Quality Product Research: Proposed rating for Aplastic Anaemia

Introduction

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

Please find our proposed sub-items below.

Sub-items rating review

Aplastic

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


Partners Life approve use of electronic signatures, and more daily news

In response to increasing demands to accept electronic signature services Partners Life has announced that they will begin accepting documents with electronic signatures that are submitted through a range of e-signature services. Partners Life may request further information if a submitted document doesn’t clearly show the electronic service used. Additional information may include the document’s audit trail to ensure one of the approved services have been used.

“We have received an increasing number of requests regarding the acceptance of electronic signature services. Electronic signature services provide a safe, auditable means for clients to sign documents digitally.

We can confirm we will accept documents signed using the following services:

  • 2Shakes
  • RightSignature
  • DocuSign
  • AdobeSign
  • HelloSign
  • NitroSign
  • Formstack
  • DocHub
  • PandaDoc

If a submitted document does not display the electronic service used, we may request further information, such as the document’s audit trail, to be certain it was signed using one of the approved services. Please note Memorandum of Transfer forms cannot be signed using electronic signatures and we still require a physical signature on these forms.”

In other news:

FSC: ReGenerations Reimagined will begin on 19 October at  3.30pm

Partners Life: Expressions of interest now open for 3 day New Adviser Training Course

AIA: Last days for adviser wellbeing survey feedback

The Co-operative Bank: Mark Wilkshire will join as the new CEO on 25 January 2022


Goodreturns: level life cover

Matthew Martin reviews Partners Life's decision to increase level rates. We had a great talk through the drivers of level life rates. Interest rates is a dominating factor, but the context for level life cover has always been a backdrop of continuing improvements in mortality risk. That's been put into reverse in most rich countries by COVID-19. Here is Matthew Martin's article. Here are the links to the data investigations that show the impact on life expectancy and the examination of excess deaths through the pandemic


Partners Life set to change Level Life premium rates, and more daily news

Partners Life has announced that from 1 November Level Life premium rates will increase by up to 20% for new business. This change is a result of monitoring the performance of products against several expectations, including claims, lapse rate, expenses, and positioning expectations. Partners Life has clarified that the change in premiums won’t apply to existing guaranteed level premium life covers.

“As a key leader in the Life and Health Insurance industry, Partners Life is focused on ensuring the sustainability of our products for the long-term benefit of our clients.

This means we are constantly measuring and monitoring the performance of our products against expectations in respect to claims, lapses, expenses and competitive positioning.

Our latest review has identified a need for us to adjust our guaranteed level premiums for Life Cover.

With effect from 1 November 2021, Level Life premium rates will increase by up to 20% for new business, which reflects our experience assumptions, and will bring our pricing for guaranteed level life premiums in line with the rest of the market.

This change in premiums will not apply to existing guaranteed level premium life covers (including future contractual CPI indexation increases), in keeping with the guarantee.

As is usual, any non-CPI increases of guaranteed level premium life cover on existing policies will be priced based on the premium rates applicable at the date of increase.”

In other news

nib: Nib halts travel insurance sales in Australia and New Zealand

AIA: Not all life insurers are equal

From Stuff: Why you should constantly review your insurance coverage


Partners Life underwriting process updates, and more daily news

Partners Life has announced that there will be several changes made to the underwriting process from 27 September. The updates include the removal of certain requirements for large sums assured cases, changes to Monthly Disability non-medical limits and Trauma Cover non-medical limits, making questionnaires available on MyPartnersLife, and making the latest Adviser Underwriting Guide available on MyPartnersLife.

