Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Fidelity Life announce premium changes
Effective from 1 April 2025, Fidelity Life are re-rating the premiums for customers in the Adviser channel.
Effective from 1 April 2025, Fidelity Life are re-rating the premiums for customers in the Adviser channel. Key aspects are below:
A re-shaping of the pricing curve to reflect a lower risk due to the underwriting selection effect.
A 5% increase to all lump sum premiums and disability premiums (where the benefit period is 2 or 5 years). And a 7.5% increase to all disability covers with a benefit period of ‘to age 65’ or ‘to age 70’ due to claims experience.
An adjustment of the rates for all customers.
More news:
Jon-Paul Hale suggests reasons for medical premium increases
Fitch has lifted the outlook on ASB's credit rating to positive from stable
ANZ-Roy Morgan’s report shows consumer confidence has dipped to 93.2
The Reserve Bank is considering loosening its bank capital rules
Introducing our new Quotemonster Masterclass
We're excited to announce our brand-new Quotemonster Masterclass series designed specifically for experienced Quotemonster users who want to deepen their understanding of our tools and rating methodologies.
We're excited to announce our brand-new Quotemonster Masterclass series designed specifically for experienced Quotemonster users who want to deepen their understanding of our tools and rating methodologies.
Who Should Attend?
These sessions are ideal for advisers who have been using Quotemonster for a while and have already completed our "Introduction to Quotemonster" session.
Session Details
Date: Thursday, 17 April 2025
Time: 10:00 am – 11:00 am
Location: Online via Microsoft Teams
What You'll Learn:
An overview of key research tools
Standalone Head-to-Head comparisons
Effective use of Checkmonster
Managing complicated quote scenarios
Deep dive into our rating methodologies
A behind-the-scenes look at our database
Insights into our rating review process
Don't miss the opportunity to join our inaugural session hosted by Russell Hutchinson!
How to Register:
To secure your spot, please email us at info@quotemonster.co.nz and our team will respond with an invitation link.
We look forward to seeing you there!
Updated Product Analysis Database version 16_5
We are pleased to announce that as of 2 April we updated the product analysis database which drives all the research on Quotemonster. This new version has some important enhancements with nib’s new life and living range plus new product from Booster Assurance. It also includes ratings for rural key person insurance. A reminder that business insurance research can be accessed by research subscribers in the standalone head-to-head area. Advicemonster subscribers enjoy access to the business statement of advice-writing tools and business insurance quoting as well.
Changes in V16.5
New products rated:
* nib Ultimate Life and Living effective 2 April 2025
* Booster Assurance effective 19 March 2025
* Rural Key Person for AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life
Reviews & Remediations (personal/business):
*Minor update to IP/MP Waiver of Premium
Legal and regulatory update for the life and health insurance sector
CoFI came into effect; RBNZ appears before the Finance and Expenditure committee; COFR publish Q1 2025 regulatory initiatives calendar; Parliament indicate IPP3A will come into force on 1 May 2026; RBNZ is opening access to its Exchange Settlement Account System’ APRA release private health insurance risk equalisation stats; Credit Contracts and Consumer Finance Amendment Bill, Financial Markets Conduct Amendment Bill and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill were introduced into Parliament.
31 Mar 2025 - The Conduct of Financial Institutions (CoFI) regime came into full effect today. 77 financial institutions have been licensed by the FMA - 17 banks, 46 insurers and 14 non-bank deposit takers (credit unions, building societies and some finance companies). https://www.fma.govt.nz/news/all-releases/media-releases/cofi-regime-in-effect/
31 Mar 2025 - The RBNZ appeared before the Finance and Expenditure Committee (FEC) for their banking inquiry and discussed the wide range of initiatives underway to support and improve competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-outlines-work-to-support-competition
31 Mar 2025 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q1 2025. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2025.pdf
31 Mar 2025 - Parliament has indicated that IPP3A will come into force on 1 May 2026, and all organisations will need to have their systems in place to meet the new requirements by then. The Office of the Privacy Commissioner is aiming to have the guidance developed and published on their website to allow organisations plenty of time to implement the requirements of the new Act. https://privacy.org.nz/news/statements-media-releases/the-privacy-amendment-bill-is-coming-soon-heres-what-you-need-to/
31 Mar 2025 - The RBNZ is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation. The new criteria will open ESAS eligibility to more non-bank entities in two phases:
• First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
• Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs)."
