Pinnacle Life explains why it sometimes deletes Facebook comments and more daily news

Pinnacle Life has a good post explaining why it sometimes deletes Facebook comments. We have probably all seen comments which fall into this category: a real problem, often with an insurer, but sometimes not even with a life insurer, let alone the insurer who runs this particular page. There is genuine hurt and heart behind the complaint, but sometimes this strays into abuse. They explain:

We don’t believe other people should be able to use our page or posts to promote themselves or their beliefs, including spreading misinformation or disinformation. If our feed is used in this way, we will hide or delete those comments.

For example, we get genuine complaints from people who have been let down or treated badly by their insurer from time to time. Our first step in these instances is to check if they are a Pinnacle customer. Of all the complainants on our Facebook page, none have turned out to be a Pinnacle customer. These folk often have valid reasons to be angry or upset. These stories upset us too.

We usually reply to these comments offering support but also pointing out that every company and policy is different. If, however, the commentator turns it into a platform for a tirade against the insurance industry, we will hide or delete those comments.

In the last 12-18 months, the type of comment we have hidden the most has been to do with covid and covid vaccines. We will hide any comment that purports the covid vaccine to be a cause of death or injury or that insurance companies won’t cover you if you have had the vaccine or any other type of misinformation. We have written several blogs about covid and the vaccine, outlining the fact that covid makes no difference to whether you are covered or not, and neither does the vaccine.

Any comments with swearing or bad language will also be deleted!

The whole post offers a good insight into what it means to manage a social media page.

 

More daily news:

Southern Cross has won the Reader's Digest most trusted health insurer survey

AIA is hiring three underwritiers

The FMA published an article on NFTs. https://www.fma.govt.nz/news-and-resources/fma-stories/spotlight-on-nfts/


Southern Cross celebrate new marketing campaign and more daily news

Southern Cross has launched the next instalment of the With You campaign. This campaign showcases employees of Southern Cross’ business customers working in different sectors. The campaign shows different tasks being completed to provide a glimpse into the work that is done to keep New Zealand businesses running. The campaign will run across TV, On Demand, OOH, print, social media, digital and will also be supported by PR.

“Southern Cross Health Insurance (Southern Cross) has launched the next chapter in its ‘With You’ story with a new creative platform that demonstrates how Southern Cross is with more New Zealand business leaders and their people than any other health insurer, and to recognise the Kiwi workers who give their everything, every day.

The work was created by TBWA\NZ after it won a competitive pitch last year to become the creative agency on record for Southern Cross Health Insurance and Southern Cross Pet Insurance.

Southern Cross is a health and wellbeing partner to over 3,500 businesses, helping business leaders to support their people beyond just the time they spend at work. Just over half of Southern Cross’ almost 895,000 members are part of an employer work scheme. 

Featuring employees who work for some of Southern Cross’ business customers across a range of sectors, the marketing campaign and ongoing platform captures the reality of life inside the workplace – one rarely seen by people outside of those organisations.

From early starts to goal post shifts, mucking in and perking each other up – the campaign shines a spotlight on the many ways that New Zealand workers consistently give their all to keep New Zealand businesses running.

TBWA/NZ’s Chief Creative Officer Shane Bradnick said the campaign presented an opportunity for Southern Cross to champion the efforts of everyday heroes who make a vital contribution to not only their place of work, but their wider communities and country.

 

“After the past couple of years, nothing feels more important than acknowledging the passion and dedication of New Zealand’s workforce. It was inspiring to be able to capture a representation of our country’s diverse and hardworking people, and then be able to share and celebrate their images and stories with the rest of New Zealand. 

 

It was a challenging production to pull off, filming on the premises of several businesses at a time when the Delta lockdown restrictions were changing rapidly. We’re grateful to Southern Cross’ business customers for welcoming us into their places of work, and the great work from Dan and the team at Eight”

Regan Savage, Head of Marketing and Engagement for Southern Cross Health Insurance, said that feedback from businesses which choose to be with Southern Cross clearly shows that the benefits provided to employees contribute to their sense of being valued by their employers.

“Celebrating that sense of purpose is something we wanted to capture with this campaign. Our customers who chose to work with us on this project - Oha Honey, Primero Profiles, BECA, Weleda and Unison - typify the thousands of businesses in Aotearoa who support their people with Southern Cross demonstrating that when you take care of your people, they will take care of your business. The creative campaign is our tribute to that partnership.

“TBWA and Eight have done a beautiful job of capturing the highs, lows, joys and challenges of New Zealanders at work – the very people who keep our economy humming and our communities thriving. It was a privilege to be welcomed into their place of work and capture their passion for what they do. We’re really looking forward to sharing their individual stories through this campaign,” said Savage.