“The following changes were implemented into our systems over the weekend, and are effective today, Monday 27 September 2021:

Removal of some requirements for large sums assured cases
We have reflected on what value each of our limit requirements give to us, and have identified that a number have rarely affected the outcomes in the past. As such, we have removed the following from our standard limits requirements:

  • Resting ECG’s. This means that the Code C Medical Examination is no longer required to be completed by a Senior Physician, and a GP medical will now be sent in its place
     
  • HIV and Hepatitis C blood tests from Code B blood tests
     
  • HIV, Hepatitis C, Full Blood Count and ESR blood tests for Code C and above, where Life Cover does not exceed $5,000,000 and TPD Cover does not exceed $3,000,000

Changes to Monthly Disability non-medical limits
We have reflected on our non-medical limit sums assured for monthly disability cover, and have heard your comments around clients issuing cover at either $7,999 per month or $14,999 per month.  As such, we have changed the limits by $1 as a quality of life change, so you can now issue up to $8,000 per month on the personal statement only and between $8,001 and $15,000 per month with an additional Code B blood test and PMAR.

Changes to Trauma Cover non-medical limits
Previously our guidelines considered industrywide standalone Trauma Cover, while the rest of our non-medical limits only considered the risk held by Partners Life. We have updated this to now reflect all Trauma risk held by Partners Life, and have increased the non-medical limit from $1,500,000 to $2,000,000.

Questionnaires available on MyPartnersLife
Historically when clients have had to provide additional disclosure after you have submitted an application, our underwriting team has requested relevant questionnaires be completed from the application form.

With the continued growth in MUM, we recognise the use of our paper application form is fast becoming a thing of the past. As such, we have digitised all of the manual application form questionnaires, which are now available on MyPartnersLife’s forms section.

Adviser Underwriting Guide
We are also pleased to advise that the latest version of our Adviser Underwriting Guideline is available on MyPartnersLife. This updated guide incorporates all changes to our product offerings made since March 2020, including the addition of our new Moderate Trauma Cover and Income and Expense Cover. It also reflects the updated non-medical limit requirements indicated above.”

In other news

Asteron Life: Feedback improves Asteron's trauma cover

From. Good returns: [The Wrap] It's time to check in on advisers' wellbeing

AIA:

GRTV Adam and Sam.mp4 from Good Returns TV on Vimeo.


AIA announce new research project, and more daily news

AIA NZ has announced that it will be sponsoring an independent research project, NZ Adviser Wellbeing Research. The project aims to understand the mental health and overall wellbeing of advisers. AIA is working with Australian researchers Dr Adam Fraser and Dr John Molineux who were both part of a similar study conducted in Australia earlier in the year. The study will explore the current mental health of New Zealand advisers, the habits and attitudes of advisers with positive mental wellbeing as well as the mindsets and behaviours necessary to manage market disruptions. Chief Partnership Insurance Officer Sam Tremethick has noted that AIA is looking to understand the key challenges experienced by advisers. Advisers looking participate can click here.

 

“AIA NZ is sponsoring an independent research project to better understand the mental health and wellbeing of financial advisers in New Zealand.

The project, called the ‘NZ Adviser Wellbeing Research’, aims to understand the current state of mental health of NZ financial advisers, explore the habits and attitudes of those advisers who are currently experiencing positive mental wellbeing, and understand the mindsets and behaviours needed to evolve and manage significant market disruptions.

 

Sam Tremethick, Chief Partnership Insurance Officer AIA NZ, says “We’re looking to undertake a ‘temperature check’ on how advisers are going here in NZ. We know there has been a lot of change in recent times, and this research will seek to understand the key challenges experienced by financial advisers locally, particularly in light of increased regulation, operating in a global pandemic and changing client needs.”

AIA NZ is working with Sydney-based researchers Dr Adam Fraser, founder of The e-lab, and Dr John Molineux who specialise in producing reports of this nature. The pair undertook a similar research project earlier this year in Australia, which was a first-of-its-kind study into Australian financial adviser wellbeing.  Sponsored by AIA Australia, key findings showed poor levels of mental and physical health among financial advisers including

·               73% of respondents had high levels of burnout from stress

·               67% had experienced some level of depression

·               61% had poor sleep due to stress. 

“At AIA NZ we’re committed to helping people live healthier, longer, better lives, and we want to understand how we can better support the NZ adviser market to understand and improve their own health and wellbeing,” Sam says. 

