Website and research database updates last week

Both the quotemonster.co.nz website and product research database went through upgrades last week. Here is a summary of the changes:

1. Fidelity Specific Injury pricing + QPR Research

2. Pinnacle Life and Trauma new rate

3. Chubb Specific Injury with Qualified cover conditions with error message.

4. Accuro dependent over age 20 issues.

5. Personal AI result format issues on the SOA report.

6. QPR Version 16.2

The database version included a wide range of updated and new evaluations. Here is a more detailed list of those:

Changes in V16.2

Personal:

New policy document for Pinnacle Life effective 7 October 2024 - rating changes applied to Life, Trauma, TPD, and Income Protection

New policy document for AIA Specified Accidental Injury effective 1 November 2024 - rating changes applied

New Fidelity Life Specific Injury rated and enhancements applied to Life, Trauma and Multi Trauma effective 20 November 2024

Business:

New policy document for Fidelity Life effective 20 November 2024 - rating changes applied to Life and Trauma

Reviews & Remediations (personal/business):

AA Life Financial Stability Rating update from A+ to A

Trauma: - Sub-item review for Cardiac Arrest and renamed Out of Hospital Cardiac Arrest

Fidelity Life announce incoming Board Chair

Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025. Pickering joined the Fidelity Life board in July this year and holds other roles on boards at Evolution Healthcare, Kiwibank, Insurance Australia Group, IAG New Zealand, Engage Consulting and Bowls New Zealand as well as being an advisor to HealthNow and Bain & Co.

 More news:

Momentum Life offer 20% off wills and chance to win

Paul Connolly from Kiwibank named Cybersecurity Leader of the Year

AIA NZ achieves Advanced GenderTick Status; Westpac reaccredited with the Advanced GenderTick

Winners at the Haven Awards 2024 announced

Data shows $194 million was lost to bank scams in the year ending September 30

The Retirement Commission launches National Strategy for Financial Capability 2025–2027

KiwiSaver assets grow to $117.6 billion in the third quarter of this year

Bell Gully writes of the rise of generative AI, including an overview of the relevant NZ statute

Poll finds the cost of delivering advice is the biggest challenge

Fidelity Life announce product enhancements and digital, service, and retention initiatives

At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.

• Trauma and Life covers: The entry eligibility for the Inbuilt Child’s Trauma benefit has been reduced from two years to three months, allowing more families to receive early protection. A new, separate benefit specifically for newborns facing trauma has also been introduced. Fidelity Life will also trail a premium discount for defined exclusions on trauma covers in the coming months.

• Condition Definitions: Refinements have been made for clarity, and Terminal Illness has been introduced as a defined condition across the trauma range, including Child's Trauma.

• Bereavement and Child’s Funeral Benefits: The Bereavement Benefit has been increased from $15,000 to $25,000, and the Child’s Funeral Benefit has been increased from $3,500 to $15,000 for children aged 10 to 20.

• Grief Counselling Benefit: A new benefit offering an additional $2,500 to the sum insured.

• Financial Planning Benefit: Easier access by removing thresholds and extending the claim period.

• New Specific Injury Cover: A low-cost solution that pays a lump sum for any of 30 defined injuries.

• Live Chat: Quick and easy access to New Business and Underwriting teams via Adviser Centre.

• New-Look E-App: A modern and intuitive user experience launching in March 2025. The E-App’s latest upgrade goes live later this month, with the new ‘share’ feature enabling advisers to send a link to their customers, allowing customers to complete all or part of the application on their own.

• Dedicated Adviser Service Team: A team committed to servicing all adviser needs.

• Enhanced Retention Tools: Including renewal reminders and automated SMS reminders for customers. There will be additional roles created too.

• Expanding adviser support roles: Fidelity Life are creating new roles, including a National Partnership Manager for mid-sized and corporate firms, as well as an Auckland Business Manager and a Desk-Based Business Manager, to provide more tailored support and drive closer engagement.

• Adviser Edge Programme: New additions to the programme include an invitation-only overseas study tour and new practice manager masterclasses for admin staff.

• Grow Together programme: Coming in early 2025, the invitation-only Grow Together programme will provide dedicated, prioritised support across key areas including new business, underwriting, and retention. Advisers in the programme can expect to benefit from dedicated support resources, exclusive benefits, and access to a wide range of support tools and professional development opportunities.

• Adviser Council: Fidelity Life are inviting advisers to express their interest in joining their Adviser council, which meets quarterly with Fidelity Life’s leadership team to discuss industry updates, share market trends, and provides objective feedback on their initiatives.

• Adviser relationship survey: To better understand market perceptions and Fidelity Life are launching a bi-annual Adviser relationship survey to provide key insights into advisers' experiences and expectations and where Fidelity Life need to improve.

• Group Solutions enhancements: From early 2025, Fidelity Life will be launching a quarterly industry insight, Group IQ; holding an annual onsite Group HQ conference for the top 30 group advisers; and launching a new group solution designed for small businesses, providing enhanced tools and technology for a smoother experience and better outcomes.

Bronwyn Kirwan, Fidelity Life's Chief Commercial Officer, said

"We are thrilled to introduce these new product enhancements and initiatives. They are a testament to our ongoing commitment to providing our advisers and customers with the best possible support and value.

These enhancements deliver more value, greater accessibility, and increased choice."

