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.
Entries and nominations for the 2023 FSC Awards are now open
Entries and nominations for the 2023 FSC Awards are now open. The awards, across eight categories, aim to showcase excellence and highlight individuals, teams and businesses focused on helping kiwis build financial confidence and wellbeing.
This year the FSC have introduced two new awards:
Excellence in Sustainability Practices Award, which will recognise an organisation that has demonstrated a forward-thinking approach in integrating sustainability.
Contribution to the Community Award, which celebrates an initiative, programme or campaign that has had an outstanding impact on the financial wellbeing of New Zealanders and the community. This award is also open to non-FSC member not-for-profit charities and community groups as well as FSC-member organisations.
The other awards are:
Emerging Trailblazer of the Year
Team of the Year
Excellence in Wellbeing and Inclusion
Excellence in Governance
Workplace Savings
Chairman’s Award for Services to the Industry
Nominations close Wednesday 5 July, finalists will be announced on 17 July and the winners will be announced at the FSC Awards 2023 Dinner on 16 August. Nominations can be submitted on the FSC website.
More daily news:
Suncorp's Jane Brewer talks about how her new role as consumer executive general manager is going
AMP publish Q1 2023 Sustainable Investing report
Financial Advice NZ are holding webinar 'Professional Liability Insurance Update' on 1 June
Financial Advice NZ are holding webinar 'Refixing and restructuring at higher rates' on 7 June
Financial Advice NZ are holding a Central Branch Meeting - 30 May in Palmerston North and a Canterbury/Nelson Branch Meeting 9 June in Christchurch
Report finds the average adviser in Australia serves 91 clients – eight more than they saw in 2020
Potential benefits of AI for financial services
Helen Lu writes how Large Language Models (LLMs) are already having an impact on the finance world, whether through offering rapid access to proprietary knowledge bases or pre-screening investments through to automating claims.
Lu writes how instead of negating the need for financial advisers, AI can help finance professionals with decision making, automation, improving productivity, reducing the cost of providing services and sharing organisational ‘know-how’. Morgan Stanley, a large investment bank, is using Open-AI to power a Chatbot to help its advisers.
Lu sets out some steps organisations should consider when working to cultivate AI literacy.
1.Encourage entry-level professionals to use models like ChatGPT, providing training to help them understand the technology's strengths and limitations.
2. Develop a strategy to turn institutional “know-how” and culture into easily accessible information with the assistance of LLMs.
3. Anticipate initial impacts on work efficiency and quality, addressing any discontent among "superstars" who might not benefit as much from the technology.
4. Rethink team organisation, taking advantage of decreased specialisation requirements to create more versatile and adaptive structures.
5. Alleviate apprehension about AI by highlighting its potential to improve overall productivity and job satisfaction.
Like Helen Lu, we share some enthusiasm for the use of AI, and also have spent some time exploring its weaknesses. In our recent Quarterly Life and Health Sector Report, we have conducted a number of tests of AI, explored the background to LLMs and contrasted these with tools such as machine learning. This report includes the risks associated with the use of LLMs and limitations. To ask us about either subscription to the quarterly report, or access to special reports on a one-off basis, please contact Kelly@Quotemonster.co.nz
More daily news:
Consumer NZ finds 39% of New Zealanders state they do not trust the banks
Kiwibank partners with Brain Badge
Antonia Watson describes ANZ's completion of the BS11 regulatory project
Chapter Zero release New Zealand Climate Governance Pulse Survey 2023
Richard Downey advocates for apprenticeships in the health sector
Partners Life launch Evince 2.0
Partners Life has launched Evince 2.0, an updated version of its client information gathering tool. Version 2.0 has a range of enhancements and new features based on adviser feedback and client testing.
Using a questionnaire, Evince builds a profile of the client and their current financial situation. It uses scenario-based analysis to take the client through situations such as a if a partner were to die and the impact on their financial situation. It then generates a range of insurance cover options.
Advisers wanting a demonstration of Evince 2.0 should contact their Partners Life Adviser Distribution Manager.
More daily news:
nib offers free Your 6 week FITAge challenge to existing members
Aaron Gilmore is appointed to the role of AIA Vitality Coach
Tony Vidler writes about key considerations of practice development
ANZ launch banking safely Screen Savers campaign
Researchers launch clinical trial to see whether microbiome transfer can help those with autism
Dr Stephen Child talks about how telehealth can help the health workforce
Australia, New Zealand launch joint investigation into Latitude data breach
The New Zealand Office of the Privacy Commissioner (OPC) and the Office of the Australian Information Commissioner (OAIC) have commenced a joint investigation into Latitude Financial data breach that occurred on 12 March. This is the first joint privacy investigation by New Zealand and Australia.
