The FSC has announced that the FSC Diversity and Inclusion Committee will be hosting an International Women’s Day celebration in association with Te Ara Ahunga Ora Retirement Commission. The event will be headlined by Hilary Barry and will also include Jane Wrightson, Nadine Tereora, and Gen Mora.

“The FSC is delighted to invite you to a special event to celebrate International Women’s Day and to launch an exciting new campaign we are running in association with Te Ara Ahunga Ora Retirement Commission.

Featuring a keynote from one of NZ's favourite TV personalities Hilary Barry along with a panel of incredible wāhine:

• Retirement Commissioner Jane Wrightson;
• AA’s first female CEO Nadine Tereora; and
• Mental health advocate Gen Mora.

Hosted by FSC Diversity and Inclusion Committee Co-Chairs Kristy Redfern and Tracey Cross, and AA General Manager Ana-Marie Lockyer, this is a lineup you don’t want to miss, so register now.”

In other news

nib: nib Group has committed $20,000 in funding its Footprints partner Plan International Australia to help with the Tonga volcanic eruption and tsunami

MAS: Force of Nature

Southern Cross: The energy behind the energy: taking care of the Unison team

Financial Advice: How credit and affordability reports can enable a better customer experience and a more informed consumer

nib has announced that the Highway to Health Seminar Series will resume from 10 February 2022 and will continue until 25 February 2022. The seminar series will include topics on the expansion into life insurance, health management programmes for clients, and the value of group health insurance. Those looking to attend the seminar in person will need to present their vaccine passes while those without passes will have the opportunity to watch a recording of the seminar through Take Five.

After a long break due to COVID-19 restrictions, we’re going on the road to bring you our next seminar series. The Highway to Health seminar is coming to a location near you, with presentations and discussion on a whole range of topics that will help you have more healthy client conversations.

What We’ll Cover

Highway to Life - CEO Rob Hennin

The Kiwi Insurance acquisition will see nib expanding into life and living insurance, to fully deliver on our purpose of ‘your better health’.

Highway to Health Prevention

Find out about our health management programmes that can help your clients, our members, take control of their health and wellbeing, and prevent or delay serious health issues.

Highway to Group Health Insurance

Learn more about the value of group cover and wellbeing for businesses and their employees.

Your Health Comes First

With New Zealand now operating under the New Zealand Covid-19 Protection Framework, nib has carefully considered how we will operate our business under this framework. We are committed to ensuring the safety of our advisers, members, our people and the public.

Standing by our commitment to keep our community safe, it will now be a requirement of anyone attending an nib hosted event to provide a valid My Vaccine Pass. We’ll also work within the requirements of each region regarding the traffic lights system.

For our upcoming seminars, you’ll need to show your My Vaccine Pass on arrival. If you don’t have this, you can watch our recording of the seminar via Take Five, so you don’t miss out.

If you have any questions, please reach out to your Adviser Partner Manager, we’re here to help. As we all move into a fresh year, we hope things will be looking brighter for our communities and the economy. Click here to register

In other news

Financial Advice: Economic Update with Cameron Bagrie

Quashed: Ten insurance mistakes that cost you money

MAS: Dayeon Lee named as one of the MAS Here for Good Scholarship recipients

Asteron Life: Suncorp shuffles New Zealand leadership

MAS was a sponsor of Nuku Ora’s Run and Become programme in Wellington for the second year running. The programme is designed to encourage children to become more physically active. The programme is a lead up to the Brendan Foot Supersite Round the Bays that will be held next month. This sponsorship has allowed 750 children and their family to have free entries and transport to the event.

“MAS has sponsored the Run and Become programme, that seeks to encourage physical activity among children and whanau in Wellington, in preparation for Brendan Foot Supersite Round the Bays run in February.

This is the second year the mutual insurer has sponsored the programme, which is run by not-for-profit organisation Nuku Ora to encourage kids to become more active and healthier.

Run and Become’s objective is to make physical activity fun and accessible for tamariki from predominantly low-decile schools in Wellington. The programme will offer free entry and transport to Brendan Foot Supersite Round the Bays for children and their parents or caregivers, as well as t-shirts to run in and a healthy breakfast for the big day.

One of the programme’s first activities was a workshop for students from Avalon Intermediate in Lower Hutt. The students took part in games to help them stay active over the summer holidays, without the need for any special equipment.

"Partnering with MAS means that we're able to help more tamariki participate in physical activity by providing free entries and transport to the 2022 event for 750 children and their family members,” said Nuku Ora event manager Paddy Pierce. “Kicking off with a workshop means Nuku Ora's Healthy Active Learning team can give kids some great physical activity resources, so they can go home and train with their family in the leadup to the event.” Click here to read more

In other news

MAS: MAS will be sponsoring the Brendan Foot Supersite Round the Bays run on 20 February

MAS: MAS members being offered 10% discount on Round the Bays registration fee

Introduction

Peripheral Neuropathy is a condition where the nerves that relay messages to and from the brain, spinal cord and body are damaged or diseased. Most commonly affecting diabetics but also caused by traumatic injuries or infections.

