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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Resolution Life acquires superannuation business

In Australia, Resolution Life has acquired a substantial superannuation client base from AIA. From a New Zealand perspective this underlines AIA's Australasian commitment to focus on the life and health business. From the media release:

'Resolution Life Australasia has agreed to acquire AIA’s Superannuation & Investments business for an undisclosed amount, describing the move as one that will “strengthen” its market presence...

S&P Global ratings says the proposed acquisition will improve Resolution Life’s scale in the Australian market and drive operational efficiencies.

“The purchase supports our assessment of the insurer as a closed-fund consolidator – a stronger business model than that of a pure run-off,” the rating agency said.

AIA says the assets it has agreed to sell were purchased as part of its acquisition of the Commonwealth Bank of Australia’s life insurance and investments business known as CommInsure Life. Australia CEO and MD Damien Mu says the sale reflects AIA’s intention to focus on its core business of life and health insurance and wellbeing services. “Post the integration of CommInsure Life, we commenced the next step of our transformation journey, through which we will create a simpler, faster and more connected AIA,” Mr Mu said.'

Link: https://www.insurancenews.com.au/life-insurance/resolution-life-agrees-to-buy-aia-super-business

In other daily news:

  • Only 14 of 26 insurers working with advisers in Australia accept digital signatures
  • Can you produce a statement of advice in under two hours? That's what's required according to some Australian advisers in order to be profitable in that market
  • Would you like to participate in a benchmarking project to understand how your business compares to others (anonymously) in terms of key financial metrics? if so, contact us.

 


Fidelity Life moves more policies onto Tahi, and more daily news

Fidelity Life has announced that the next phase of integrating policies onto Tahi has begun. Platinum Plus, Platinum Plus Level and Mortgage Protector policies renewing from April to October have begun to be moved to the new policy management system. Please see below for policies that are excluded in the move onto Tahi.

“Late last year we launched our new policy management system (Tahi). Up until now Tahi has held only new business and a small subset of policies with a May anniversary.

We're now excited to share that on Monday 21 February, we'll be taking the next big step in the phased roll-out which involves moving Platinum Plus, Platinum Plus Level and Mortgage Protector policies renewing from April through to October, to Tahi.

Taking a phased approach has given us the opportunity to test and learn, and ultimately ensure a seamless experience for you and customers.

So what does this mean for you?

Access to systems over the weekend.

From 3pm Friday 18 February until 9am Monday 21 February, Adviser Centre will be offline for updates.

Although Apollo will still be available for illustrations, any applications submitted over the weekend or any saved in-progress eApps will only be able to be viewed via Adviser Centre from 9am Monday 21 February

Policies moving to Tahi.

From 21 February existing policies with a renewal due in April, May, June, July, August, September and October will have been moved to Tahi except for the following:

  • Policies that are paid from a consolidated direct debit.
  • Policies with direct debit or credit card payments due 15 - 18 February.
  • Policies with proposals or applications for alterations in progress.
  • Policies on claim.
  • Policies in arrears.
  • A small number of other policies for various reasons.

The reason the above are being excluded is to ensure pending proposals, alterations and payments are processed without delay to ensure the customer is not impacted.

Viewing policy details under the Tahi tab.

Under the Tahi tab in Adviser Centre there’s a policy/customer report where you’ll be able to see the details of your policies that have been moved to Tahi. Simply click on the policy number in the report to see a summary of the policy, including details of the customer.

New reporting tools just got a whole lot more useful!

Under the ‘Tahi’ tab you’ll find details of your ‘new’ new business submitted from 15 November and all existing policies that have been migrated (as outlined above).

The new reports available under the ‘Customers and policies’ tab provide you with a range of insights and will help you to better manage your customers, find opportunities within your book and track your business performance. 

A reminder of what’s new and different:

  • Proactively engage with customers around upcoming events with a calendar view of a few of the key milestones in a customer’s policy – things like special events increases, renewals, cover expiries, level term continuation options.
  • Understand what your product mix looks like across your book and discover opportunities and gaps with our cover opportunities tool.
  • Easily access information on whether a customer has an exclusion on their cover, or if they’ve missed paying a premium, understand why etc.”

In other news

nib: nib NZ announced its results for the six months to 31 December 2021

(1H22) with premium revenue up 11.2% to NZD$151.4 million while the underwriting result of NZD$10.2 million reduced 15.5% on the same time last year (1H21: NZD$12.1 million).

