Quality Product Research: addition of specific injury insurance rating

Specific Injury Cover is of great benefit in circumstances where ACC or other insurance policies do not provide sufficient financial protection. Although it presents as a succinct product (or optional benefit), it offers a comprehensive injury cover at an affordable price. It may be the case that this product appeals only to a particular market niche, but we believe that its benefits and features are of considerable value and should therefore be included within our rated products’ suite.

We have a draft comparison of those insurers who offer this product but are yet to release this publicly, pending data to support our ratings.

We invite you to join us on this rating process as we greatly value your input and feedback on changes we make to our platform. We are looking at gaining further insight into this product and would really appreciate any data that you are able to share with us from experience. We are especially keen to gain a better understanding of:

  • The most claimed benefits within Specific Injury.
  • The most claimed fractures.
  • The features that are claimed more than once.

It would be of considerable assistance if you are able to provide us with relevant data and claims information.

Once we have received and reviewed all the feedback, relevant information and data from the Insurers we have communicated this to, we will publish a preliminary rating report for you to review.

Please note that at this stage, the rating framework we have formulated for Specific Injury Cover can change depending on the information we receive from those insurers who wish to participate in this exercise. The finalised ratings will subsequently be published and be available to view on Quotemonster.

If you're interested in being involved in this rating, have had a client with a claim, or are an expert in this field please email us on researcher@qpresearch.co.nz 

We look forward to your assistance and input with this rating exercise and thank you in advance for your participation and time.


Southern Cross appoints new COO and more daily news

Southern Cross Healthcare has appointed Mark Stewart as Chief Operating Officer, which they say completes recent changes to the executive team. From the Southern Cross media release:

"Mr Stewart brings with him a wealth of expertise in developing innovative strategies within complex environments and leading business transformations. He joins Southern Cross from PwC, where he led the company’s engagement with national telehealth service Whakarongorau Aotearoa.

Prior to that role, Mr Stewart spent more than a decade working for NZ Post, including four years as the state-owned enterprise’s COO. There, he held operational and strategic leadership for more than 5,000 people and co-led the organisation’s transformation in supporting the growing demands of online retail.

Mr Stewart has also spent several years working in the UK and has completed a PhD in Management Science/Operations Research.

Southern Cross Healthcare CEO Chris White says Mr Stewart’s experience makes him the ideal choice for leading operational functions across the hospitals side of the business.

“Mark has a strong track record in leadership and change management within large-scale, complex environments, and these skills will be critical as Southern Cross Healthcare evolves into a more integrated healthcare system that offers consistently high-quality care,” he said.

Mr Stewart will be joining Southern Cross Healthcare from 20 June 2022.

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Partners Life is running webinars on completing your full license application

Strategic pay has published its 2022 Directors' Fees survey

FSC released a blog item titled, “Health Insurance Myths Busted.” https://www.moneyandyou.org.nz/blog/health-insurance-myths-busted

Cardiologists are seeing an increasing number of heart problems in people catching Covid-19


FSC announces Future ready advice summit, Queenstown – and more daily news

The Financial Services Council has announced the new Future Ready advice summit in Queenstown. Come along and join us at the summit and learn about – if you do, we will see you there. More from the FSC:

“Join us at the Future Ready Advice Summit on 14 June 2022 in beautiful Queenstown at the Heritage Hotel. This Summit follows the successful online event in February this year, and gives us a much-needed opportunity to reconnect and learn, while supporting Kiwi tourism.

By attending, you will:

  • Hear directly from our regulatory partners and key decision makers
  • Get the latest advice on thriving under a financial advice provider license
  • Hear from experts and focus on the future and developing professional advice practices
  • Join our Advice Masterclass focused on future-proofing the business model of the future
  • Network with peers and hear from industry leaders
  • Speak to suppliers for practical help and support through the changes
  • Contribute towards your Code Standard 9 competence requirements 

Both streaming and in-person tickets are now available for purchase. In-person numbers are limited, so we encourage you to register quickly to avoid disappointment.

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Partners Life announces new adviser training course 20-22 June

AIA launches new limited cover starter plans

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Quality Product Research: Medical – proposed rating for Product Flexibility

Introduction

Recently, we read an article on Risk Info NZ about Accuro removing their time restriction for members, and former members, who want to make a claim on their policy. This led to us to review if medical providers impose a time limit to their claims. Many insurers have reported that although this clause is present in their wording, they do not enforce it at claims time, however our stance is that we have to rate based on the policy document.     

If you would like to have a read of the article, please click here

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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 Manager, Quality Product Research Limited, researcher@qpresearch.co.nz


How far the world has come and more daily news

From Our World in Data, it is encouraging to reflect of great strides defeating one disease as we try to get out from under the effects of the COVID-19 pandemic:

This is how far the world has come in the fight against polio.

In the 1980s more than 300,000 children were paralyzed by polio every year.

Thanks to the polio vaccine we now have the chance to *eradicate* polio globally in our lifetimes.

Link to more data on the fight against Polio here.

Back in New Zealand the battle continues, however, with about one third more people away from work with sickness compared to a year ago.

