Financial Services Council (FSC)
today announced a merger into one single organisation under the Financial Services Council
banner from 1 December 2020, creating a membership association of close to 90
organisations.

In a major milestone for the sector, the merger brings together Health Insurance with the
Life Insurance, KiwiSaver, and Investment industries and will place a focus on achieving
good customer outcomes, ensuring sustainability of the sector, and lifting standards and
professionalism from a single, stronger voice.

Rob Flannagan, Chair of the Financial Services Council said, “The merger is a great
opportunity to bring the health and life insurance industry together under one roof and
focus the efforts of our joint members on the important issues of the day, and most
importantly of all, driving better consumer outcomes.”

Len Elikhis, Chair of HFANZ, said “The Health Funds Association of NZ members represent
80% of the health insurance sector and has a rich heritage of over 30 years.

“The private health insurance sector supports 1.4m New Zealanders to meet their health
care costs. We believe that a well-balanced and integrated health system is key to achieving
great patient outcomes.

“I would like to take this opportunity to thank our members for their significant contribution
and we look forward to playing an active part within the Financial Services Council,”
concluded Elikhis.

Richard Klipin, CEO of the Financial Services Council said, “Coming together to build a
stronger association is exciting and important for protecting the health of Kiwis.

“With a bigger, stronger and larger organisation of around 90 members, this merger will
focus our work in the sector and create a stronger voice that will help shape the future
financial wellbeing of Kiwis,” concluded Klipin.


nib Group deploy new digital claims process, and more daily news

nib has announced the implementation of Melvin, a machine learning engine, that will process claims that are submitted via the app. The adoption of this engine is intended to reduce manual data entry. Brendan Mills, nib Group CEO, has said that after nib enabled photo submission and claims via the app, user experience improved while information processing time increased. 

“Nib has implemented a new machine learning engine to process claims submitted via its app in less time by reducing the amount of manual data entry required behind the scenes. 

 

Five years ago the health insurer introduced a new feature that let members take a photo of their receipt and submit a claim via the app. 

While that improved the customer experience, it became a challenge to process the information at the backend as the volumes of photos increased, said nib's CIO Brendan Mills.

 

“We created a great customer experience but we then also caused ourselves some pain in processing photos because we're then taking a whole heap of flat images and having to rekey all the data [such as] provider number, customer number…it was quite an intensive process,” Mills told iTnews.

nib has said been trialing systems for the past six months. The engine uses AWS Textract to pick up all relevant information from submitted photos. The engine is set to save 20 seconds in handling time per claim, with half not needing further human intervention. nib is looking at expanding the service to process more claims, improve the service, and improve accuracy. 

“For the past six months, the health insurer has been using machine learning algorithms to strip information from the photos and pass it through to the core claims processing system. 

 

The engine, dubbed Melvin, was developed with data science consultancy Eliiza and uses AWS Textract to read the relevant information from the photos. 

 

Mills said the process saves an average of 20 seconds handling time per claim, and about half of the claims require no further human intervention to rekey or adjust any of the fields from the image. 

 

The insurer is now considering how to expand the service to process more claims, improve accuracy levels and determine if claims can be paid out without any human intervention. 

 

Mills said work is underway to determine the types of claims that have a very “high confidence” level to approve automatically, possibly with a post-processing quality assurance mechanism in place.” Click here to read more

In other news:

nib: adult or child signing up to Easy Health, Ulitimate Health Max, or Ulitimate Healththrough nibAPPLY will give them two month free cover. Offer ends 31 January 2021

FMA: FMA seeks consultation on proposed guidance for advertising

SHARE: SHARE confirms Newpark acquisition


nib publish finding from parenting survey, and more daily news

nib has published the findings from its State of the Nation Parenting Survey. The survey looked into the concerns of parents in 2020. Behavioural issues was identified as the top health related concern. This concern was raised by 34% of all participants. While parents with young children reported that their biggest concern was children experiencing extensive episodes of irritability, anger and short-temperedness. Nathan Wallis, nib parenting expert, commented saying that the shift during lockdown added to an already emotional stage for toddlers. When discussing lockdown experiences, participants noted that prolonged negative behaviour were common occurrences.

