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


When it’s not covered by your health insurer, and daily news

Recently film and television stunt woman Dayna Grant suffered a head injury that required surgery. It was noted that Grant’s health insurer was unable to cover the $60,000 private surgery. Grant was told her injury wasn’t covered by ACC and that there was a four month wait if she wanted to go through the public health system to treat the 8mm aneurysm and neck injuries. A Givealittle page was created to raise funds to cover the immediate private surgery. The necessary $60,000 was raised within 24 hours of the page going live. Grant has said the money raised will go towards her surgery and recovery, and whatever is left will be donated to Brain Injury Support.

“More than $60,000 has been raised for stunt woman Dayna Grant's brain surgery in less than 24 hours.

The award-winning stunt woman has worked on several high-profile films including Wonder Woman, Mad Max and Xena: Warrior Princes. She recently suffered a head injury on set, a Give A Little page read. She is a mother of three children and also runs a stunt school in NZ.

More than $60,000 had been given by several hundred donors at the time of writing.

The description on the fundraising page said Grant was diagnosed with an 8mm aneurysm

"After experiencing symptoms of traumatic brain injury, Dayna was sent for neuro-imaging CT and MRI scans, unfortunately receiving the devastating diagnosis of an 8mm aneurysm and upper spinal (neck) injuries.

"Surgeons recommend immediate surgery. As is often the way with these things, insurance and liability are a maze of red tape and potentially life-threatening delay through the public health system.

Immediate, private surgery costs NZ$60,000."

According to the details on the Give A Little page, Grant's health insurance was unable to cover the surgery and she faced a four-month wait if she opted for the procedure in the public health system. It was also not covered by ACC.

Speaking to the Herald, Grant said she's been overwhelmed by the response and plans to donate any leftover funds to charity.

"I have been so overwhelmed with the amazing love and support from all around the world," she said.

"$60,000 was raised for my brain surgery on the give a little page in less than 24 hours, the surgery is now covered and anything above and beyond this will be put towards my rehab and post op care.

"I also have neck trauma from the accident a few months ago and ongoing concussion therapy which this will help with a lot.

"If anything is left over it will go towards Brain Injury Support.” Click here to read more

In other news

nib: nib Health Insurance Protect, Connect & Empower Seminar Series were held in Whangarei, Auckland, Hamilton and Tauranga this week

Pitcher’s Family Sues Angels, 2 Employees for Negligence

From Stuff: Why you need to have a closer look at your health insurance

FSC: Financial Services Council Money & You: The Rise of the Digital Investor Research Launch


FSPR deregistration insights, and more daily news

As of 24 June there are 9,926 financial advisers registered on the FSPR. It is being reported that the number of advisers currently on the FSPR is likely to decrease. Since 15 June, 72 FSPs have been deregistered, with just 51% being voluntary. MBIE business registries national manager Rob Rendle has said that there hasn't been any deregistration because financial advisers failed to link with a FAP, although 550 linking failure notices were issued in June. Those that received the notice will have 20 days to update their registration. Rendle has noted that MBIE will only be able to update the registration figures after the 20 day period.

“Almost 10,000 financial service providers are now registered to provide financial advice in New Zealand according to the Companies Office, up by 748 from March 15 this year.

However, that number is expected to drop with about 550 financial service providers (FSPs) being sent letters from the Companies Office warning them of imminent deregistration.

Statistics (see below) provided to Good Returns by the Ministry of Business, Innovation & Employment state that as of June 24, 9926 FSPs were registered on the Financial Service Provider Register (FSPR), up from 9168 as of March 15.

Since June 15, 72 FSPs have been deregistered - 37 of those were voluntary deregistrations, 34 failed to provide annual confirmation and one was deregistered for failing to provide approved dispute resolution scheme details.

Ministry of Business, Innovation & Employment business registries national manager Rob Rendle says the Registrar has not deregistered any financial advisers for failure to link themselves to a financial advice provider (FAP) "...as he first has an obligation to give notice of intention to deregister".

"On 17 and 18 June we gave notice to those FPSs who had not engaged with a FAP by 15 June 2021. About 550 notices had been issued.

"Those FSPs have a 20 working day objection period within which to update their registration.

"Deregistration numbers won’t be known until the 20 working days has passed, and the Registrar has completed deregistration. FSPs will be sent a notice confirming deregistration once it’s completed," Rendle says.

FSPs on the FSPR:

- FSPs registered as financial advisers on the FSPR as at 15/03/20: 9316

- FSPs registered as financial advisers on the FSPR as at 15/03/21: 9178

- FSPs registered as financial advisers on the FSPR as at 24/06/21: 9926

Financial Adviser FSP removals since June 15, 2021:

- Failure to provide annual confirmation: 34

- Statutory Notification (failure to provide approved Dispute Resolution Scheme details): 1

- Voluntary deregistration: 37” click here to read more

In other news

FSC: FSC established a Health Committee and working groups after merger with HFANZ

FSC: Nominations for the FSC 2021 Awards closing this week

FSC: April Financial Resilience Index

Russell’s piece on Good returns: Death rates and the impact of the End of Life Choice Act

RBNZ: Tide Going Out On Pacific Banking Services

nib: Helen's story


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 launch of new health cover option, and more daily news

nib has announced the launch of a new health cover option, non-PHARMAC Plus, that is designed to offer members more access to potentially life-saving treatments not currently funded by PHARMAC. Members will be able to access treatments that are Medsafe approved and have been prescribed or administered according to Medsafe’s guidelines. Non-PHARMAC Plus is now available through adviser and group business channels. Members can add the cover to new or existing hospital cover. There is no waiting periods if members choose to add this option. Benefit limits range from $20,000 to $300,000 per member annually. nib CEO, Rob Hennin, has said that non-PHARMAC Plus was developed to offer members more flexible and affordable options. Through non-PHARMAC Plus members have access to new unfunded medicines. When future treatments for critical illnesses become available, members will be covered.  non-PHARMAC Plus covers the cost of using non-PHARMAC treatments in private hospital or at home up to six months after being admitted to hospital and any drug administration costs once a claim is accepted.

“Leading health insurer, nib New Zealand (nib), has today launched a new health cover option to provide Kiwis with greater choice and access to potentially life-saving treatments not publicly funded by PHARMAC – the government agency responsible for deciding which medicines are subsidised as part of our public health system.

The new add-on cover, non-PHARMAC Plus, is available from today through nib’s adviser and group distribution channels with members able to add to their new or existing hospital cover.

Benefit limits range from $20,000 to $300,000 per member per year, allowing members to choose the level of cover that best suits their health needs and budget.

nib New Zealand Chief Executive Officer, Rob Hennin, said the non-PHARMAC Plus option was developed in response to a growing need for cover that provides members with greater choice, affordability and flexibility when it comes to modern medicines.

“New Zealand’s public healthcare system is often recognised for the level of care it provides, but we’re also ranked as having the worst access to funded modern medicines of the 20 OECD countries,” Mr Hennin said.

“Without funding, these medicines can often cost hundreds of thousands of dollars, placing Kiwis who are already under significant stress dealing with an illness, with the added financial burden of paying for treatments out-of-pocket.

It’s why we’ve introduced this add-on option which is designed to better protect our members’ health by making potentially life-saving treatments more affordable and accessible,” he added.

nib’s non-PHARMAC Plus option provides cover for all medicines that are not funded by PHARMAC, are Medsafe approved and have been prescribed or administered in line with Medsafe’s guidelines – not just cancer treatments.

“The great part about our non-PHARMAC Plus option is that the add-on benefit also enables our members to ‘future-proof’ their cover so that when new unfunded medicines become available to treat critical illnesses, they’ll be covered for it,” Mr Hennin said.

“As these advancements in medicine innovations continue to take place, advisers will play a critical role in educating and informing the public of the various health cover products in market to help support their clients’ long-term health needs,” he added.

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 if members choose to add this option to their policy.”

In other news

Financial Advice NZ: Dunedin roadshow to be held Tuesday, 29 June – 9:30am to 12pm

Financial Advice NZ webinar: Update from the FMA, unbundling Full Licensing, and Consultation on Financial Advice NZ Constitution

Financial Advice NZ: Professional Ethics Workshop


AIA Vitality campaign launches and more daily news

AIA has announced the launch of an AIA Vitality campaign to encourage advisers to share their AIA Vitality experiences. AIA has noted that the campaign is designed to support adviser businesses and amplify health and wellbeing. Chief Partnership Insurance Officer Sam Tremethick has said that AIA is aware of countless AIA Vitality stories and would like to hear more personal stories from advisers and clients. Advisers have the opportunity to share their stories and go into the draw to win a day with one of the AIA Vitality ambassadors. Ambassadors will offer their services throughout the day. Advisers are able to enter the draw until 9 July 2021.

“AIA New Zealand has launched a campaign encouraging its advisers to share their experiences with AIA Vitality, the insurer’s flagship programme.

The campaign’s winners can spend a day with one of the programme’s three ambassadors: Dame Valerie Adams, former All Black Ian Jones, and wellness advocate Jess Quinn. The ambassadors will support the winning advisers in their business for a day, taking part in various activities, such as speaking at a business event, participating in a team activity, or supporting a community project. 

According to AIA NZ, the competition is its way to further support advisers’ businesses with a creative concept, as well as broadcasting its message of health and wellbeing for all New Zealanders. Entries are open until July 09, and can be submitted through the AIA NZ website.

“There are so many amazing stories out there that bring the AIA Vitality journey to life,” said AIA NZ chief partnership insurance officer Sam Tremethick. “We know of advisers who have seen significant mental and physical benefits since joining the program, and clients who’ve shared their own positive personal experiences. We’d love to hear more of these, and how together we’re making a difference in people’s lives.” Click here to read more

AIA_NZ_Bring_Us_With_You_banner

In other news

nib: clients that have stopped vaping and/or smoking tobacco for more than 12 months, can apply for non-smokers rates

Russell’s piece in Good Returns: The tale of two claims - The media's perception of insurance

 


Quality Product Research: Proposed rating for Coma (Trauma)

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.

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


Massey University announce Financial Capability Practitioners certificate, and more daily news

Massey University has announced the launch of the microcredit certificate for Financial Capability Practitioners (level 5). The course was created by Massey University’s NZ Financial Education and Research Centre (Fin-Ed Centre) and will be delivered by the Research Centre. Those that successfully complete the course will be provided with a Massey University Financial Capability Practitioner 10 credit micro-credit certificate. This can be go towards an individual’s on-going CPD requirement. The micro-credit requires individuals to undertake 100 hours of allocated learning and practice time.

Learning outcomes include:

  • Understanding national and international trends in financial capability and wellbeing
  • Current practices and models for delivery of financial capability
  • Ways to review clients’ current capability and progress during the course
  • How to apply principles of adult learning in the practice of developing financial capability
  • A model for embedding financial capability in current practice vs traditional ‘bolted on’ model
  • Personal financial management techniques and skills to facilitating learning about them.

Click here to find out more

In other news

Partners Life: Financial Security Questionnaires no longer required

Fidelity Life: Melissa Cantell - more than meets the eye

Asteron Life: Three insurances to consider when you start a business

Gen Re: A Mental Health Claims Dialogue

Fidelity Life: Senior Product Manager role advertised

nib: Protect, Connect & Empower Seminar Series to be held June 22, 2021—July 9, 2021

Fidelity Life: research insights 

Screen Shot 2021-06-02 at 12.42.12 PM