 

More daily news:

 


Partners Life new claims platform live and more daily news

Partners Life and Fineos announced that Partners has moved onto the new claims platform, from their media release:

CHRISTCHURCH, New Zealand--(BUSINESS WIRE)--FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announced that Partners Life has become the first life and health insurance company in New Zealand to go live on the FINEOS Platform. The FINEOS Platform is a purpose-built end-to-end SaaS core platform for life, accident and health insurers.

The Partners Life and FINEOS partnership replaced the insurer’s existing system with FINEOS Claims, giving Partners Life unparalleled operational and customer service benefits. The FINEOS Platform includes a market-tested, pre-configured business and regulatory content pack for the region known as FINEOS LISA (Life Insurance Solutions Australasia). Internally, the company will experience improved risk controls and claims management workflow covering life, TPD, trauma, income protection and medical products.

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A New Zealand writer, Nicola McDougall, has a best selling personal finance book in Australia, The Female Investor.

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Cancer treatments not funded by Pharmac in New Zealand are covered in this Stuff article - always a good reminder about the value of private medical cover


Partners Life Updates Claims System and more daily news

Partners Life has announced the launch of a new claims management system. The system is designed to improve how case managers support clients through the claims process, creating a better overall experience and enabling better links to treatment options. From the Partners Life release:

Claims management transformation

Like you, we know how important it is to see claims go through smoothly and know clients appreciate hassle-free service with prompt settlements. We always seek ways to improve client satisfaction, so we are shifting our service level up a few gears.

Today, we launch our new claims management system – designed to deliver a more straightforward and efficient ‘incident to outcome’ claims service for clients, and you as advisers.

Initially focused on Risk claims, this comprehensive operating system upgrade represents one of the most significant investments we have made since Partners Life opened its doors eleven years ago.

…With this system, case managers can better guide clients through their claims journey smoothly – and successfully manage their return to work and independence.

Our case managers will have a greater capacity to coordinate services and treatments, supported by better workflow automation.

In addition, the system’s case segmentation matrix helps coordinate claim journeys related to their level of need. This built-in workflow management feature ensures the best possible client outcomes by providing real-time monitoring, facilitating better resource allocation or escalation response.

… This new claims management system guarantees a more consistent approach, improved payment control, quality assurance, and the best client outcomes.

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Partners Life explain new MUM feature, and more daily news

Recently Partners Life held webinars explaining the features of the new Client Access to Personal Statement feature on the online underwriting platform MUM. For future reference, Partners Life has published a video explaining the new functionality and demonstrating how it works.

“Thank you to everyone who gave up their valuable time to attend the webinars introducing our new Client Access to Personal Statement (CAPS) feature for our Online Application - MUM (My Underwriting Manager).

This new functionality allows you to send your clients a unique, secure link to complete their personal statement in their own time, on their own device. The ability for your clients to pre-complete their underwriting disclosures prior to your meeting can save time at the kitchen table and may reduce the need for multiple client visits.

For advisers who are dealing with clients in a different geographical location, this assists you in providing clients access so that they can complete their own personal statement, enabling a smoother end-to-end advice and application process.

During the process you can view how your clients are progressing with completing their personal statements, and you can also jump in at any stage should they need assistance.

If you were unable to attend the Webinar session and would like more information and a demonstration on how it works, please click on the link

In other news

Fidelity Life: Tahi policy migration happened on the weekend of 26/27 March 2022

Fidelity Life: International Women’s Day 2022

International Women's Day 2022 from Fidelity Life on Vimeo.


Partners Life appoints new CFO, and more daily news

Partners Life has announced that Stewart Taylor will be leaving his current CFO role at ANZ Bank to join as the new Chief Financial Officer. Managing Director Naomi Ballantyne has said that she feels fortunate that Taylor is looking to join a company like Partners Life at this time.

“We are delighted to announce the appointment of our new Chief Financial Officer (CFO).

Stewart Taylor will be joining Partners Life from ANZ Bank where he is currently CFO.

Having access to Stewart’s vast and diverse experience, along with his enthusiasm for everything we are today and everything we want to be tomorrow, will be a real catalyst for us to take our next leap forward.

Naomi Ballantyne, Partners Life’s Managing Director, says, “I feel very fortunate that Stewart was ready to leap back into an entrepreneurial business going through rapid growth and change, at exactly the time that Partners Life happened to be searching for a CFO of his calibre to help drive our business to and through its next significant iteration.”

Stewart Taylor says, “I have enormous respect for the Partners Life team in having built Partners Life from scratch into one of the most important and influential life and health insurers in the New Zealand market. I am excited by the company’s ambitions for how life and health insurance could and should be done into the future, and I am honoured to have been given the opportunity to be part of that journey.”

Stewart’s start date is yet to be announced, but we’re looking forward to him joining our team as soon as he can.”

In other news

World Down Syndrome Day was on 21 March

International Day for the Elimination of Racial Discrimination was on 21 March

World Tuberculosis Day will be on 24 March

FMA: Kiwis need better financial advice, says new FMA boss

Financial Advice: Financial Advice veteran retires with warning note on new regulations