“Leading health insurer, nib New Zealand, has released the findings from its second annual nib State of the Nation Parenting Survey, shedding light on the concerns that have been top of mind for Kiwi parents during a year unlike any other.

 

Behavioural issues are the number one health concern Kiwi parents have for their children, cited by more than a third (34%) of respondents, up 13% from 2019. Last year’s biggest health-related concern, sleep, still features prominently, as do stress levels and diet and exercise.

 

Taking a closer look at families’ lockdown experience, the number of respondents reporting sustained episodes of negative behaviour from their children (lasting two weeks or longer) grew significantly during the nationwide lockdown period. Concerningly, this increase has been largely sustained since lockdown ended.

 

Parents of younger children reported prolonged episodes of irritability, anger and short-temperedness as their biggest concern, while among parents of high schoolers, the sharpest increase came in levels of concern around changes to children’s motivation.

 

nib parenting expert, Nathan Wallis says, “Lockdown saw most families dealing with added stress as they adapted to new and novel experiences. Toddlers may in many ways have felt this most acutely as they are already in a very emotional stage of development - it’s called “Terrible Twos” for a reason. Toddlers are also just beginning to learn how to manage their emotions, so it’s mum and dad who have to do most of it for them. This was understandably compounded by lockdown, so many parents of toddlers had it quite hard.””

The study also found that parents struggled. Participants reported that their motivation, energy levels, and performance at work decreased during lockdown while feeling overwhelmed increased. Parents reported that their biggest source of stress was financial uncertainty which impacted 39% of participants. The study found that only 8% of participants didn’t feel any stress.  When discussing the future, 70% of participants reported that they felt positive and 67% believed that lockdown helped to solidify their family unit.

“The findings also clearly demonstrate the toll 2020 has taken on parents themselves. Lockdown saw sharp increases in the number of respondents suffering from decreased motivation, decreased energy levels, a sense of feeling overwhelmed, and declining performance at work. Any subsequent reduction since lockdown ended has been limited to just one or two percentage points.

 

The biggest source of stress reported by parents this year was financial uncertainty, impacting 39% of respondents – followed closely by the impact of COVID-19 on the world, general job-related stress and the economy. Fewer than one in 10 respondents (8%) reported not feeling any particular level of stress over this period.

 

For the 42% of respondents who saw their financial situation worsen due to COVID-19, the impact of this was reflected in general stress levels, and also felt in terms of quality of sleep and relationships.

 

Despite an undeniably tough year, it’s not all bad news. When asked about the outlook for their family, 70% of respondents reported feeling positive about the future and 67% believe lockdown strengthened their family unit, with many reporting a greater sense of happiness, and better communication as a result.”

 

Here is a list of the key findings: 

Parents’ biggest health-related concerns for their children:

·       Behavioural issues – 34% (up 13% from last year) 

·       Diet and exercise – 33% 

·       Sleep (lack of, too much, pattern changes) – 31% 

·       Stress levels – 31%

Biggest behavioural concerns, with episodes lasting two weeks or longer (as experienced pre-, during and post-lockdown): 

· Pre-school children – prolonged episodes of irritability, anger and short-temperedness. 

§  12% pre-lockdown, 28% during lockdown, 25% post-lockdown

· Primary and intermediate children – prolonged episodes of irritability, anger and short-temperedness. 

§  17% pre-lockdown, 32% during and 28% post-lockdown

·       High school children – prolonged episodes of decreased motivation. 

§  12% pre-lockdown, 37% during lockdown, 23% post-lockdown

 

Biggest personal impacts of lockdown – experienced by parents themselves: 

·       Decreased motivation – 13% pre lockdown, 29% during lockdown, 28% post-lockdown

·       Decreased energy – 14% pre-lockdown, 29% during lockdown, 30% post-lockdown

·       Feeling overwhelmed – 19% pre-lockdown, 33% during lockdown, 31% post-lockdown 

·       Declining performance at work – 5% pre-lockdown, 14% during lockdown, 13% post-lockdown

 

Parents’ biggest sources of personal stress: 

