FYI: How to quote Fidelity's Trauma Multi on Quotemonster

Fidelity's Trauma Multi Cover is intended to provide customers with ongoing cover for multiple unrelated conditions.

Trauma multi cover pays out a lump sum if the insured suffer from a condition named in the insurance policy, like a heart attack, cancer, stroke, angioplasty and more. Trauma multi cover offers the opportunity to claim for up to five unrelated medical conditions. Each individual claim will pay up to 20% of the total sum insured.

For further information on this product please click here

To quote Fidelity's Trauma Multi Cover on Quotemonster, click “Settings” and under the Trauma column, select Trauma Multi as shown in the screenshot below.

Once you’ve selected your product basket, click “Save” and “Close” and don’t forget to re-crunch your quote to ensure your premiums and ratings reflect your new Product Selection.

Mutli

This unique product is quoted differently on Quotemonster to reflect 5 potential claim payments. For example, if you are quoting $300,000 total cover on Fidelitys software, you will need to enter 1/5th of the amount on QM - so $60,000 to match your quote.

Example mult

This method allows us to compare a premium and rating for Trauma Multi on Quotemonster, however if you have any feedback please feel free to send this through to info@quotemonster.co.nz


Legal and regulatory update for the life and health insurance sector

6 July 2021 – IRD released a discussion document on proposals that would allow Inland Revenue to regularly collect bulk information about electronic transactions from payment service providers, with submissions closing on 20 Aug 2021. Link

6 July 2021 - The Government announced that it has agreed to establish a consumer data right framework for New Zealand. Link


Fidelity Life purchases Westpac Life, and more daily news

Fidelity Life has announced that they have signed a conditional agreement to purchase Westpac Life and distribute Fidelity Life products exclusively to Westpac customers for the next 15 years. NZ Super Fund: Ngāi Tahu Holdings has joined as a shareholder to help with the $400 million acquisition of Westpac Life. Fidelity Life has highlighted that they are awaiting regulatory and shareholder approvals but expect the deal to be completed by the end of the year. As part of the purchase, the Westpac Life team and 150,000 policyholders will join Fidelity Life. This will increase Fidelity Life’s in force market share from 12% to approximately 17%.

“Today we’re announcing some big news: we’ve signed a conditional agreement to buy Westpac Life and enter into a 15 year strategic alliance with Westpac to distribute our products exclusively to their retail customers.

To help fund the $400 million acquisition we’re absolutely delighted to be welcoming another large shareholder to join our cornerstone investor the NZ Super Fund: Ngāi Tahu Holdings – the investment arm of Te Rūnanga o Ngāi Tahu, one of New Zealand’s largest iwi. Ngāi Tahu Holdings are a fantastic addition to our shareholder base and further strengthen our NZ-owned credentials.

The agreement is still subject to regulator and shareholder approvals, and we expect it to be completed by the end of 2021.

A true partnership.

This new alliance with Westpac, who share our aspiration to reimagine life insurance, aligns with our plans to diversify our channel mix to help us reach even more New Zealanders.

Once the deal’s completed we’ll be welcoming the Westpac Life team and 150,000 policyholders to Fidelity Life and will boost our in force market share from 12% to nearly 17%.”

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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

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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


Legal and regulatory update for the life and health insurance sector

30 June 2021 – FMA published its NZX obligations annual review. https://www.fma.govt.nz/news-and-resources/media-releases/nzx-obligations-review-2021

1 July 2021 - Department of Internal Affairs published a new AML/CFT guideline for reporting entities supervised by the DIA to assist them assess the money laundering and terrorism financing risks associated with dealing with other countries. https://www.dia.govt.nz/AML-CFT-Assessing-Country-Risk-Guideline-for-reporting-entities-supervised-by-DIA-published

5 July 2021 – NZ Police Financial Intelligence Unit released the May 2021 AML/CFT Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-may2021.pdf

 


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

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Legal and regulatory updates for the life and health insurance sector

30 June 2021 – Department of Internal Affairs announced the publication of updated AML/CFT Annual Reporting guidance documents – one for Financial Institutions and Casinos (published in conjunction with the FMA and RBNZ), and one for Designated Non-Financial Businesses and Professions. https://www.dia.govt.nz/AML-CFT-Updated-Annual-Reporting-Guidance-Published

30 June 2021 – RBNZ published commentary on the reduction on banking services available to Pacific Island Nations and the related Pacific Remittance Project established in 2019 with the aim of enhancing access to, and reducing the costs of remittances to the Pacific. https://www.rbnz.govt.nz/news/2021/07/tide-going-out-on-pacific-banking-services

1 July 2021 – NZX announced that the NZ RegCo operating and governance model is now fully established and effective from today as a stand-alone, independently-governed agency performing all of NZX’s frontline regulatory functions. https://www.nzx.com/announcements/374894


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