The research findings will highlight future opportunities and inform practical applications for improving wellbeing for NZ advisers, and will be shared widely to benefit the broader industry.
Take part and share your views! Please click the link to take part in the NZ Adviser Wellbeing Research

 

The NZ Adviser Wellbeing Research is open until 10 October 2021 to all financial advisers in New Zealand, not just those involved in the life insurance business. It is not a requirement to have previously placed business with AIA NZ.

 

To encourage participation and show our appreciation, AIA NZ will donate $10 to the Mental Health Foundation for every NZ Adviser Wellbeing survey response received (up to $2,500). Please share your views today; these findings will benefit our industry as a whole, and offer valuable insights into current states of adviser mental wellbeing,” Sam says.  ”

 

In other news

Cigna: Specific Injury short-form application is now available for adding to existing business. The form can be accessed on Adviser Hub.

Cigna: Cigna Live remains postponed until further notice

Partners Life: second educational module: Policy Ownership has been released

Fidelity Life: underwriting and medical forms are now on Adviser hub

Fidelity Life: signatures can be drawn straight on editable forms using a touch screen or inserted as an image

Fidelity Life: application forms are being updated so they can be filled in and signed by customers at home

Fidelity Life: if advisers need to contact Fidelity Life to update anything regarding applications advisers will need to cc the customer or attach their original email for records. This includes:Disclosing medical history, financial detail, occupational or even pastimes. Any changes to their application, for instance a change in sum insured, wait period or benefit period.Start date confirmations and similar notifications

 

 


Closing the protection gap and more daily news

Swiss Re yesterday published the results of a survey undertaken this year to understand New Zealanders' attitudes and behaviours towards life insurance:

The inaugural report, Closing New Zealand's mortality protection gap, estimates that the mortality protection gap for New Zealand households – the gap between households' financial resources and the protection they need to maintain their living standard in the event of the death of a primary earner – at USD 435 billion (NZD 670 billion) as of 2020. 

The findings show that this gap is projected to widen to more than USD 500 billion (>NZD 750 billion) within the next 10 years, in part due to rising consumption and household debt levels. As an industry, there is a need to act now.

The current COVID-19 crisis has increased the sense of risk and insecurity. More than 80% of those surveyed in New Zealand believe that losing the income of the primary earner will affect their family significantly. This is slightly higher than the 72% of all advanced Asia Pacific markets Swiss Re surveyed prior to COVID-19.

Swiss Re's findings show almost two thirds of households in New Zealand have some form of mortality protection gap. About a fifth of households have just 10% or less of the financial resources required to cover their protection needs; in other words, a protection gap of 90%.

The report also examines how to close the gap in New Zealand. Swiss Re estimates that in the decade to 2030, this could be achieved with an additional USD 1.5 billion (NZD 2.3 billion) of life premiums every year. Yet only 39% of consumers reported owning a life insurance policy, and survey responses find that buying life cover is not their default option for increasing security.

You can download the report here:  Closing the mortality protection gap in New Zealand | Swiss Re

Other daily news:

AIA Vitality is offering 1,000 points for members to get their Covid-19 vaccine

Montoux, sellers of decision science software, is running a seminar on engaging long-term care insurance clients

nib: are joining Protecht, sellers of risk management software, for a seminar on culture and conduct risk management.

Partners Life: an interview with Life Kris Ballantyne and Mark Leishman discussing financial literacy can be found here:


FYI: How to quote Partners Life Income and Expenses or Moderate Trauma Cover

We have recently added Partners Life Income & Expenses and Moderate Trauma to our product selection on Quotemonster.

To learn more about these please click on the product - Income and Expenses or Moderate Trauma

To quote these products on our platform, select them in your “Settings” as per our screenshots below:

Moderat

IE

Please free to email us on info@quotemonster.co.nz if you have any questions or comments.

Happy Crunching!


Nadine Tereora to leave Partners Life

The media release from AA "...announces new CEO to guide next stage of journey..." at 9am this morning and that new CEO is Nadine Tereora, most recently Chief Operating Officer at Partners Life Limited.Congratulations to Nadine on the appointment. AA is one of the largest and most trusted organisations in the country. There are many brand-promise similarities between AA's service and insurance and much of AA's operations concerns financial services as well.