The campaign will run across TV, On Demand, OOH, print, social, digital and be supported by PR.”

 

 

In other news

FSC: 2022 Event - Future Ready Advice Summit will be held in Queenstown on 17 February

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

Pinnacle Life: Financial Analyst job is being advertised


Accuro make several appointments, and more daily news

Accuro has appointed Marion Guy as the board chair. Guy leaves her role as deputy board chair after Tony Haycock retired after serving as the chairman for the past five years and director for the past nine years.  Guy has said that it is an exciting time to be leading. Richard Kirkland has been appointed as Accuro’s director. Kirkland has expressed his delight in being part of Accuro, saying that he is a big believer in the members’ ownership of Accuro.

“Not-for-profit health insurer Accuro has elevated deputy board chair Marion Guy (pictured above left) to board chair, succeeding the retiring Tony Haycock. Richard Kirkland (pictured above right) also joined the company’s board.

“The last nine years has been a very rewarding journey,” said Haycock, who was a director at Accuro for nine years and chair for the last five. “I am leaving Accuro at a time when it is in great shape. We have carved out a strong point of difference and continue to innovate. Membership has grown above industry norms, based on great service and a desire to always do the best for our members; something which is reflected in our consistently high levels of customer satisfaction.”

Guy, a registered nurse with three decades of health sector and governance experience, has been on the board since 2016.

“It’s an exciting time to be leading New Zealand’s best little health insurer, as we continue to implement new initiatives and technology to deliver even higher levels of member service and face the challenges ahead,” Guy said.

Kirkland, has been appointed to fill the vacancy left by Haycock, brings considerable experience in technical and regulatory aspects of insurance and finance.

“I am delighted to be involved as I am a big believer in the members’ ownership of Accuro,” Kirkland said. “The ‘client first’ as a distinct foundation gives mutuals a significant edge over shareholder-owned businesses.” Click here to read more

In other news

Pinnacle Life: Easy ways to feel happy - 5 key things that make a difference

nib: modern slavery statement


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


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


nib report on financial growth, and more daily news

nib New Zealand recently reported on the financial results for the 12 months to 30 June 2021. nib announced that it had experienced good results despite COVID-19 related uncertainties and disruptions. Premium revenue was $277.8 million (NZD), a 9.8% increase from the same period last year. The increase in premium revenue has been credited to strong policyholder sales and pricing adjustments.  An underwriting result of $26.8 million (NZD) was achieved, this is up 3.6% from the same period last year. Click here to read more

“nib New Zealand today announced its results for the 12 months to 30 June 2021 (FY21) with premium revenue lifting 9.8% to NZD$277.8 million and underwriting result1 of NZD$26.8 million up 3.6% on the same period last year (FY20: NZD$25.9 million). 

nib New Zealand Chief Executive Officer, Rob Hennin said the business delivered another good result despite the uncertainties and disruptions caused by COVID-19. 

 

“From the onset of the pandemic our key focus has been on the health and wellbeing of our members, travellers and employees, which is why we swiftly enacted our member support package that, to date, totals AU$45 million across the nib Group,” Mr Hennin said. 

 

The full year result includes the full release of the initial NZD$9.0 million COVID-19 provision, matching the expected claims catch-up for deferred treatment.

 

“While there was some initial impact on healthcare access, claims have quickly bounced back which means our members have been able to get the healthcare treatment they need,” Mr Hennin said.

 

Premium revenue growth for the period was driven by strong policyholder sales and pricing adjustments. Net policyholders increased 1.6% impacted by the decrease in inbound international students due to COVID-19 travel restrictions.

 

“Excluding international students, policyholder growth was 5.0% supported by the performance of channels including group, adviser and our whitelabel partner, the New Zealand Automobile Association. Since we acquired the business, we’ve grown policyholders by 50%,” Mr Hennin said

Mr Hennin said growth in nib’s net promoter score (FY21: 34 vs FY20: 33) reflected nib’s digital transformation progress, with investment in system modernisation improving the member experience.

 

“We’re big advocates of digital healthcare as it addresses many of the barriers that prevent people from accessing healthcare. That’s why we’ve teamed up with digital-first providers like Tend to make it easier for our members to see a GP, coupled with Zoom pharmacy which improves medicines adherence by delivering prescriptions direct to a patient’s home or work,” he said.

 

Mr Hennin said nib also continues to work with its key partners and members to roll out population health initiatives that deliver significant health and wellness benefits to the community. 