31 Mar 2025 - APRA has released its private health insurance risk equalisation statistics publication for the 2023/24 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-4
31 Mar 2025 - Credit Contracts and Consumer Finance Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Markets Conduct Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Service Providers (Registration and Dispute Resolution) Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
Fidelity Life celebrates its latest 20 Career connect graduates
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Anna Devereux; Women in finance scholarship recipient (Dunedin)
Ashlee Cuttance (Dunedin)
Awhina Scott; Pounamu scholarship recipient (Christchurch)
Briar Evans (Auckland)
Caitlin Hayward (Morrinsville)
Christabel Bertie (Auckland)
Grace McIntyre; Rural scholarship recipient (Dunedin)
Harpreet Rehal (Auckland)
Jenny Silva; Kōwhai scholarship recipient (Queenstown)
Kim Forsythe (Invercargill)
Kirsty Gobbie (Auckland)
Leean Te (Auckland)
Marna Breetzke; Pāua scholarship recipient (Auckland)
Matthew Roxburgh (Dunedin)
Myja Gregory (Auckland)
Namrata Kumar (Auckland)
Shiwangni Mala (Auckland)
Sydnee Taylor; Toe Toe scholarship recipient (Christchurch)
Taylah Marr; Rāngi Po scholarship recipient (Christchurch)
Vanessa Jones-Dutton (New Plymouth)
This year, 95% of Career connect graduates were women, and a quarter of the group identifies as Māori or Pasifika.
Michelle Doyle, Head of Solutions said
"More than 60% of the graduates who asked for introductions to adviser businesses have already landed jobs, excited to start careers that help New Zealanders protect what matters most.”
Since its inception in 2023, Career connect has had more than 200 registrations for 70 course places, welcomed 47 students and helped almost 40 people gain their Level 5 qualifications in life, disability, and health insurance.
Submissions to be part of the 2025 intake of Career connect closed earlier this month with nearly 70 applications from a diverse group of candidates across various ages, genders, and cultural backgrounds.
More news:
Expressions of interest for Partners Life New Adviser Training Course open
mySolutions webinar 'Navigating the future ' 2 April
FSC webinar 'How financially resilient are Kiwis?' 29 April
Adviser refunds income protection premiums in FSCL dispute
Chubb Life appoints new CFO
Chubb Life has appointed Jaco Grobbelaar as its chief financial officer.
Chubb Life has appointed Jaco Grobbelaar as its chief financial officer. Grobbelaar has more than 25 years of experience in the insurance and financial services sectors. Grobbelaar was most recently at Partners Life, where he led the finance function team across a range of activities to help strengthen organisational resilience and growth.
Chubb Life chief executive Gail Costa said
"Jaco has a strong track record of optimising financial planning and reporting processes, driving efficiency and successfully leading teams through change. I'm really looking forward to having Jaco on board and have every confidence that his expertise, experience and leadership will further strengthen our senior leadership team."
More news:
mySolutions roadshow 'Persistence: it's your Superpower' in May
Fidelity Life publish February turnaround times
Partners Life webinar 'Quote for Alteration Changes' 3 April
nib delay launch of Ultimate Life & Living Insurance suite
Southern Cross Healthcare looking for a People and Culture Business Partner
The FMA is looking for a Head of Deposit Taking
Legal and regulatory update for the life and health insurance sector
FMA publish monthly market engagement; research highlights barriers that can prevent NZers from opening bank accounts; Customer and Product Data Bill completes third reading; FMA consult on a range of class exemptions due to expire; committee stage of Privacy Amendment Bill completed; Chief Ombudsman releases final report.