The data breach exposed personal information of millions of New Zealanders and Australians, with compromised information including driver’s licences, passports and financial data. Former customers affected by the breach have been experiencing identity theft or having their identity held for ransom. Latitude Financial Services management has estimated that 14 million customer records were exposed during the attack, of which approximately 1.08 million were NZ customer records.
Although the OPC and OAIC will be combining resources to conduct the investigation, they are able to reach separate regulatory outcomes or decisions.
The joint investigation will primarily examine whether Latitude Financial took reasonable measures to safeguard the personal information it held, ensuring protection against misuse, interference, loss, unauthorized access, modification, or disclosure.
Additionally, the investigation will assess whether Latitude adequately disposed of or de-identified personal information that was no longer necessary.
The OPC has advised New Zealanders to be on the look out for unusual activities and to not access or share any Latitude Financial Services data encountered.
More daily news:
Russell Hutchinson reviews life expectancy calculators
Calls for insurance comparison website for consumers
Ryan Edwards encourages advisers to review their business through the lens of a business owner
FMA are looking for a Manager, Financial Reporting
Health workers call for regulation of insurers using genetic testing results
mySolutions holding roadshows 'Facing the Hard Truth' in June
ASB has appointed Rebecca James as its new Executive General Manager of Business Banking
Legal and regulatory update for the life and health insurance sector
10 May 2023 - The New Zealand Office of the Privacy Commissioner (OPC) and the Office of the Australian Information Commissioner (OAIC) have commenced a joint privacy investigation into the 12 March Latitude Financial data breach https://privacy.org.nz/publications/statements-media-releases/new-zealand-australia-investigation-into-latitude-breach-begins/
11 May 2023 - Accident Compensation (Access Reporting and Other Matters) Amendment Bill underwent second reading and has gone to Committee of Whole House https://bills.parliament.nz/v/6/16c6f439-8524-4e9e-8fd9-cfac36444cb5?Tab=history
12 May 2023 - ASIC commences civil proceedings against HCF Life for alleged unfair and misleading 'pre-existing condition' term in insurance contracts https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-123mr-asic-sues-hcf-life-for-alleged-unfair-and-misleading-contract-terms-in-insurance/
Fidelity Life announce Career Connect scholarship recipients; open applications for next intake
Fidelity Life has announced the four inaugural Career Connect scholarship recipients. Worth up to $5,000 each, the scholarships aim to help develop a more vibrant and diverse advice industry. They are awarded to people from under-represented groups within the financial services sector.
Fidelity Life has announced the four inaugural Career Connect scholarship recipients. Worth up to $5,000 each, the scholarships aim to help develop a more vibrant and diverse advice industry. They are awarded to people from under-represented groups within the financial services sector.
The recipients include:
Pounamu scholarship - Marei Chaney (Auckland), designed to assist an outstanding Māori applicant. Marei is an educator, with a passion for improving financial literacy among Māori communities.
Kōwhai scholarship - Jae Viliamu (Taupō), designed to assist an outstanding Pasifika applicant. Jae has a construction background and through personal experience, understands the value of good financial advice and wants to help his Pasifika community get financially ahead.
Rangi Po scholarship - Jan Bliss (Auckland), designed to assist an outstanding applicant from other underrepresented communities within financial services. Jan is an accountant by trade and is committed to helping woman have greater financial security at every life stage.
Toe Toe scholarship - Jamie Ward (Nelson), designed to assist an outstanding applicant aged 21-25 years old. Jamie is currently studying towards a Bachelor of Arts degree in International Relations and Political Science at Victoria University. Always keen to help others, he wants to make a positive difference through his financial advice.
Applications for the July 2023 intake are open from today until 12 May. Online career connect evenings will be held on 11 & 18 April for people to find out more about the programme.
More daily news:
In January, 47% of Partners Life's medical claims were lodged online
Cigna offers two-month waiver of premiums to customers displaced by recent extreme weather events
Tickets still available for FSC’s International Women’s Day Breakfast, 8 March in Auckland
AMP publish their latest quarterly Sustainability Report
Poll finds cost of living tops the list of NZer’s concerns
Looming antibiotic-resistant “superbugs” threat could be more serious than thought
Kiwis facing rising cost pressures
Sticker shock is a phenomenon we’re all having to get used to. Whether grabbing groceries at the supermarket, filling up at the petrol station or refixing the mortgage it seems like everything is going up, up, up.
The Ipsos New Zealand Issues Monitor shows 65% of kiwis are concerned about Inflation/cost of living, and 33% of kiwis are concerned by housing/price of housing. Unsurprising, really, given the consumer price index (CPI) found annual inflation for the December 2022 quarter was 7.2%.
And now a Consumer NZ study finds food price concerns outstrip concerns over renting costs. Back in June 2021, food was ranked the eighth highest financial concern, it has now rocketed to second place, with mortgage payments taking the top spot on the list of worries and rent coming in third. Stats NZ figures show food prices were overall 12% higher this February than they were in February 2022.
