nib Putting Health into Life seminar, and more daily news

nib will be holding seminar series, Putting Health into Life and Work from July 28 to August 14. The seminars will include different speakers that will touch on different healthy living points. As part of the series group insurance as well as the benefits in the current climate will be discussed.

"Our speakers will explain the powerful reasons you can share with your clients around why health comes first and where it fits in the advice process. 

Our Group Sales team will also join our speaker panel to explain why group health is even more relevant as an employee benefit and equip you to access this market with confidence in a post COVID-19 lockdown world."

Different topics relating to health in life and work will be explored in the seminars. Topics include:

"Putting Health into Life

  • Health insurance and the public health services
  • How health insurance meets client’s needs and expectation at various life stages, while complementing other living insurances
  • Understanding life circumstances and expectations
  • Assessing value through premiums and claims

Putting Health into Work

  • Why health insurance is important to employers and their employees
  • How group health can accelerate your business growth
  • nib’s group health value proposition: putting the wellbeing of employees first
  • Supporting you to access this market with confidence"

Click here to register

In other news:

Expert says financial advice is key to emerging from a downturn

FMA:CONSULTATION: Review of 16 class exemption notices expiring in 2021

What I'm seeing at the moment - Philip Macalister's Blog

 

 


Changes in Suncorp management, and more daily news

Paul Smeaton the CEO of Suncorp New Zealand is set to leave his current role and move into the role of Chief Operating Officer at Suncorp’s headquarters. The role of Suncorp NZ CEO will be filled by Jimmy Higgins the current Chief Financial Officer.

“I want to let you know that I am moving to a new role within the Suncorp Group and that our Chief Financial Officer Jimmy Higgins will be stepping in as Acting Chief Executive Officer.

I will be heading back across the Tasman to take up a new role as Chief Operating Officer – Insurance based at Suncorp’s headquarters in Brisbane, as part of some wider executive changes within the Suncorp Group.”

Recruitment for a permanent CEO will begin shortly.

“While there is an internal and external recruitment process underway for my replacement, I am very confident that I will leave you in excellent hands with Jimmy in the interim.”

In other news:

nib: New clients that sign up using nibAPPLY 1 July – 30 September will go in the draw to win one of ten NZ Mystery Weekends for two

Fidelity Life: Fidelity Life launched Stress less their July Sharecare challenge

FMA: Statement of Performance Expectations

nib: nib Adviser Webinar - DHBs and nib’s First Choice Network

AMP: AMP Life rating affirmed after sale


AMP sale finalised, and more daily news

The sale of AMP Life to Resolution Life has been finalised. The sale amounted to A$3 billion (NZ$3.19 billion), with A$2.5 billion being paid in cash and the remaining A$500 million being paid in equity interest in Resolution Life Australia. 

“The total sale proceeds are A$3 billion, comprising A$2.5 billion cash and A$500 million equity interest in Resolution Life Australia, a new Australian-domiciled, Resolution Life-controlled holding company that is now the owner of AMP Life.”

As a result of the sale, AMP will transfer an estimated A$55 billion in client funds as part of the company’s internal separation process. And although AMP will sell AMP Life, the company will be providing technology and administrative services to AMP Life for the next two years as part of a transitional services agreement.

“The separation of AMP Life will significantly simplify AMP’s group structure. The internal separation process included the transfer of approximately A$55 billion of client funds via several successor fund transfers.

 

Collectively these transfers represented one of the largest fund transfers of this kind and enables AMP to focus on its strategic simplification of its wealth management platforms and products.

 

In addition to its residual 20% holding in Resolution Life Australia, AMP will continue to provide technology and administrative services to AMP Life for a two-year period under a transitional services agreement. All customers’ terms and conditions will remain unchanged through the separation.” Click here to read more

Therese Singleton has been appointed CEO of the Resolution Life New Zealand Limited which has an A- financial stability rating from Standard and Poor's. 

 

In other news:

Kepa: Kepa are planning to hold two-day workshops for compliance support people in mid-sized to large adviser businesses in August, September and October

Fidelity Life: Fidelity Life launched Live in the Green, their July Sharecare challenge

nib: nibAPPLY offer extended until end of September

RBNZ: Monetary Policy dates for 2021

 


Daily news update: nib offers continued support to members, and more stories

nib announced that it will offer members continued support in the form of their COVID-19 member and community support package. The support package will be offered until 30 September 2020 to ensure that members are able to maintain their health. cover.

“nib New Zealand (nib) today announced it will offer its COVID-19 member and community support package for an additional three months to make sure members continue to stay safe and healthy by maintaining their private health cover as New Zealand recovers from the pandemic.

nib Chief Executive Officer, Rob Hennin, said that while lockdown restrictions have eased and more healthcare services are now available, the COVID-19 pandemic will continue to have ongoing financial and health impacts on New Zealanders.

“We recognise many of our members have experienced financial uncertainty and additional stress during this difficult time, and we want them to be able to continue to prioritise their health and wellbeing,” Mr Hennin said.

“By extending our support package we hope this provides both our members and the community with additional support to assist them as we return to a new normal,” he added.”

nib is offering:

  • Ability for eligible existing members who are experiencing financial hardship to access special premium relief*.
  • Ability for eligible existing members who are experiencing financial hardship to suspend* their health insurance policy and premium payment for up to six months.
  • Expanded coverage* for chest, lung, kidney and bladder or other treatment related to conditions caused by COVID-19 across all levels of hospital cover (including Basic Private Hospital Cover, Mid Private Hospital Cover and Mid Private Hospital Cover Plus where currently excluded) at no additional cost.
  • Cover for GP or specialist consultations that need to be conducted via video or tele-consultation due to COVID-19*.
  • Automatic increase of pre-approval validity to six months meaning members do not need to reapply for pre-approval if they experience delays to hospital treatment#.
  • Ability for existing members to increase their excess (payable upon hospital admission) to the maximum allowable level under their policy without needing to be re-underwritten if they choose to reduce their excess as their financial situation improves^.
  • Help for members navigating COVID-19 by publishing across our various channels (including nib.co.nz) information on their cover, how to minimise infection risk and related matters.
  • A $1 million donation from nib foundation and nib to support charitable initiatives, including Lifeline Aotearoa and Clearhead, to assist the community across New Zealand and Australia during the pandemic.
  • Offering up to two weeks paid special discretionary leave for all nib Group employees (permanent, fixed-term or casual) who are impacted by COVID-19.

In other news:

Financial Advice: Bring in the Experts – What’s next for FSLAA: An update from the FMA on progress and the path ahead

Financial Advice: Expressions of Interest to join the Association’s Certification Committee now open

CoFI: watch the select committee


Daily news update: ASB and AIA to offer joint home loan benefit, and more stores

It has been announced that ASB and AIA are working together to offer current and new ASB home loan customers Compassionate Care. This benefit is free and is intended to offer customers some relief in the instance their co-borrower dies. Customers will be relieved of paying the interest portion of their mortgage for up to 12 months.

“ASB and AIA have launched Compassionate Care, a free home loan benefit for new and existing ASB home loan customers that covers the interest costs for about 12 months if one of the borrowers on the home loan dies.

It comes at no cost to the customer, and ASB and AIA say they have worked hard to ensure the process is simple and easy, with no requirement to sign up or activate the benefit.

AIA chief product and vitality officer Len Elikhis said ASB and AIA had conducted research to understand the needs of home loan customers and determined that the death of a borrower was a significant point of stress.

Not having to pay interest costs would give customers time to work out how they wanted to proceed with the loan, he said.

AIA will be tasked with adjudicating the claims.

It gave the insurer the chance to cover a large group of people, he said, and strengthened AIA’s partnership with New Zealand.” Click here to read more

This is a smart offer. It covers loads of people. As Len Elikhis points out - it is a significant concern to borrowers. It is also relatively low cost and could naturally lead to a conversation about wider cover requirements. This is also not something you have to leave to the big insurers. I know of one insurance broker who advertised free windscreen insurance for any client that bought car insurance with them. Whether the preferred car insurance paid it or not didn't matter - if it wasn't covered by the insurer they just paid it themselves. Good consumer offers like these create opportunities. 

In other news:

The depth of anger at the approach to regulation in Australia is being revealed with news like this: 

Call to boycott Australian financial adviser exam

nib: Lifeline Aotearoa Increases Support As Demand Surges Due To Covid-19

ICNZ: ICNZ And Banqer Partner To Empower Young Kiwis

 


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


Latest news including: AIA Vitality updates

AIA has been helping clients stay active during the lockdown. AIA has modified how customers can earn points.

"With AIA Vitality at home, members can:

  • Earn up to 50 Points per day with online workouts: led by AIA Vitality Ambassadors Ian Jones, Laura Henshaw, Chris & Bec Judd and Sarah Piotrowski
  • Enjoy a 30 day free trial, plus 10% subscription discount, with Les Mills On Demand: gaining access to 13 fitness programs and over 800 of the world's best workouts
  • Track their activity with a new device: with 25% off across the Fitbit online store, in addition to 25% off on selected Garmin devices
  • Refresh their workout wardrobe with 40% off New Balance footwear and apparel: with a unique, single-use code available on purchases until 30 May 2020"

In other news:

FSC: FSC Connect: A mission to healthier lives with NZ rugby legend, Ian Jones

AIA: Healthy Ad Break

nib Australia: Shareholder Announcements

OUT NOW: ASSET May issue

Newpark: NewPark_Demo_Overview

Now is not the time to shut up about suicide

Many covid deaths in care homes are unrecorded


Southern Cross report on the effect COVID-19 has had on members

Southern Cross has reported that more than 1,000 of their policyholders have applied for the premium relief for redundancy and loss of income policies that the insurer has introduced. To better accommodate customer needs Southern Cross has been working alongside members to understand their needs during this time.

“Nick Astwick, Southern Cross Health Society CEO, says the company has redoubled its relief benefit offerings to all its customers, and “softened” the initial eligibility requirements to reflect customers’ growing need for financial relief. He also noted that while Southern Cross does not cover for acute care, it would still cover for any potential aftereffects experienced by affected customers.

“We’re here to compliment the services provided by New Zealand’s public health system, so there’s no cover in our policies for acute care,” Astwick explained.” Click here to read more

In other news:

Tower: Tower follows AA Insurance's coronavirus lockdown profit pledge

nib: nib Joins Forces With Top Footy Talent To Ignite Wellbeing Conversation

How insurers are supporting their advisers during lockdown

Insurers weigh up pandemic impact

Fidelity Life: Millennials Most Anxious About Post-Covid-19 Future As App Launched To Support NZers’ Wellbeing


nib postpones premium increases

nib postponed premium increases, with this notice published on Thursday: 

We’ve postponed premium increases for policies that are renewing in the April to June 2020 quarter. This postponement will apply to increases attributable to both medical inflation and age increases (including policies on five year age bands). Increases will continue to apply for children moving to adult rates and any changes due to a no claims discount.

These will be postponed until July 2020, but we will continue to review.

You will be aware that increase notices will have already gone out to many members who have policy anniversaries in this quarter. We will be contacting impacted members to advise them of the change.