Please find our proposed rating for Peripheral neuropathy below.

Sub-items rating review

Notes

Peripheral neuropathy has a low weighting in our Research database. Most insurers have the same stance towards this condition, with Asteron Life recently removing their drug and alcohol exclusion. While most insurers use the same assessment criteria to qualify for payment: 1) insured must have the inability to perform one or more Activities of Daily Living (ADLs) or 2) a 25% permanent whole person impairment, Asteron only has one of these (which according to our methodology is a difference). When we further investigated how this definition might be applied to other insurers, it became clear that practically, access to a qualified medical practitioner who can perform an assessment, diagnosing permanent impairment may be a challenge for clients outside our larger cities. ACC also uses this permanent impairment criteria for lump sum claims, however very little information can be found elsewhere. Overall, existing data does suggest that claims for this condition are quite low, so we conclude that the definition for all insurers is functionally similar in this case.

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz

Introduction

Were back with another item analysis - this time for Aplastic Anaemia.

Please find our proposed sub-items below.

Sub-items rating review

Notes

A defined treatment option is a commonality across all insurers, excluding Asteron Life who have a more open definition when compared to their competitors. We have included a sub-item for those insurers who require diagnosis from a medical specialist along with a deduction to those that do not offer an additional treatment option. Aplastic Anaemia is a lowly weighted item in our database; however, our proposed rating aims to emphasise the difference in the definition between insurers, rather than focusing too much on ranking them from best and worse.  

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz

nib announced the launch of Kids Cover Free, a new nibAPPLY platform campaign. Kids Cover Free is intended to help New Zealanders prioritise health by offering a free base cover for a child under 21 for 12 months with every adult insured under a new Easy Health, Ultimate Health or Ultimate Health Max policy through nibAPPLY. The offer is available through nib’s adviser partner network. nib CEO, Rob Hennin, has said that the offer reflects nib’s mission of improving the health of New Zealand families. Hennin also highlighted that the campaign is intended to improve the peace of mind of parents. The campaign is valid from today until 31 October 2021.

“Leading health insurer, nib New Zealand (nib), has today launched a new campaign via its nibAPPLY platform, to help Kiwis better prioritise the health of their families. The Kids Cover Free offer is available through nib’s adviser partner network and provides free base cover for one child for 12 months with every adult insured under a new policy.

nib Chief Executive Officer, Rob Hennin, said the special offer reflects nib’s mission to support the better health of Kiwi families and aims to provide members with greater peace of mind, knowing their child’s health is cared for.

“As a parent, taking care of the health and wellbeing of your children is one of your greatest priorities, and biggest concerns. We know from our own 2020 State of the Nation Parenting Survey, that at least three-quarters of Kiwi parents are more mindful of their family’s physical health because of COVID-19,” Mr Hennin said.

“Investing in private health insurance for your children is one way parents can significantly reduce these sorts of stresses, giving them the peace of mind that their child’s regular check-ups or unexpected healthcare needs are likely to be covered and that they’ll have access to timely and efficient care. We hope our Kids Cover Free offer helps take this burden off Kiwi parents, especially after a really difficult year,” he added.

Research from BNZ in 2018 estimates that the average cost of raising a child in New Zealand is just under $16,000 annually or around $285,000 up until the age of 18. Furthermore, IBISWorld uncovered that childcare, clothing and footwear costs had increased by up to 60% from 2013/2014 to 2018/2019.

nib’s own claim statistics also show that the number of healthcare claims for children has increased by 5% in the past 12 months* at a cost of more than $10 million.

The most common claims for children during the period* were:

• Specialist services (consultations including seeing a dermatologist about skin issues such as eczema, dermatitis or an ENT specialist due to tonsils or ears issues) – 3,500 claims, totalling $915,000
• Treatment by General Practitioner – 1,300 claims, totalling $45,000
• General diagnostic –700 claims, totalling $205,000

And individual claims for children can be quite large. nib’s three largest claims for members under the age of 21 during the period* were:

• Fusion to treat scoliosis - $90,000
• Jaw surgery - $69,000
• Electrophysiology and ablation to treat racing heart and restore normal heart rate - $58,000

“We know raising a child doesn’t come cheap, even more so if you’re faced with the need to pay for unexpected healthcare costs out of pocket. Common conditions such as grommets can often set parents back between $2,200-$3,500 and wisdom teeth extraction can cost on average $3,500 - $5,200.

“Making sure your children are insured early means that many of these conditions may be covered, as they have a policy in place before they become pre-existing conditions - which are excluded from most health insurance policies. That’s a huge benefit and one that enables parents to provide greater certainty around their child’s access to quality healthcare for the future,” Mr Hennin said.

The Kids Cover Free is valid for one designated child (under the age of 21) per every adult insured under a new nib policy between now and 31 October 2021. The offer which applies to base cover only is applicable for new members who apply for nib’s Easy Health, Ultimate Health or Ultimate Health Max policies through nibAPPLY (usual underwriting conditions and terms and conditions apply).