So where to from here? The RBNZ’s Survey of Expectations (Business) found that respondents expect inflation to be at 5.11% in a year’s time and at 3.3% in two year’s time; while both outside of the RBNZ’s 1 – 3% target range at least people think it will trend downwards. ANZ’s chief economist Sharon Zollner has warned of the risk inflation could get stuck above the RBNZ’s target band, with services inflation continuing to build even as goods inflation in New Zealand has peaked. The next OCR update is on 5 April – we’ll report back then how the monetary policy committee thinks we’re tracking.
More daily news:
FSC holding webinar 'Good governance for financial services organisations' on 2 May
Early bird tickets to FSC Conference 2023 available from 29 March
FMA announces appointment of Daniel Trinder as executive director – strategy and design
MPs vote against select committee enquiry into retail banking sector
Stuff has a rundown of the Silicon Valley Bank collapse
Pharmaceutical companies reveal financial relationships with individual health workers
Husband takes terminally ill wife to court to stop her spending early life insurance payout
The husband said the wife claimed against the life insurance policy and had the money paid into a bank account under her sole control; she told her husband he wouldn’t get any of it. There were also claims of deception, with the husband alleging that the wife and one of her daughters forged the husband’s signature on the claim for the payout and/or witnessed that forged signature.
A High Court decision has ruled in favour of the husband to freeze payments from the bank account (with the exception of normal living expenses and legal expenses). Justice Francis Cooke said the terminal illness payout was supposed to be made to both partners jointly but that the wife had taken it for her own use.
More daily news:
Jon-Paul Hale questions insurers' policy specificity
Southern Cross expands operating hours and services of CareHQ, online GP service
Fidelity Life COO Ian Clancy steps up into Acting CEO role
FANZ webinar 'Bring in the Experts - FMA first week of full licensing update' March 22
Banking sector increased its Net Profit After Tax by $1.06 billion/17.26% in 2022 compared with 2021
Eight months after health reforms kicked in, key health system metrics continue to worsen
Men & Women have different risk factors, symptoms and types of heart attacks and heart disease: why do they receive the same advice?
An Australian study has found that despite having different risk factors, symptoms and types of heart attacks and heart disease, men and women currently receive the same broad advice.
Historically, guidelines for heart health have been based on studies mainly looking at men, even though heart attacks are the number-one killer of women globally, with approximately a third of women dying from heart disease. In New Zealand, more than 55 women die from heart disease every week.
The main risk factors (smoking, elevated cholesterol, high blood pressure, diabetes) apply equally to both sexes. However, women face additional risk factors including pre-eclampsia, high blood pressure during pregnancy and gestational diabetes, all of which increase a women’s risk of heart disease later in life. Menopause can also have an effect on a woman’s risk
with the onset of menopause and the drop in oestrogen levels, women lose a protective factor and acquire the same risk as men.
When people typically think of the signs of a heart attack they picture chest pain; a woman is more likely to experience shortness of breath or stomach pain. The heart foundation has further information on heart attack symptoms in women.
The types of heart attack can be different for men and women too. Instead of cholesterol-based blockages people can suffer spontaneous coronary artery dissection, where the heart tears. This type of heart attack occurs more frequently in women at a ratio of four to one.
When it comes to heart health, treatment advice can be different too – a recent study has shown that a half dose of medication can be beneficial for women and reduce adverse side effects.
More daily news:
The transitional licensing phase has ended; full licensing is now in effect
FSCL to hold conference on how to manage complaints on May 2
The economy shrank 0.6% in the final three months of last year
Gut expert recommendations for microbial diversity
Health pros and cons of working from home
Govt approves $25 million extension for cyclone-affected businesses
Ultra-marathon runner talks about the bowel cancer warning signs he wishes he’d known more about
Happy Retirement to Rob Dowler
Melissa Waddell, Kelly Pulham, Fran Hutchinson, Rosemary Dowler, Rob Dowler, and Russell Hutchinson
We wish a fond farewell to Rob Dowler this week as he leaves to start his retirement and to spend more time with his family.
Rob first started at Chatswood Consulting in 2013 and over the years has provided valuable compliance advice, proven invaluable to bounce ideas off and kept us up to date with everything going on in the legal and regulatory space. Rob and Rosemary have children and grandchildren, some of which are in Europe, so they will be heading off shortly to visit them now that travel has been restored.
Rob’s experience spans more than 35 years in the Financial Services industry across a wide range of organisations. We want to thank him for everything he has done during his time with us and wish him all the best for the future.
Left to right we have Melissa Waddell, Kelly Pulham, Fran Hutchinson, Rosemary Dowler, Rob Dowler, and me.