·       Financial uncertainty - 39% of respondents

·       The impact of COVID-19 on the world - 36%

·       General job-related stress - 34%

·       The economy - 34%

 

Impact of lockdown on family unit: 

·       Greatly strengthened family unit – 24%

·       Somewhat strengthened family unit – 43% 

·       Made no difference to family dynamics / relations – 28%

·       Somewhat weakened family unit – 4%

·       Greatly weakened family unit – 1%

 

Parents’ outlook for the future of their families: 

·       Very positive – 22%

·       Positive – 48% 

·       Neutral – 18%

·       Concerned – 2%

·       Extremely concerned – 2%

·       Don’t know / unsure – 8%

 

In other news: 

AIA: AIA Taking Small Steps campaign won Best Brand Campaign at Interactive Advertising Bureau awards

Southern Cross: Little heart monitor can be sent to patients in the mail, speeding up results

Southern Cross: New findings reveal we put higher pressure on ourselves than others

 


Southern Cross launches Cancer Cover Plus, and more daily news

Southern Cross has announced the launch of Cancer Cover Plus. The new cover is intended to give members broader chemotherapy options. Cancer Cover Plus will give members the option to upgrade to Chemotherapy 100, which has a benefit limit of $100,000 or Chemotherapy 300 which has a benefit limit of $300,000. Additionally, members will have the choice to access non-Pharmac cancer drugs.

“Southern Cross Health Insurance (SCHI) is launching competitive cancer care cover to give members more choice when it comes to chemotherapy, including increased access to cancer drugs not subsidised by Pharmac.

SCHI’s new Cancer Cover Plus has two optional upgrades - Chemotherapy 100 (benefit limit of $100,000) and Chemotherapy 300 (benefit limit of $300,000) – to help members during their cancer treatment journey. This covers the cost of Pharmac and non-Pharmac, Medsafe indicated chemotherapy drugs and their administration for the treatment of cancer.”

Nick Astwick has said that the new cover has been designed with the needs of members in mind. Cancer Cover Plus has been developed to complement the unlimited surgical and radiotherapy benefits. Astwick notes that the cover was created so more New Zealanders have faster and more access to affordable cancer treatment options.

“We understand that a cancer diagnosis, or the fear of one, can be scary for people so we wanted to give members peace of mind by providing them with more cancer cover options.

 

“We have developed them to complement the unlimited surgical and radiotherapy benefits we offer in most of our plans, and this will help to provide a comprehensive package to the vast majority of our members who have these products and also tell us their main concern is cancer care,” he said.

 

The Southern Cross Healthy Futures Report 2020 revealed that 79 per cent of New Zealanders are concerned about not having access to cancer treatment services and 59 per cent are worried about experiencing or developing an illness or disease.

 

“Not all cancer drugs are funded by Pharmac which makes them unaffordable for many people. We created this new cancer cover so Kiwis could have faster access and more treatment options to receive potentially lifesaving chemotherapy drugs if they need to,” said Astwick.” 

In other news:

At goodreturns: Adviser consultancy firms say full licensing provisions bring mandate for change

From Partners Life: Do your self-employed clients have the right income cover? 


How best to describe vaccine pre-orders? "Hoarding" or "Funding"

Various phrases have been dreamed up to describe the practice of many western countries - especially those with large pharmaceutical industries - of pre-ordering doses of COVID-19 vaccine. Vaccine nationalism is one. Others sometimes refer to the practice as "vaccine hoarding". This is deeply problematic. It is talking as if the vaccines are there, on the shelf. Graphs showing vaccine capacity and comparing that to the level of pre-orders (such as in this article) fail to adequately explain the cause and effect relationship between these two factors.

Consider the risks - there are many promising candidates and pathways to a vaccine, but the odds are, frankly, long. For the vaccine researcher huge sums of money must be spent in research, development, and testing. Yet without a pre-booked order for the vaccine, this may all be lost - not just by failure to make a viable and useful vaccine, but possibly by a more effective vaccine candidate coming on to the market, which is bought in preference. If you are conservatively managed business, perhaps, not unusually in a time of economic crisis, an eye on conserving capital, you may decide not to progress a vaccine option unless you were really confident about it. Yet the world needs the companies to take these risks. In fact, the more the better.