More details in the release below:

AA announces new CEO to guide next stage of journey

The Board of New Zealand’s Automobile Association is delighted to announce that Nadine Tereora has been appointed as its new CEO from February next year.

The appointment follows current CEO Brian Gibbon’s decision to retire in January 2022 after 30 years leading the AA as the only CEO it has known, and the ten years prior as CEO of the Wellington (Central) Automobile Association which he joined in 1982.

Association President Gary Stocker said Nadine was clearly the best candidate to take the AA on the next stage of its journey.

“We are absolutely thrilled that Nadine will be joining us as CEO. Her leadership experience in the financial services industry is extensive and varied, making her one of the leading and most innovative executives in the sector. We have worked with her before when she was CEO at Asteron Life, our joint venture partner on AA Life Insurance, and have held her in high esteem for many years.

“More importantly, Nadine is an exceptional people leader. She intuitively understands the importance of the service culture which is at the heart of the AA, and has a natural drive towards customer innovation. She understands that we are here to serve our Members, and for the greater public good,” Gary said.   

Nadine has most recently been the Chief Operating Officer of Partners Life, the second-largest insurance company in New Zealand, and assumed the role after four years as the CEO of Fidelity Life from 2016 to 2020, during which time she played a central role in securing a $100m cornerstone investment by the New Zealand Super Fund to drive innovation and growth.

Nadine’s 2014 appointment to Asteron Life, where she served as CEO and Executive General Manager, distinguished her as the first female CEO of a Suncorp Group company, just as she will also be the AA’s first female CEO.

Under Nadine’s leadership both Asteron Life and Fidelity Life won numerous top industry awards, including Fidelity Life being named Life Insurance Company of the Year at the ANZIIF Awards, in 2017, 2018 and 2019, and the same award for Asteron Life in 2014/15.

She has been a Financial Services Council Board Member since October 2016, serving as Chair of the Life Insurance Committee, and a founding member of the Diversity and Inclusion Committee.

“What is fantastic is that Nadine is clear that she wants to honour what’s special about the AA, and feels privileged to lead the Association into a new era. Brian is very supportive of this changing of the guard, and having worked so closely with Nadine, knows how well her expertise and personality will fit the organisation and its aspirations, ensuring a smooth transition ahead. At this time I would also like to once more pay tribute to Brian who has been such an inspirational leader to us all over the past four decades.  

“Brian has achieved an immense number of milestones such as turning a Membership base of 600,000 into 1.8 million Members, while building an Association regarded as one of the most successful in the world. Its activities are incredibly diverse, offering roadside assistance to more than 500,000 Members each year, providing driver licensing services nationwide on behalf of Waka Kotahi, and supplying all forms of Insurance to Members. The Association also offers financial services, tourism services, expert advice at AA Auto Centres nationwide and driver training. This has all been achieved without increasing the annual Membership fee for 30 years, and most Members receive more in benefits and discounts than the cost of the subscription,” Gary added.

Brian will continue as CEO until the end of January 2022 and then retire to spend more time with his family, but is expected to continue his role with the FIA, where he has been President of the Senate since 2017.

Nadine Tereora

 


Quality Product Research: QPR database update V145

Quality Product Research works continually to update our product ratings. We have just distributed the QPR Database V145 to subscribers which includes the following changes:

 

* Medical Exclusions Major Review - all insurers

* Partners Life - new policy document effective 12/07/2021

> Income & Expenses Cover and Moderate Trauma rated

> Enhancements effective 12/07/2021

 

* AIA enhancements to Trauma & IP/MP effective 23/07/2021

* Pinnacle Life - new policy document loaded

> Life: no rating changes

> IP: no rating changes

> TPD Any Occ Accelerated rated

> Trauma: minor rating changes

* Reviews:

> Trauma

- Osteoporosis re-rate for all companies

- Asteron - Trauma Reinstatement replaces continuous Trauma in TBB

> IP/MP

- Total Disability Class 1&2 5yr for PL

> Life

- Financial Planning & Legal - re-rate for all companies

- Grief and Funeral Support - re-rate for all companies

- Business Future Insurability (optional) added to PL