FSC looking for industry insights for new study, and more daily news

The FSC is seeking participants in a survey that relates to the three-part study Money & You. The survey is working to gather data on the views of those in the professional advice industry on the challenges faced within the industry and how New Zealanders can be better served. The survey is designed to take 12 -15 minutes to complete. The results will be published later in the year. The first part of the study was focused on the feelings and knowledge of money of New Zealanders and the second component of the study worked to understand the relationship New Zealanders have with money.

Click here to participate in the survey

AMP: AMP management overhaul keeps its risks “on the downside”

Kiwibank: Kiwibank claims negative OCR is unnecessary

Fidelity Life: new September Sharecare challenge is to achieve a minimum of 20 Green Days for a chance to win a subscription for a ‘Delight Gift Box’ from I AM Co

Fidelity Life: new September Sharecare challenge to track your sleep for at least two weeks to go into the draw to win a $250 Wallace Cotton voucher


AIA set to host online health and wellness event, and more daily news

It was announced that AIA will host an online health and wellness event, AIA Live, on August 2 2020 from 2 pm to 10pm. The event will be focused on mental wellbeing, exercise, activity and rest, nutrition and personal growth while also incorporating music and comedy into the sessions. AIA Life is set to solidify AIA’s commitment to encouraging healthy living. 30 sessions will be running during the event to appeal to people of all ages and in different regions.

“AIA, the largest independent publicly listed pan-Asian life insurance group, today announced plans to host its first ever regional online health and wellness event, spanning 13 markets and headlined by AIA’s Global Ambassador David Beckham.

AIA Live will be broadcast on Sunday 2nd August and will include more than 30 unique sessions, delivering health and wellness content to inspire, motivate and educate people across the region as part of AIA’s commitment to helping them live Healthier, Longer, Better Lives. Key themes will include mental wellbeing, exercise, activity and rest, nutrition, personal growth, as well as light-hearted moments of music and comedy.

AIA Live has been designed to appeal across all age groups and multiple markets, celebrating the cultural diversity of the region while at the same time bringing people closer together to deepen their knowledge of health and wellness in a fun and engaging way.”

Although registration is required, AIA Live will be hosted on AIA’s Healthy Living YouTube channel. This event allows AIA Vitality members to earn points. As part of the event AIA New Zealand ambassadors Ian Jones and Jess Quinn will be hosting activities. Jess Quinn will be running a body image workshop while Ian Jones will be holding a HIIT workout session.

“AIA Live will be hosted on AIA’s Healthy Living YouTube channel and AIA Vitality members will be able to earn AIA Vitality Points for taking part. By registering for the event, participants will also earn the chance to win significant prizes including trips to London to watch Spurs play and meet their first team players, as well as signed footballs from David Beckham, virtual cooking lessons with Jeremy Pang, and merchandise from our other ambassadors. AIA also plans to host similar days in China and India in early September, with tailored content for those markets.

AIA Live will be broadcast in New Zealand on Sunday 2nd August from 2PM-10PM. As part of the event, AIA New Zealand ambassadors Jess Quinn and Ian Jones will be taking part with Jess running a body image workshop and Ian demonstrating an at-home High Intensity Interval Training (HIIT) workout.” Click here to read more

In other news:

Kiwibank: Thousands of Kiwibank customers caught up in privacy breach

Southern Cross: Health screenings 101

AMP: KiwiSaver Still Attractive In ‘retirement’


Product Research Database Update

We have uploaded the latest product research database (version 12_7) onto Quotemonster and distributed it to subscribers. This version includes the following changes:

  • Asteron Life policy wording added and rating changes applied effective 30.09.2019
  • BNZ LifeCare 01.04.2019 policy wording added and applied rating changes
  • Unimed Hospital Select 01.09.2019 policy wording added and applied rating changes
  • Fidelity Trauma Multi 08.09.2019 wording added and applied rating changes
  • AA Life and Funeral cover 01.08.2019 wording added and applied rating changes
  • Kiwibank Home Loan and Life & Living 01.08.2019 wording added and applied rating changes

Winston Calls for Kiwi Insurance Company

In this Newstalk ZB report Winston Peters, Deputy Prime Minister, has called for a new government-owned, New Zealand Insurer. Peters is talking about a general insurance company, but before you consider the wider question - life insurance - Gerry Brownlee has points out that, in effect, NZ already has one: AMI, as a result of the bailout required after the Christchurch earthquakes.

If you apply the same logic to life insurance, the state already owns at least one of those: Kiwi Insurance Limited, part of the Kiwibank group of companies, is already state owned. Plus, the New Zealand Superannuation Fund owns a substantial stake in Fidelity Life Assurance Company.

There could be many directions of argument on the idea of a new general insurer, owned by the state. Although there strong strand of economic nationalism behind what Peters has said he might find that there are others that worry about the high levels of concentration of insurance brands under two large Australian-owned insurers. Those voices might welcome a new insurer joining the field. Still others might reflect that like-it-or-not government is always, kind of, the insurer of last resort, (for example - supporting AMI, running ACC and EQC) so acquiring still more risk might not be such a bright idea. The first step is to be clear about whether there really is a problem with general insurancee in New Zealand - what evidence of actual market failure is there?

Meanwhile, since we're on the subject of general insurance, the New Zealand Initiative has an excellent report on the insurance system following the Christchurch and Kaikoura earthquakes. You can find the report at this link, but here are three summary recommendations as they apply to private insurers:

  1. Government should follow through with proposed changes to insurance that make private insurers the first port of call for claimants in major events, but strengthen audit procedures appropriately;
  2. Government should quickly seek declaratory judgments in key test cases arising after a major disaster; and
  3. Government should consider mechanisms like the Reserve Bank’s OBR for failed insurers.
 

Recent Product Updates

We have just uploaded the Quality Product Research Limited database QPRV10.1 to Quotemonster and subscribers. This version included the following changes:

ANZ Trauma Cover:

Policy wording also updated to the most recent document in the database, standalone cover.

ASB Mortgage Protection Review:

Review & change made to Offsets / Mental Health Limitation / Partial Disability provisions

Asteron Life

Enhancements of Trauma, TPD & Mortgage Protection for Business and Personal  products (effective 19 June 2017)

Kiwibank Mortgage Protection Cover:

Product has been rated & policy wording uploaded to database

Westpac Trauma (accelerated only)

New score added under ‘Diagnosis & Partial benefit’ to capture ‘minor heart attack’

Sovereign Critical Illness 

Updated pricing is being tested and will be applied to Quotemonster by tomorrow morning. The policy wording for these product enhancements has not yet been reviewed and will be reviewed and updated by 26 June, the QPR database will be updated again during that week. 

 

 


Bank Insurers Argue Against "Sales" vs "Advice" Distinction

David Chaplin reports: 

"Banks have mounted an all-out attack on Financial Advisers Act (FAA) reform proposals to clearly distinguish ‘sales’ from ‘advice’ setting themselves at odds with industry bodies and consumers."

and also adds for clarity that

"...the big four Australian-owned banks and Kiwibank all strongly argue against introducing a formal distinction between ‘salesperson’ and ‘financial adviser’ into the regulatory mix."

Those a pretty strong words from David. I was interested in how we know that consumers would like a clearer distinction, and you might be too: 

"An accompanying MBIE survey also found almost 90 per cent of consumers said “clarifying the difference between ‘sales’ and ‘financial advice’ would help them better understand what they are receiving”

Read the balance of the article at this link


Why Can't I see the Banks on Quotemonster

There are a number of reasons why you may not be able to see the banks on Quotemonster or in the pdf reports.

  1. We don't offer the premiums for the banks on Quotemonster and therefore you will only be able to view banks if you subscribe to QPR.

If you are using QPR and can still not view the banks it may be due to either of these:

  1. The banks may not offer the product or options that you are quoting on. For example, a number of the banks do not offer Standalone products, they only offer Accelerated so please ensure the banks offer the products you are quoting.
  2. You have to ensure that you select the banks in "Step 3: Compare Insurers" in the "Research" tab. There is a drop down box labeled "Select More Companies" which lets you select which companies you want to appear on your report. Make sure you select the banks here and click 'Save'.

If you are still having issues please feel free to contact us on (09) 480 6071.