 

“For example, we’re supporting Ngāti Whātua Ōrākei’s Body Warrant of Fitness programme which helps members to access quality healthcare providers and increase their health knowledge and literacy. By providing free primary health checks, the programme aims to improve their health outcomes through early detection and diagnosis of any potential disease,” Mr Hennin.

 

“We’re also actively developing solutions to expand these initiatives to other iwi,” he concluded.

 

nib New Zealand Chairman, Tony Ryall said FY21 also demonstrated the importance of good health and the role private health insurance plays in helping Kiwis to achieve better health outcomes.

 

“The pandemic has heightened community awareness of disease risk and the need to better manage that risk. Our partnership with Honeysuckle Health reflects this thinking as we look to deploy advanced data science to more precisely predict and treat health risks, moving towards prevention over cure,” Mr Ryall said.”

In other news

AIA: Rosalyn Lambert will be on leave until mid-next year with Anna Biss stepping into her role.

From Insurance Business Mag: What does 'fairness and integrity' mean in the advice journey?

Pinnacle Life: Should health and life insurers change the way they underwrite policies?

Cigna: Cigna appoints experienced lawyer, Jeremy Valentine, to its leadership team; Valentine was formerly of Co-op Bank


New premium comparison database v114

We have just distributed a new Life Premium Comparison database v114 to all subscribers. It has the following changes:

  • Updated AMP Lifetrack Life, Trauma and IP prices effective 22-Jul-21
  • Updated AMP RPP Life, Trauma and IP prices effective 12-Aug-21
  • Updated Pinnacle Life prices effective  4-Aug-21

If you have any questions about the update or would like a refresher on the reports available and the data included please let us know and we can schedule a time to take your pricing and product teams through the materials. 


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


Zombie fee focus by regulators and more daily news

Investment News NZ highlights the issue of 'zombie fees' in its recent piece on ASIC's legal action against five AMP entities in Australia. "Zombie fees" are fees which carry on being charged even if no service is being given, sometimes even if the client has died. Of course, if an investment management service is continuing then some level of fee should continue but it is hard to argue advice is being given if the client is dead. In a sector which usually knows the age of its clients and offers products explicitly focused on end-of-life issues we are being challenged to be more active in identifying when a client dies, which is a matter of public record, rather than simply continuing to take the money. 

In a release, the Australian Securities and Investments Commission (ASIC) says the legal action alleges five AMP entities “were involved in charging life insurance premiums and advice fees to more than 2,000 customers despite being notified of their death”.

Last year AMP paid out about A$9 million in a remediation program established to redress fees charged to close to 20,000 dead insurance and superannuation fund clients.

But the latest ASIC action comes in “respect of 2,069 deceased members affected by the retention of premiums, and 27 members affected by the retention of advice fees”.

Does this affect New Zealand? Not directly, in the Investment News NZ column it is clear that NZ entities are not part of the recent news. However, it is clearly unacceptable to continue to charge premiums and or advice fees long after a person is dead in either jurisdiction. We can expect that when conduct law passes here, a conduct program will need to envisage how to identify if a person has died and how to treat products while and end-of-life process is followed. Advisers, largely exempt from the conduct programs, will inevitably be caught by either their obligations under the Financial Advice Provider license, Code, or commitments to product providers. 

You can read more at this link: https://investmentnews.co.nz/investment-news/zombie-fee-charges-rattle-amp/ 

Other daily news: 

Kōura is calling for advisers that want to offer a 'facilitated' digital advice process. This underlines the trend towards convergence of digital and human in contrast to the binary view of development in the past. 

Pinnacle Life shares details of how a change in income may affect the need for life insurance. 

Adviser business values - those that are low and those that are high - are the subject of my recent piece at goodreturns. 

Seth Godin shares with us how not to miss a deadline - and how to - in two interesting and challenging posts: https://seths.blog/2021/05/how-not-to-miss-a-deadline/

 


Quality Product Research: Proposed rating for Benign Brain and Spine Tumour

Introduction

The World Health Organisation states that 130 different types of brain tumours exist. A benign brain tumour is a non-cancerous growth in a distinct area of the brain. The survival rates for patients with benign brain tumours are higher than others, however this depends on the size and location of the tumour within the brain.

Proposed sub-items

Capture

Notes

There are some noticeable differences between insurers such as whether partials exist, or if the spinal cord or tumour on the pituitary gland is covered. We have tried to make the sub-items clearly demonstrate the variation between insurers.

Why is this important?

Although QPRs weighting of this item is low, it would be of high interest to those that have a family history of brain cancers. With a lot of insurers now having specialised cancer products we would like to ensure that our rating is relevant. 

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