From NZ Herald: Regulators will show more muscle this year, directors warned

Gen Re: Celebrating a Lifetime of Reinsurance Relationship


Partners Life introduces new personal statement functionality, and more daily news

Partners Life has announced that advisers will be able to send clients secure links that allows them to complete their personal statements as part of the underwriting process. Advisers have the ability to track progress and can assist at any stage. Clients can access this function from 7 February.

“Introducing the ability to send your clients their Personal Statement to complete!

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. This ability for your clients to pre-complete their underwriting disclosures prior to your meeting can save time at the kitchen table and reduces the need for multiple client visits.

For advisers who may be selling to 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.

You will be able to track how your clients are getting on with completing their personal statements and can jump in at any stage should they need assistance.

We’re excited to show you how it works and have prepared a training video demonstrating this new functionality from an adviser and a client’s perspective.

We have also prepared a frequently asked questions (FAQ) document to answer any questions you may have. Click here to read them.

In other news

World Cancer Day is on 4 February

Fidelity Life: Congratulations to Annette Lewis who is appointed as the new Head of Propositions

Partners Life: Partners Life will be hosting webinar sessions to give a live demo of the new personal statement functionality on 9 February 10am – 11am and 15 February 1pm – 2pm


Database V14.6 now Live!

Our updated database is now live on Quotemonster and reflects the following changes:

Changes to Research include:

  • New policy documents and minor rating changes for Accuro and Unimed
  • Asteron Life's new range of enhancements (for more details click here)
  • Cignas’ new range of enhancements (for more details click here)
  • Income and Mortgage Protection product weightings have been updated (for more details click here
  • Definition reviews for:
    • Aplastic Anaemia - Trauma
    • Critical Cancer & Booster (AMP only) – reflecting the difference between the base and plus range
    • Peripheral neuropathy- Trauma
    • Diagnostic tests – Medical
    • Imaging – Medical
    • Product flexibility – Medical
    • Support & Allowance – Medical
    • Inflation Adjustment (Partners Life Income and Expenses only)
    • Offsets – Income protection
    • Partial Disability – Income and Mortgage Protection

Changes to Quotemonster include:

  • The option to add a 50% benefit loading to health cover – initiated by your feedback
  • Family Protection Research now available for AIA, Cigna, Fidelity Life and Partners Life
  • Spring cleaning for our Research ratings:
  • Optional items that are not included in the score are shown as 0*

0

  •   If an insurer does not have an item (but others do) this will be shown as a dash (-) for their score

Dash

  • A legend has been added to our Heat Map report once generated

Leg

  • Rate changes for the following companies:
    • nib (effective 1 October 2021)
    • Unimed (effective 1 August 2021)
    • AIA Private Health (effective 1 November 2021)
    • Southern Cross (effective 1 November 2021)

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

Happy Crunching!


nib announces Clearhead content series, and more daily news

nib has announced that Clearhead has launched a new content series in partnership with former All Black and Clearhead ambassador Nehe Milner-Skudder. The initiative is designed to support the wellbeing of most at-risk communities and in honour of Mental Health Awareness Week. Clearhead aim to open up a dialogue about mental wellbeing among Maori communities. Throughout the series, Milner-Skudder shares his mental health story and strategies that helped him in his journey. Milner-Skudder has noted that he is proud to be part of the initiative and hopes that his story helps more Māori to seek help when they need it.

“In honour of Mental Health Awareness Week (MHAW) and to better support the wellbeing of our most at-risk communities, Kiwi digital mental health company, Clearhead, has today released further resources to provide more tailored support for Māori, in partnership with nib foundation.

Alongside a suite of culturally appropriate upgrades across its website, Clearhead has launched a new content series with former All Black and Clearhead ambassador, Nehe Milner-Skudder (Ngāti Porou, Tapuika), with the hope of encouraging more open conversation about mental health across Māori communities.

The content series features Milner-Skudder sharing details of his own mental health journey, and the tips and strategies that helped him overcome his struggles – including the importance of reaching out to others for support.

Clearhead CEO, Dr Angela Lim says that while Māori populations are consistently over-represented in Kiwi suicide statistics and are twice as likely to experience mental health issues than non-Māori, most of the resources available in New Zealand are not designed to address these inequities.