The scale of the cost (human and financial) of the pandemic is such that the value of effective vaccines is very, very large. By offering to pre-order doses governments are encouraging much more investment both in the science of researching vaccine and in the capacity to produce the vaccines. Turning back to the graph of capacity again and you can see the relationship between capacity and the size of the pre-orders. Far from reducing pre-orders, which would reduce the number of candidates advanced and the capacity to produce them, governments should increase pre-orders, to make it a better bet for teams to invest in the search - as argued by this article

International co-operation will be essential to any medium to long-term strategy with regard to COVID-19. It is truly a case of all being in this together - as, while there is a pool of infected people out there, reinfection could occur. However, it would be crazy for any government to lock themselves into a strategy right now. After all, so much is not known. The virus could mutate and fade away, or several good vaccines could be developed, or it takes a very long-time to develop a vaccine. Or a break through treatment is found - but no vaccine. Each might require substantially different implementation strategies. It seems best to wait and see how the situation develops before betting the farm on any particular approach.


Asteron Life offer customers access to updated Best Doctors, and more daily news

Asteron Life has announced that it will be offering customers the option to access medical advice online and over-the-phone. Eligible customers are those with an existing Asteron Life disability insurance, their children, partners, parents and parents-in-law can all access the service. Please refer to the table below on who are eligible and who are not.

Click here to register for a webinar on Best Doctors

On sale:

Personal Insurance Business Insurance Employee Insurance

Income Protection Cover

Mortgage and Living Cover

Workability Cover

Business Disability Cover

Farmers Disability Cover

Business Expenses Cover

Income Protection Cover

 

 

 

 

 

 

Off sale:

Qualifying legacy products Qualifying legacy covers

Income Protection (all versions)

Incomeplan

Key Person

Business Expenses

Personal Insurance:

  • Mortgage & Rent Cover

SmartLife:

  • Mortgage Protection Insurance - Disability

SmartBusiness:

  • Farmers Disability Cover
  • Business Expenses Cover

Smartplan:

  • Income Protection
  • Business Income Protection

Government talks about joining holistic health app trend

The New Zealand Government may be the latest entrant in the trend of holistic health apps which digitise healthcare in the age of Covid-19, Marc Daalder reports here. Although one aspect of the story is yet to be proven - the official COVID-19 contract tracing app does not have holistic health care features.

Should they decide to do so careful consideration of the feature set is critical. This is a difficult game to play, requiring a delicate balance on several dimensions. Motivation can be seen as nagging. Measurement could be seen as prying. Rewards can, from another point of view, be seen as penalties. Insurers at least can point to the freedom they allow clients: pick up the app if you like, if you prefer not, no problem. That's why government should avoid copying Vitality, Fitbit, and Sharecare. They should focus on doing the things that the market is not, such as online delivery of primary care. Digital delivery of some healthcare functions looks like an obvious way to save time, money, and deliver care to more people. It is certain to come. I've have online consultations myself in Northern Ireland for a sore throat. It saved loads of time and reduces exposure of other people to infection. More of this can happen to spread precious public health dollars further. 


DAILY NEWS: nib non-PHARMAC webinar and more

nib will be hosting a webinar on May 20, 2020, from 11:30 am – 12:15 pm. During the session, nib NZ CEO Rob Hennin, RMA Financial’s Shaun Vining, and nib Customer Care team leader Hannah Larking will be sharing their experiences on non-PHARMAC drugs and the importance of including them in medical policies.

"Join our webinar where we’ll be focusing on why cover for treatment with non-PHARMAC drugs is so important for your clients. We’ll be bringing you the insights of adviser, Shaun Vining, and nib Customer Care Team Leader, Hannah Larking. There will be opportunity to discuss why it’s so important your clients have health insurance with non-PHARMAC cover." Click here to register

in other news:

OUT NOW: ASSET May issue

Australia: Signature scandal puts more pressure on AMP's battle-weary management

Wealthpoint: Wealthpoint advisers ‘cautiously optimistic’

Finzo: Finzo develops 360 integrated solution

Brokers with no BCP urged to make one, ASAP