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.
Chubb Life board chairman Steven Fyfe to retire mid-2023
Steven Fyfe is retiring from his position as Chubb Life board chairman in mid-2023. Paul Brock, who has been a member of the suite since December 2020, is the Chair elect.
Gail Costa, Chief Executive wishes Steven farewell and she says he’s been instrumental in leading important changes in the business: “Steven has steered us very thoughtfully and carefully over the past 13 years during a period of significant change in the industry and in our business.”
Brock currently chairs the risk committee and has chaired the audit committee in the past. Brock was previously a chief executive of the Kiwibank Group and currently serves as a chair on multiple other boards.
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AIA offer one month free premium and a chance to win a share of $10,000 in vouchers
FSC publish information sheet explaining what fair risk assessment is
Apex Advice are looking for a Paraplanner in Auckland
Financial Advice NZ webinar 'Exclusive: Budget update with Cameron Bagrie' 24 May
Encouraging Savings Report has ideas of how the private sector can help encourage savings behaviour
Katrina Shanks writes how employers could play a bigger part in the KiwiSaver equation
nib to launch first stage of their Life & Living insurance products at adviser roadshows
nib are holding New Healthy Horizons: Putting New Life into Health and Work adviser roadshows across 15 locations to launch their Life and Living insurance products for adviser and group channels. The sessions kick off on 23 May in Napier with the last session in Auckland on 2 June. Adviser training will start 1 June 2023.
The Life and Living insurance product kicks off nib’s entry into the life and living insurance market for advisers and employers. It comprises life cover, serious illness trauma cover, income protection illness cover and complimentary funeral expenses cover.
The adviser roadshows will also cover nib’s Group Health Continuation Campaign for clients transitioning away from their employer’s group cover and a recap of recent enhancements.
Advisers can register to attend here.
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Geneticist asks for ban on insurance companies using genetic tests
Sharron Botica talks about the evolution of change in the insurance industry
Advisers who've been on the Outward Bound Professional course share their experience
New firm, Quadrant PI, offer professional indemnity insurance
nib are running an online mental health Q&A with Jimi Hunt and Nigel Beach, 7pm tonight
Privacy Week 2023 kicks off today
Privacy Week 2023 is all about privacy rights in the digital age. There is a series of free webinars running from 8 – 14 May, with a wide range of topics covering everything from online dating to Artificial Intelligence (AI).
Monday 8 May
What is the future of privacy in New Zealand?
Why it's time to think about responsible AI
Privacy in the wake of Large Language Models (LLMs)
Privacy through a Digital Identity lens
Personal information is taonga
Tuesday 9 May
Biometrics, the border, TikTok, and whakapapa
Privacy and children in the social media space
What Privacy Officers want to know from the security team and how they can help
Ethics and privacy within AI and machine learning technologies
Wednesday 10 May
Profiling, AI-driven decision-making and the privacy concerns of Kiwis
Deceived by Design: How New Zealand websites are undermining users' privacy
Contemporary issues in Artificial Intelligence and Privacy
Carbon wallet for farmers
Thursday 11 May
Swiping left on privacy; the cost of finding love in the digital age
Māori data sovereignty within Intellectual Property
How to IPP6 effectively
Friday 12 May
The Great Trade-Off: Balancing Privacy and Trust in Marketing
Privacy and Online Identity: Exploring Algorithmic and Digital identity
Key considerations round children's privacy
Biometrics - opportunities, risks and the need for regulation
Southern Cross release Healthy Futures Report – Business Edition
Southern Cross’ Healthy Futures Report – Business Edition reports on data from the 2022 healthy Futures Report, focusing on employee health and wellbeing. Southern Cross spoke with more than 2,000 New Zealanders to get health and wellbeing insights.
Some key insights from the report:
• 89% of respondents say it’s important to work for a company that supports the health and wellbeing of their employees.
• The top ten initiatives employers could invest in are in descending order were wellbeing leave (36%); flu vaccinations (33%); lunch/break room (29%); activities promoting good mental health (25%); workplace wellbeing programme (25%); healthy food options available (24%); employee assistance programme/counselling (21%); workplace massage (21%); stress management programmes and strategies (20%); subsidised membership to off-site facilities/programmes (20%)
• 90% of respondents find work-life balance important
• 54% of workplaces offer flexible working hours/working from home
• 11% of workers never take all their annual leave within the year; 35% gave ‘too busy to take it’ and ‘24% gave ‘can’t always afford it’ as reasons why not
• The cost of living is the top concern for New Zealanders (93%)
• The top reasons NZers aren’t getting enough sleep include having too much to think about (59%); going to bed too late (46%); and being anxious/stressed (45%)
• There was a significant difference in seeking treatment when unwell between those with Southern Cross health insurance (64% go immediately or within a day or two) versus those with no health insurance (54% go immediately or within a day or two)
• Barriers to seeking healthcare include cost (37%); wait time is too long (26%); illness passes by quickly without the need for a doctor (25%); can’t get an appointment at a time that suits due to work commitments (24%)
The report has some recommendations of wellbeing initiatives businesses can offer employees, including developing a flexible working policy, encouraging employees to take regular annual leave, offering incentivised activity-based programmes, supplying free flu vaccines, offering fatigue and sleep management advice, making employee assistance programmes available and offering subsidised health insurance.
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Financial Advice NZ have created a regulatory returns toolbox
Financial Advice NZ is holding a range of webinars and workshops in May: 'Super Wednesday' 3 May; 'Training Session: How to use Ontrack by Kaplan Professional' 9 May; 'Behind the scenes of Cyclone Gabrielle' 10 May; 'Professional Ethics Workshop' 12 May
FSC is holding a range of webinars in May: 'Good governance across financial services organisations' 3 May; 'Friend or Foe? How ChatGPT is disrupting financial services' 23 May; 'Cyber tips: how to deal with a data breach' 30 May
RBNZ imposes temporary additional reporting obligations on ANZ after AML reporting failure
AIA NZ Products and Investment team won the Innovation and Wellbeing Award at the 2022 FSC Awards
Chubb has reported its Q1 2023 financial results, net income was US$1.89 billion
nib has launched a new online claims information service
nib has launched a new online claims information service that allows advisers to see real-time information about their clients’ new and active pre-approvals and claims. The new service will allow advisers offline access to their clients policy and claims data and will also have ‘export data’ functionality.
The service has two components:
• Details of nib clients’ pre-approvals and claims, accessed through nib adviser
• A daily email to alert to advisers when new pre-approvals and claims are submitted by their clients or when the status of an existing pre-approval or claim changes
The service could make touchpoints with customers easier to identify – when an adviser is notified of a claim they could get in touch to see what else the client may be entitled to under their policy or see if any other insurance policies the clients hold could be claimed on.
Advisers can find out more or sign up to nibAPPLY here.
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nib survey finds 54% our children are exercising less than an hour a day
The nib Little Legends $10K relay is back for a third year
FMA publishes a complaints handling guide for FAPs
FSCL finds in favour of adviser after she kept sufficient notes to prove she was not negligent
Insurance Business announces New Zealand’s Elite Women 2023
ASB releases latest Sustainability Report
Microbiologist encourages people born after 1969 to check if they’ve had both doses of MMR vaccine
Legal and regulatory update for the life and health insurance sector
26 Apr 2023 - RBNZ proposes to ease mortgage loan-to-value ratio (LVR) restrictions. https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/macroprudential-policy/loan-to-value-ratio-restrictions?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=df16efb076-lvr-april-2023&utm_medium=email&utm_term=0_-df16efb076-%5BLIST_EMAIL_ID%5D
26 Apr 2023 - IRD report finds wealthiest NZer's pay an effective tax rate of only 9.5% https://www.beehive.govt.nz/release/ird-report-shows-wealthy-nzers-pay-much-lower-tax-rates-other-earners
27 Apr 2023 - The Reserve Bank of New Zealand reminds reporting entities of AML CFT obligations following the closure of the ANZ investigation https://www.rbnz.govt.nz/hub/news/2023/04/reporting-entities-reminded-of-aml-cft-obligations-following-anz-investigation
27 Apr 2023 - Business Payment Practices Bill completed second reading https://bills.parliament.nz/v/6/c1f6efb7-814b-4def-a8d4-3b0d9407b9e2?Tab=history
28 Apr 2023 - FSC encourages financial advice license holders to start preparing now for their regulatory return reporting cycle that starts on 1 July 2023 https://blog.fsc.org.nz/life-after-licensing-start-preparing-for-30-september-2024
1 May 2023 - RBNZ release excerpt from their May 2023 Financial Stability Report talking about interest rate risk management in the NZ banking system https://www.rbnz.govt.nz/hub/publications/financial-stability-report/2023/may-2023/fsr-may-23-box-a?utm_source=Reserve%20Bank%20of%20New%20Zealand&utm_campaign=fsr-may-2023&utm_medium=email&utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=fd6138dfdc-Interest+rate+risk+management+in+NZ+banking&utm_medium=email&utm_term=0_-fd6138dfdc-%5BLIST_EMAIL_ID%5D
FMA’s approach and expectations for the financial sector
Financial Advice NZ’s recent Bring in the Experts webinar featured Romil Ghelani and Dhasha Ratnayaka from the FMA, speaking about their approach and expectations for the sector going forward. Katrina Shanks shared some of the important insights.