In addition to the special offer, nib also provides child only cover options for families looking to cover just their children.

For more information and to view the terms and conditions advisers can visit nib.co.nz/adviser/ or contact their nib Adviser Partner Manager.” Click here to read more

In other news

Lifetime: Once in a lifetime business - Take two

Medical Assurance Society: Do insurers fully understand the realities of customer vulnerability?

RBNZ: Reserve Bank's stress testing plans for insurers revealed

Introduction

Following on with our recent theme of revising ratings, we have reviewed Coma, re-assessing the item based on modern definitions.  A rarely claimed on benefit, yet significant coverage in the media when the insurer decides not to pay out.  

Below are the proposed items for Coma.

Notes

Momentum life is the only provider that requires the insured to be in a coma for 96-hours, while Westpac uniquely requires a permanent neurological deficit. Three insurers, Fidelity, Pinnacle and Westpac specifically exclude medically induced comas and a similar definition is observed in the use of life support systems and response to internal and external needs.

Few insurers continue to use the Glasgow Coma Scale in their definitions – here is a quick overview of what the scale demonstrates https://medictests.com/units/glasgow-coma-score

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz

AIA NZ has announced that employees will be joining the Relief Run, a global initiative for those in India affected by COVID-19. AIA NZ alongside AIA Australia will contribute $30,000 to World Vision’s COVID-19 India crisis appeal. Employees will also complete 5km near the AIA House on 9 June 2021. AIA NZ CEO Nick Stanhope has said that it is important AIA joins this movement.

“AIA NZ are joining their Australian colleagues in the global initiative Relief Run, as the trans-Tasman business contributes $30,000 for the people of India devastated by COVID-19.

On Wednesday 9 June, the AIA NZ team will be running or walking 5km around the Smales Farm precinct in Takapuna, Auckland, and encourage participation from anywhere in the world.

“This is a global virtual event so anyone can take part from wherever they are,” says Nick Stanhope, AIA NZ CEO. “The scale of the tragedy in India is devastating, and we have family members, friends and colleagues directly impacted by the COVID-19 crisis. I feel it’s important we join this movement, and take this small step to make a difference.”

Australian AIA Vitality Ambassador and endurance athlete Samantha Gash is the co-creator of Relief Run, which last year raised more than AU$1 million in support of Australian bushfire relief efforts. Locally the Relief Run will be supported by AIA NZ Vitality Ambassadors Dame Valerie Adams and Ian Jones.

“It’s great to be able to get involved in supporting my fellow AIA Vitality Ambassador Sam Gash, and the Relief Run,” says Ian Jones. “I know the funds raised will have a big impact on the relief effort in India, and will undoubtedly save lives.”

All funds raised by Relief Run will go towards the World Vision’s COVID-19 India crisis appeal, which is sourcing equipment and supplies including beds, oxygen concentrators, food vouchers and tents for temporary COVID-19 care centres.” Click here to read more

In other news

AIA: $597m in claims was paid in 2020. This includes COVID – redundancy, income protection and death claims

MAS: MAS is sponsoring the ILANZ: In-house Lawyers Young In-House Lawyer of the Year award

Asteron Life: Jacques Van Heerden joins Asteron Life as BDM

From Good returns: Keeping up - but not with the Kardashians

KPMG has published a document that is based on insurer information ranging from market position, revenue, profit growth, capital strength, as well as profit and capital company. The document was prepared using publicly available data obtained from audited financial statements filed with the New Zealand Companies Office. There were several requirements applied to determine which insurer qualified to be included. These requirements are:

·       Currently registered as a licensed insurer in New Zealand on 31 December 2020;

·       Filed financial statements with the Companies Office; and

·        Described its main activities in the audited financial statements as either selling or reinsuring life insurance products. 

Those included were categorised into three groups:

·       Top 10 Direct;

·       Other Direct;

·       Reinsurers

Click here to read more

In other news

AIA: Senior Learning Designer role advertised

FMA: Liam Mason appointed as new General Counsel

MAS: PX Administrator/Project Coordinator role advertised

A reader has queried whether QPR takes the sum insured into account in our Research Ratings.  And the answer is yes, we do consider the amount paid by each insurer. In fact amount paid are a vital part of a value-based assessment approach - and something we capture much better than simple feature lists of benefits do. 

In trauma insurance, some companies pay the full benefit for an item, others only make a payment of 10% or 20% of the sum insured because the condition was not severe enough to warrant a full payment. Our score is varied according to how much would actually be paid. In the scenario for Child Trauma, we have a claims amount of $100,000 and calculate how much would be paid out by each insurer.  

Furthermore, based on adviser feedback we have corrected our ratings to reflect the fact that Asteron does include the option to convert their child cover to adult trauma at age 21. Interestingly, if the parent is on Trauma Recovery (TR) and considering converting their child cover to TR with Early Trauma they are required to complete an application. 

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding. 

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz