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.
Legal and regulatory update for the life and health insurance sector
A round-up of recent legal and regulatory updates including APRA’s update on life insurance claims and disputes statistics
16 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2023 to 31 December 2023. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-8
17 Apr 2024 - The Reserve Bank of New Zealand is continuing its exploration of a central bank digital currency, called 'digital cash' and asking for feedback from the public. Consultation is open 17 April until 26 July 2024. https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand
22 Apr 2024 - The Reserve Bank of New Zealand’s 2023 Climate Stress Test has found Climate-related risks need to be actively managed to protect the resilience of the financial system to other shocks. https://www.rbnz.govt.nz/hub/news/2024/04/climate-stress-test-assesses-resilience-of-major-nz-banks
22 Apr 2024 - The Council of Financial Regulators has published an updated Regulatory Initiatives Calendar for Q1 2024. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2024.pdf
Net Promoter Score: why Fidelity Life wants you to watch this number
Recently Fidelity Life has announced a return to focus on net promoter score as a measure of customer satisfaction with advisers, and rewards for advisers that do well on this metric. If you’re wondering why they think this is important, this primer is for you:
Fidelity Life wants you to pay attention to your net promoter score.
Recently Fidelity Life has announced a return to focus on net promoter score as a measure of customer satisfaction with advisers, and rewards for advisers that do well on this metric. If you’re wondering why they think this is important, this primer is for you:
The Net Promoter Score (NPS) is a metric used to gauge customer loyalty and satisfaction based on one simple question: “On a scale from 0 to 10, how likely are you to recommend our company/product/service to a friend or colleague?” The responses are used to classify customers into three categories: Promoters (9-10 score), Passives (7-8 score), and Detractors (0-6 score). A five-point scale can also be used. The score is calculated by subtracting the percentage of Detractors from the percentage of Promoters. Passives are ignored. The resulting score can range from -100 to +100. This simple metric offers immediate insight into customer satisfaction and loyalty.
NPS became popular due to its simplicity and strong correlation with revenue growth. It was introduced in 2003 by Fred Reichheld, a partner at Bain & Company. It is detailed in this Harvard Business Review article (fee required to access). You can see how its simplicity enabled it to quickly catch on. I even have a friend who runs a company which focuses on a very simple way to add this measurement to your website.
It’s a number we have used from time to time in managing our business. Some big companies use this a lot. One example of a high-scoring organisation is Apple. Don’t take my word for it, check out this link: https://surveysparrow.com/blog/apples-nps/ Apple’s consistent focus on customer experience and product innovation has helped it maintain a high NPS, often cited as being in the 70s or even 80s. This score reflects strong customer loyalty and satisfaction, translating into repeat business and positive word-of-mouth. On the other hand, telecommunications companies often score poorly in NPS benchmarks. I am sure you can think of one.
What’s new with Advicemonster?
Curious to see the latest features on Advicemonster? Want to spend more time in front of your clients and less time on admin? Watch as Aneel Ravji takes you through how to use the latest features and enhancements on Advicemonster. Topics covered include sending fact find links to your clients to complete prior to meeting them; adding notes into the FactFinder needs analysis process; our swish new feature that allows you to narrate notes on SOA’s rather than having to manually type it in; how you can choose to utilise our AI features to reduce the time you spend entering in data; how you can add multiple reports; how to preview your SOA report. Plus preview our Business SOA.
Partners Life pricing and product changes effective 22 April 2024
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Dear Quotemonster users,
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Partners Life also announced a range of enhancements, please click here to find a summary of their product enhancements and clarifications. Today, we were provided with the updated policy documents (v19.1), and will be able to provide a detailed overview on how these enhancements affect our research ratings, once the wordings have been systematically reviewed.
Rest assured we will post a notification once these ratings are live on Quotemonster.
Apologies for the inconvenience.
Happy Crunching!
UniMed gets approval from RBNZ to take on Accuro’s portfolio
UniMed has received approval from the Reserve Bank of New Zealand to take on the portfolio of insurance co-operative Accuro.
Once Accuro’s 30,000 members have been transferred to UniMed, UniMed will be the third largest health insurance provider in New Zealand, with combined membership of 140,000.