23 Mar 2025 - The FMA now publishes monthly market engagement undertaken by the FMA on their website. https://www.fma.govt.nz/business/
25 Mar 2025 - New research commissioned by the RBNZ has highlighted barriers that can prevent some New Zealanders from opening bank accounts. The research, titled First steps to financial inclusion, explored opening bank accounts from the perspective of frontline bank staff and customers. It found that certain groups were reported to be most likely to find it difficult to open a bank account, including recent migrants, rural communities, the elderly, people with disabilities, and trusts (including Māori trusts). https://www.rbnz.govt.nz/hub/news/2025/03/new-report-suggests-that-collective-action-is-needed-to-improve-access-to-bank-accounts
25 Mar 2025 - Customer and Product Data Bill completes third reading. https://bills.parliament.nz/v/6/770A5F4E-2185-4F1F-1395-08DC75512299?Tab=history
26 Mar 2025 - The FMA are consulting on a range of class exemption that are due to expire before the end of 2026. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/
27 Mar 2025 - The committee stage of the Privacy Amendment Bill was completed. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae?Tab=history
27 Mar 2025 - The Chief Ombudsman Peter Boshier has released his final report to Parliament. https://www.ombudsman.parliament.nz/news
Partners Life’s new training module ‘Fair Treatment of Customers’
Partners Life have introduced a new training module ‘Fair treatment of Customers’, to help advisers be better prepared for the new Conduct of Financial Institutions (CoFI) regulations coming into effect on 31 March.
Partners Life have introduced a new training module ‘Fair treatment of Customers’, to help advisers be better prepared for the new Conduct of Financial Institutions (CoFI) regulations coming into effect on 31 March. The module is worth approximately 0.5 hours of CPD and is available on the Partners Life Academy.
Partners Life developed two different new eLearn modules on the fair treatment of customers – one for staff and one for independent financial advisers. The staff version focuses on how the fair conduct principle applies to daily work and interactions with clients and advisers. The adviser version includes more information on the shared responsibility for customers that is held between Partners Life as the product provider and the adviser who has a deeper understanding of the client’s personal situation and financial circumstances. Partners Life appreciate that advisers are familiar with the new CoFI legislation, however, they wanted to share their expectations in a format that would be easy to read and included a short quiz to test their understanding.
By the end of March, a customer-friendly version of their fair conduct programme and information on how Partners Life apply the fair conduct principle will be available on their website.
More news:
Southern Cross Health Insurance funds pilot for access to The Prostate Clinic
Momentum Life offer customers 20% off online wills in partnership with Public Trust
FMA ad campaign educating consumers about Fair Conduct Programme to launch soon
Experts advocate raising KiwiSaver minimum contributions to 4% from both employees and employers
AI becoming more trusted by executives
SAP investigated how US executives were using AI in their organisations and their trust in the technology.
SAP investigated how US executives were using AI in their organisations and their trust in the technology. They found that AI has become embedded in work practices (with 63% of executives using generative AI daily) and is changing how people do business.
Decisions are being made based on AI insights, with 44% of C-suite executives saying they would override a decision they had already planned to make based on AI insights and another 38% trusting AI to make business decisions on their behalf. 74% of executives had more confidence in AI advice over advice from family and friends. And a massive 55% of executives say in their company AI-driven insights have replaced or bypassed traditional decision-making.
Some common tasks carried out by generative AI tools include:
Analysing data and making recommendations for decision-making (52%)
Spotting risk or issues they hadn't previously considered (48%)
Offering alternate plans (47%)
Enhancing product development (40%)
Supporting budget planning (40%)
Performing market research (40%)
SAP found that there were positive implications on employee wellbeing, with 39% of executives reporting better work-life balance, 38% reporting improved wellbeing and 31% reporting reduced stress.
More news:
SortMe Advisor Portal, a tool designed to enhance financial advisory services, launches
AIA launch new Guide to Medical Underwriting
28% of large organisations rank AI-generated cyber threats as a major risk
Fidelity Life financial strength rating reaffirmed
Fidelity Life has had its A- (Excellent) financial strength rating affirmed by AM Best.
Fidelity Life, New Zealand’s largest locally owned life insurer, had its A- (Excellent) financial strength rating affirmed by AM Best. The outlook for the rating is stable, and according to AM Best, reflects Fidelity Life’s ‘very strong’ balance sheet.
Fidelity Life Chief Financial Officer Simon Pennington said
“This A- rating from AM Best is a reassuring endorsement of our business's financial health and stability. As a life insurer, this independent assessment gives advisers confidence in partnering with us, and for customers, it ensures peace of mind in our ability to pay claims.”
More news:
Brendan Boyle starts as Pharmac’s Acting Chief Executive on Monday 31 March
Westpac-McDermott Miller Consumer Confidence Index falls to 89.2 in March