More info:

Chubb Life change underwriting process for Mortgage Repayment Cover

Partners Life are holding Summer Roadshows in November & December

AIA has launched new Specified Accidental Injury Cover product

AIA survey advisers around the need for terminal illness cover

AIA Vitality members can get up to 40% off Garmin and New Balance

The FSC has recorded a small deficit of almost $46,000 before tax over the 12 months to June 30

ICNZ has welcomed the passage of the Contracts of Insurance Bill

Financial Advice NZ's national adviser conference is on 1 - 3 April 2025

mySolutions webinar 'Why Chubb?' 27 November

Lyka Burr & Vincent Zhang join TAP's compliance and governance team

Unimed offer psychologist led introductory sleep workshops

Ashleigh Buchanan from Southern Cross Health Insurance named Emerging Leader of the Year

Susan Taylor says a fresh solution to liability gaps needed

Legal and regulatory update for the life and health insurance sector

12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited

12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme

13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks.   https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate

13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/

13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:

• A one year extension to the adoption provision for scope 3 GHG emissions disclosures

• A one year extension to the adoption provision for anticipated financial impacts disclosures

• A new one year adoption provision relating to the assurance of scope 3 GHG emissions

The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
 The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.

https://www.xrb.govt.nz/news/latest-news/

14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers.   https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers

14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.

• Misconduct exploiting superannuation savings

• Unscrupulous property investment schemes

• Failures by insurers to deal fairly and in good faith with customers

• Strengthening investigation and prosecution of insider trading

• Business models designed to avoid consumer credit protections

• Misconduct impacting small businesses and their creditors

• Debt management and collection misconduct

• Licensee failures to have adequate cyber-security protections

• Greenwashing and misleading conduct involving ESG claims

• Member services failures in the superannuation sector

• Auditor misconduct

• Used car finance sold to vulnerable consumers by finance providers

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-252mr-asic-announces-new-enforcement-priorities-with-a-focus-on-cost-of-living-pressures/?altTemplate=betanewsroom

14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/

15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released  with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)

https://www.beehive.govt.nz/sites/default/files/2024-11/Proactive%20Diary%20Release%20Oct%2024%27%20Hon%20Andrew%20Bayly.pdf

15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/

Updating your Product and Provider settings

Our video is a quick explainer on how to set up product and provider settings, whether it’s setting your preferred premium frequency, or linking health and life providers.

Accessing the Quotemonster Policy Archive

We have a massive range of current and legacy policy documents available on Quotemonster – find out how to find them here.

MyThingz - by Ray Sheath

MyThingz is a personal record-keeping app designed to help you keep track of your important possessions and assets. You can enter and maintain details of all your valuable items, and access this information from anywhere, at any time. In case of theft, you can quickly retrieve your asset list details and share them with the police and your insurance provider. You can check it out at: https://www.mythings.co.nz/

The app, the brainchild of Ray Sheath, of Essential Financial Solutions, demonstrates that once again financial advisers tend towards the entrepreneurial and are constantly innovating to help push forward new ideas and helpful tools for clients.

Join us at the Financial Advice NZ conference in 2025

Next year Financial Advice NZ will host its inaugural National Adviser Conference – Shaping The Future of Advice.

Chief Executive Officer Nick Hakes said

“The National Adviser Conference offers countless opportunities for all advisers to expand their knowledge in their own areas of expertise, and to connect with industry leaders, visiting fellows, international guests, other practitioners, and innovators in advice.”

“The National Adviser Conference is the best place for combining big-picture thinking around industry expectations, disruption and change with peer-to-peer collaboration.”

Speakers announced to date include:

• Dante de Gori, Global CEO of the Financial Planning Standards Board from the US

• Samantha Barras, Chief Executive Officer, Financial Markets Authority

• Sir Ian Taylor, NZ technology innovator and storyteller

• Dr Katherine Hunt PhD, Director Finology Institute, Portfolio Construction Forum, and

• Tim Farrelly, CIMA, Principal, farrelly’s Investment Strategy from Australia

The conference will take place at the Te Pae Christchurch Convention Centre from 1 – 3 April 2025. Super Early Bird registration closes on 30 November 2024.

The Quotemonster team will look forward to seeing you there as we will be supporting the conference again. We are keen supporters of adviser-led and adviser-focused content and conversations. Having a space where you can meet as professionals and support each other in your career development is so valuable that we encourage you to attend and join us if you can.

More news:

Westpac New Zealand's September-year net profit after tax was $1.226 billion

Apex Advice Group and OPM Insurance merge

Apex Advice Group and OPM Insurance have announced their strategic merger. OPM Insurance was founded by Oliver Pereira 17 years ago.

Craig Mulholland, Chief Executive of Apex Advice Group, said

“We are delighted to welcome OPM Insurance into the Apex Advice Group family. This partnership strengthens our position as a leading financial advisory firm and allows us to expand our reach and offerings. We are confident this will benefit our clients and drive continued growth.”

More news:

Pharmac funding new HRT gel to aid Kiwi women with menopause symptoms

Medical insurance pricing database updated

The medical insurance database comparison for institutions was updated Tuesday 5th of November. Rates went live earlier on Quotemonster, of course. This is version 11_2 of the medical comparison database. Of particular interest are the comparisons of how price changes have been applied. AIA, which increases price annually, has taken an across-the-board approach. Southern Cross, applying its fourth increase in the last 12 months, varied changes by age and by excess level. People in their forties with higher excess levels experienced the largest increases. For more details about the database, please contact us. If you subscribe but haven’t checked out the changes yet - do look at the price change charts first when you open the database.