“It’s important to note that the loss of indigenous culture and heritage can lead to challenges with identity, confidence, self-esteem, and a sense of belonging. We know from our own user data that Māori are 75% more likely to feel as though they don’t belong – and some of that comes down to not having adequate culturally responsive wellbeing support,” Dr Lim said.

“We wanted to help bridge that gap and respond to the feedback of our Māori users, who want to see content that looks and sounds like them to improve the chances of the material resonating,” she said. 

Clearhead ambassador, Nehe Milner-Skudder, says he’s proud to lend his support to the cause, and hopes that by sharing his story, more Kiwis (and in particular more Māori) will feel more comfortable to reach out when in need.

 “I used to see vulnerability as a weakness, but I’ve grown to understand that it leads to great strength. I think that’s a difficult mental obstacle to overcome, especially as a proud Māori male. What I hope people get from me sharing my story, is that you’re never alone in this battle and that there are resources and tools out there to help anyone who’s struggling,” he added.

The series of 20 videos sharing Milner-Skudder’s journey will be released via Clearhead’s Facebook Page during MHAW and will sit permanently on Clearhead’s website. Clearhead’s Māori-friendly website refresh is also live from today and now incorporates Kiwiana designs and includes a more holistic wellbeing journey, taking into consideration Māori models of care such as Manaakitanga – a principle that captures the idea of caring, supporting and uplifting others.

nib foundation Executive Officer, Amy Tribe, says “While mental illness doesn’t discriminate and can affect anyone, at any stage in their life, we know Māori are 30% more likely go on with these conditions undiagnosed compared to other ethnic groups*.

By funding the development of these resources through our foundation, we hope to help reduce some of the stigma around seeking support and promote Māori feeling more comfortable and empowered to seek help if and when it’s needed,” said Mrs Tribe.”

 

In other news

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FMA: Momentum builds in KiwiSaver as scheme reaches $81 billion


QPR: Updates for Implementation of new FSLAA Regime

To help you prepare for the implementation of the Financial Services Legislation Amendment Act implementation on 15 March Quality Product Research Limited has made the following changes to the Quotemonster site:

  1. Prepared an outsourced provider statement. This provides you with information to meet the license conditions for a Financial Advice Provider to use a third party (us) as part of your advice process (for example: preparing comparison quotes and research reports). Subscribers to the research and advicemonster services will see an announcement when they next log in. A link to the outsource provider statement is included in the site in the About Us section. 

  2. Updated Advicemonster – an external review has been conducted, the draft statement of advice (SOA) has been updated, and the system for preparing the SOA has been improved. If you are an Advicemonster subscriber we suggest you run a new trial needs analysis to check out the new report – it is a more comprehensive and robust document that speeds up the process of creating new life and health statements of advice. If you don’t subscribe, or you would just like a quick refresher on how to use the system, click here to request a demonstration.

  3. Updated our terms and conditions – refer this link for details. Also, a link to the terms is included in the site in the About Us section, and on every page in the site. 

Coming up: there will be further changes to the adviser profile page to reflect changes to the FSPR due to the new license regime. We will update you on those next week. If you have any questions or concerns, please contact us or call (09) 480 6071. Thank you for being a customer of Quality Product Research Limited.


New Partners Life partnership means update to claims system

An announcement on Partners Life and FINEOS Corporation claims system partnership has been made public. The partnership will mean that current claims systems and processes will be replaced. See details below.

“DUBLIN--(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, following a comprehensive market evaluation of Claims Management System vendors, has selected the FINEOS Platform for life insurance and medical claims.

The Partners Life and FINEOS partnership will bring about changes focused on replacing existing claims systems and processes with a differentiated value proposition. This will bring key operational benefits such as efficient, integrated and automated workflow processes and accurate claims covering life, TPD, trauma, income protection and medical products.

Speaking about the selection, Tracey Lonergan, Partners Life Chief Claims Officer said, “Claims service is at the core of Partners Life’s business and so when we looked for a credible provider it was important that the provider had the capability, experience and infrastructure to deliver and support a Claims Management System that would integrate into the Partners Life ecosystem. Also important to us was that the selected vendor come with a strong record of successful implementations and strong support of its Claims Management System within the New Zealand and Australian life and health insurance industry. FINEOS met these requirements. Our initial collaboration has been extremely positive, and we envisage that the project will deliver high quality results”

Commenting on the deal, Michael Kelly, CEO, FINEOS added, “We’re delighted that Partners Life has selected to partner with FINEOS and adopt the FINEOS Platform for life insurance and medical claims. The FINEOS Platform includes a market tested, pre-configured pack for the region known as LISA (Life Insurance Solutions Australasia). This is an exciting project for us in New Zealand and we look forward to a fast and smooth system implementation to enable the benefits of using FINEOS as early as possible thereby delivering a high-level service to its customers and independent financial advisers across New Zealand.