Once the transfer is finalised, members will transition to being part of the UniMed society, though the Accuro brand will remain. Accuro members will continue to have the same policies and healthcare benefits as they do now. Once the transer is complete Accuro will cancel its insurance licence and take steps to dissolve the Accuro Health Insurance Society.
UniMed Chair Peter Tynan says
“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve.”
More daily news:
The FSC publish their Regulatory Outlook for April
nib would welcome Medicines Act review and regulation to get more treatment options approved
AIA launch 2024 CEO Think Tank programme
AIA offer one month's premium free on new eligible policies issued by 17 June 2024
The New Zealand Society of Actuaries appoints Helen Mexted as chief executive
Fidelity Life bring back customer engagement initiative
Fidelity Life’s Customer Engagement Initiative to recognise advisers who achieve great customer outcomes is back.
Fidelity Life’s Customer Engagement Initiative to recognise advisers who achieve great customer outcomes is back. To qualify, advisers must register to participate in the initiative prior to 10 May. From 1 April – 31 July 2024, Fidelity Life will review participants Adviser Net Promoter Score (a measure of customer satisfaction).
Twenty five qualifying advisers (and their partners) with the top NPS scores will be hosted at a 3-day customer engagement forum at Kauri Cliffs in the Bay of Islands.
More daily news:
How to create a classic quote in Quotemonster
New to Quotemonster? Not sure how to create a classic quote? Watch our recent video that takes you through everything you need to know.
Health / medical insurance pricing database updated
Subscribers to the large database of health / medical insurance prices can now access v107 from your usual database upload locations.
Subscribers to the large database of health / medical insurance prices can now access v107 from your usual database upload locations. Please call either Fran or Melissa if you would like help accessing it, or want to book a session to talk about market reviews.
Updates in v107
Updated nib rates effective 1/4/24
Updated Partners Life rates effective 22/4/24
Chubb Life Lifetime Reward Campaign live on Quotemonster
Chubb Life Lifetime Reward Campaign is now live on Quotemonster and here we provide instructions on how to include the offer in your quotes.
Chubb Life have increased their 10% Lifetime Reward discount to 15% for all new Assurance Extra and Assurance Extra Business Life and Trauma policies issued from 16 April to 30 June 2024 for customers who:
- have a BMI measurement of between 18.5 and 24.9, and
- have been a non-smoker for at least 12 months
Clients can also combine this with the current 2 months’ free and multi-benefit discount offers.
Click here to read about the offer and any terms and conditions that may apply.
How to include this option on Quotemonster:
- Create or open a quote
- Enter client information and click through to the Benefit Details screen
- Add in the benefit details and click Crunch to get a premium comparison
- Click on the Chubb Life logo in the Result window to open the Quote result window,
- Tick the Apply 15% Lifetime Reward checkbox.
You will need to do this for each quote where you want to include the discount.
Scroll down to review that the 15% Lifetime Reward has been applied.
If you have any questions, comments, or complaints, we want to hear them so please drop an email to info@quotemonster.co.nz.
Happy Crunching!
Banks call for governmental support in anti-scam efforts
The New Zealand Banking Association (NZBA) has called for governmental support to establish a New Zealand Anti-Scam Centre.
Following a parliamentary inquiry last year into banks processes and consumer protections against spam, Commerce and Consumer Affairs Minister Andrew Bayly tasked banks to come up with a voluntary reimbursement scheme for customers who have been scammed.
NZBA CEO Roger Beaumont wrote to Andrew Bayly about the collective effort required from government, telecommunications companies, social media platforms and search to improve the capabilities of the Anti-Scam Centre.
“Banks have got the ball rolling with the Anti-Scam Centre by targeting mule bank accounts, which are used by criminals to move stolen money. To take the centre to the next level, we’re initially asking the government for operational support by involving the police and other relevant agencies. We’re also asking the government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
Last September, banks announced they would be taking other initiatives to combat spam, including introducing a confirmation of payee service and removing weblinks from texts to customers.
Last year, the Ministry of Business, Innovation & Employment estimated nearly $200 million was lost to scams during the 12 months to September 2023, up 8% from the previous year.
More daily news:
mySolutions webinar 'Professional Indemnity Insurance - the Tips and Traps' 9am 24 April
Clive Fernandes talks about balancing capabilities across humans and AI