Key to note was that in the short term the FMA’s primary goal is to support and educate advisers. In future baseline expectations will be higher, but given the complexities and scope of the changes for now the FMA is aiming to be supportive as FAPs and adviser embed the new requirements into their business practices.
The FMA will undertake three types of monitoring visits – planned; responsive; and thematic. These monitoring visits will help the FMA better understand the sector and to tailor their support accordingly.
FAPs will need to file annual regulatory returns, with the first due by 30 September 2024 for the period 1 July 2023 – 30 June 2024. There’s a Bring in the Expert webinar of regulatory returns running on Apr 26, which will give advisers the opportunity to have their questions answered and find out exactly what is needed to complete the regulatory returns.
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AIA has implemented a menopause toolkit for staff
RegTechNZ webinar: Implementing your compliance programme webinar on 28 April
David Carney gives tips on how adviser businesses can maintain a sustainable level of growth
nib foundation donates $20,000 to KiwiHarvest
How HR can make use of AI-powered tools
Nutritionist calls for government to take a stand against food manufacturers
Calls for the Privacy Commission to have greater maximum penalties for data breaches
Legal and regulatory update for the life and health insurance sector
18 Apr 2023 - APRA and ASIC publish latest data on life insurance claims and disputes covering a rolling 12-month period from 1 July 2021 to 30 June 2022, covering a rolling 12-month period from 1 January 2022 to 31 December 2022. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-6
19 Apr 2023 - NZ Banking Association publish their regulatory radar for March 2023 https://financialadvice.nz/wp-content/uploads/2023/04/March-2023-Banking-Sector-Regulatory-Radar.pdf
20 Apr 2023 - ASIC calls for improved approaches to scams as major bank customers report over $550 million in scam losses https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-101mr-asic-calls-for-improved-approaches-to-scams-as-major-bank-customers-report-over-550-million-in-scam-losses/
20 Apr 2023 - DIA encourages reporting entities to get RealMe verified before annual reports are due. From 1 July 2023, you’ll be able to file your AML/CFT annual report via AMLOnline. https://www.dia.govt.nz/AML-CFT-Getting-RealMe-Verified-for-the-Reporting-Season
Investigation finds Southern District Health Board’s cancer treatment delays harmed patients and breached their rights
Clinicians and patients raised the alarm and Health and Disability Commissioner Morag McDowell started an investigation that found between 2016 and 2022 the Southern District Health Board:
• failed to recognise and respond to the clinical risk created by the lack of capacity within the Southern Blood and Cancer Service (SBCS);
• had poorly developed clinical governance systems that were not adequate to either delineate or minimise the risk across clinical services;
• caused patient harm by capacity issues within the SBCS and prolonged delays for first specialist assessments;
• failed to provide services to patients within the SBCS in a manner that minimised the potential harm to, and optimised the quality of life for, those patients, and therefore breached Right 4(4) of the Code.
The report found increasing demand for cancer services, which it attributed to a variety of factors including growing population, a 23% increase in annual cancer registrations from 2010 – 2019 and new medicines and treatments which can require additional staff input and time.
The Southern District Health Board covered the bottom of the South Island as far north as Waitaki and Queenstown, and has now part of Te Whatu Ora Southern.
Te Whatu Ora Southern has implemented a range of initiatives to address the concerns raised in the report. They have invested in SBCS with 24 new FTE employees hired across medical physicist, radiation therapists, administration staff, medical registers and nurses; however, they are struggling to recruit specialist medical officers across radiation oncology, medical oncology services and haematology. Te Whatu Ora Southern has rebuilt their risk management system and processes and strengthened their clinical governance and performance and accountability processes over the last two years. A working group is meeting weekly to provide waitlist monitoring and the oversight of the operational initiatives and strategies to help support the service and improve the experience of patients. Additionally, Te Whatu Ora Southern is outsourcing some telehealth First Specialist Appointments and outsourcing to private providers where there is capacity.
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Insurance Business opens nominations for 5-Star Insurance Innovators 2023
Naomi Ballantyne talks about how her struggles in her early years were a key driver of her success
FMA looking for someone to fill newly created risk manager role
Government announces additional funding for hospital in Dunedin
Legal and regulatory update for the life and health insurance sector
13 Apr 2023 - Accident Compensation (Access Reporting and Other Matters) Amendment Bill goes to select committee https://bills.parliament.nz/v/6/16c6f439-8524-4e9e-8fd9-cfac36444cb5?Tab=history
17 Apr 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for February 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-feb2023.pdf