The FINEOS Platform provides a comprehensive SaaS end to end core solution for the Global Life, Accident and Health market. Key to the solution is the rich functionality that underlies FINEOS AdminSuite, FINEOS Engage and FINEOS Insight, a common set of capabilities including workflow, rules engine, customer management, no-code/low-code configuration tools, a standardized API connection and the cloud environment powered by AWS.”

More details for FINEOS can be found here. We think that claims automation will become increasingly important to ensure a range of claims goals: such as fair application of policy terms, meeting the requirements of good conduct obligations, containing costs, and speeding up the whole process. 

 


Themes for 2021 in life and health insurance

What will be the big themes for 2021 for life and health insurance? 

  • Helping people keep their cover through disruption will continue to be a theme - although economic performance has been better than expected there remain quite a few people out there struggling with adjustment to the COVID economy. Several advisers tell me of long conversations that are essentially about conservation. They take time and they generate little revenue - this largely unsung work is of a piece with claims help and is part of the value of the commission model: the adviser isn't expecting to charge a fee for these discussions, they just want to help the client stay covered. 
  • The shift towards digital - within advice businesses, at insurers, and for consumers. Digital is an enabler of faster transactions, more efficient administration, better accuracy, and more meaningful engagement. More adviser businesses will develop better digital capability and be looking for ways to automate certain processes. That includes digital advice offerings. It also means better underwriting processes built around access to 
  • Direct - it has shown solid growth - and not merely as a proportion of the market which has shrunk, but in absolute terms. It has benefitted from a big drop in bancassurance and a big push through online social media platforms. I really want to see the quality of the offers improved in 2021, but that will probably require more work in the area above to achieve. 
  • Regtech - this is the year we begin to see regtech applied to insurer and adviser conduct programmes - analysis of all clients by a range of factors will be a vital complement to human-managed compliance processes.
  • Transition - to the new advice regime means that a lot of advisers will be spending a bit more time than usual working on systems, new processes, and disclosure requirements. That will hit productivity for a few weeks. Combined with holidays, will the nadir be the first quarter production figures with a recovery from there, or will the second quarter be the low point? I am expecting recovery and more confidence to recruit and focus on marketing to be able to get traction in at least the third quarter. 
  • Consolidation - adviser business size is definitely rising. The greater integration and co-ordination required to successfully meet new compliance requirements is reflected in the high number of authorised body structures being disclosed by FMA licensing statistics. 
  • Consumer knowledge and understanding will continue to rise as more advisers share relevant content in easily digestible digital media. Gradually the focus on what is most relevant and readily explainable will begin to percolate through consumer finance forums changing the general perception of 'good' this will further current consumer trends towards more living products and more packages of benefits. 

 

 


Fidelity Life wins top culture award, and more daily news

The Technology team at Fidelity Life was awarded the Best ICT Team Culture award at the 2020 CIO Awards. Dan Wilkinson, Chief Technology Officer, has said that the award is a reflection of the team’s strong culture. Wilkinson noted that culture was the first thing Fidelity Life invested in when beginning its transformation journey. Fidelity Life has said the award represents the five-year transformation strategy in place.

“Fidelity Life’s Technology team, led by Chief Technology Officer Dan Wilkinson, was presented with the Best ICT Team Culture award at the 2020 CIO Awards, a celebration of the best of the best from New Zealand’s technology community.

Dan says the award reflects a strong, above-the-line culture right across the business.

“Our culture is the foundation for every single thing we do at Fidelity Life. It was the first thing we invested in when we started our transformation journey and it’s what gets our people out of bed every day to do the amazing things we do.

“When your culture and strategy are aligned, you will win”, says Dan.

The award represents further progress on Fidelity Life’s bold five-year transformation strategy, which is built on the idea of reimagining life insurance for New Zealanders and aims to deliver sustainable growth.

Key transformation projects include Project Watson, a $25 million investment in a new technology platform due for completion in the second half of 2021; and moving to a brand new 6-star rated green building in Auckland’s Fanshawe Street planned for September 2021.”

In other news

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