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 Launch
David Haak, GM Distribution interviews Bryce Johns at the Chubb Life product launch. Bryce Johns is Senior Vice President, Chubb Group and President of Chubb Life.
The FSC has released details of the Conference 2023 panels and sessions
The Financial Services Council (FSC) has released details of some of the key events of interest to those in the life insurance and health insurance sectors at the Building Consumer Confidence Conference 2023.
Of interest to the Health Insurance sector:
15 August – Member only session - The great Genetics Debate – creating a win-win for customers
16 August - Breakout session - The future of the Health System in NZ: Public and Private innovating together?
16 August - Breakout session - Equity and Fairness in the Health System
Of interest to the Life Insurance sector:
15 August – Member only session - The great Genetics Debate – creating a win-win for customers
16 August - Breakout session - Be Confident, Be Courageous: what insurance do customers really need?
16 August - Breakout session - Is there a Golden Egg? Balancing of technology, legislation and innovation
More daily news:
FSC release the Climate Scenario Narratives for the Financial Services Sector
Lawyer sues Asteron Life in the Court of Appeal for alleged life insurance contract breach
Southern Cross awarded top 10 in the Kantar Corporate Reputation Index
ACC's latest Innovation Fund for recovery at work projects is now open
New ruling from IRD regarding GST and Directors' and board members' fees
AIA NZ has been awarded the Accessibility Tick
The Co-operative Bank announce full-year profit before tax of $18.8m for the period ending March 31
Tomorrow, Today, Event Series: The AI Revolution – Sustainability event on Jun 27
Stats NZ confirms NZ dipped into recession
Data for Australia shows overall life insurance inflows saw a modest increase of 2.5%
Government to increase the number of funded medical students from 2024
Good Returns has six marketing tips for mortgage advisers
Government announces a five-year focus on tackling rheumatic fever and rheumatic heart disease
Partners Life rates are now live!
We can confirm that the rate changes for Partners Life effective 19 June 2023 are now live on Quotemonster.
Happy Crunching!
Compliance Refinery Compliance Officer Training Programme starting end of June
Compliance Refinery has designed a Compliance Officer Training Programme, starting at the end of June. The programme aims to equip senior support staff or compliance personnel with the tools, skills and implementation capabilities necessary to support Directors in your business.
The programme runs over a year and consists of:
• 10x monthly 1-hour group training sessions with a case study. These focus on the technical aspects, responsibilities and knowledge of a compliance officer.
Setting the scene: being an effective compliance officer
FAP standard conditions
FAP licensing guide
The code of professional conduct
The purpose of conduct
Three lines of defence and common compliance structures
Compliance assurance and testing, and reporting to the board
Six step advice process and file reviews
Marketing and advertising; vulnerable customers
How to maintain a licence
• 11x individual 1-hour coaching sessions. These are real-world coaching sessions on issues specific to your business, whether regulatory events, pain points or internal issues that help you conceptualise solutions.
• Compliance Refinery help desk. Staffed by experts, you can call or email to get personal responses.
• Additional training sessions on relevant topics
For more information visit www.ComplianceRefinery.co.nz
More daily news:
David Boyle questions whether kiwis are recession-ready
Study finds Covid-19 restrictions had a real impact on some young people’s wellbeing
Calls to move immunisations away from GPs to better reach Māori children
Medical centres across the country struggle with a funding model that is ‘not fit for purpose’
Katrina Shanks writes about how to reduce work stress and improve productivity
With recent research finding that employees are stressed and under pressure to work beyond their regular hours, Katrina Shanks has some advice for managers around reducing stress in the workplace and improving productivity.
First up, you need to recognise stress when it happens.
Common signs include unexplained fatigue, headaches, stomach upsets, difficulty sleeping, being moody and irritable, being angry or panicking in situations that normally wouldn’t bother you, avoiding other people.
Shanks suggests four ways for managers to reduce their stress:
• Take regular breaks – taking a time-out – have a coffee, go for a walk around the building - can mean you return refreshed and ready to be productive.
• Delegate – trust your staff and have them share the workload.
• Upskill your staff – when you know they have the skills to do more on their own there’s less need for you to step in.
• Provide clear guidance – help keep employees informed and engaged by ensuring organisational priorities and changes are clear.
More daily news:
Westpac life insurance’s formal integration into Fidelity Life set to be end of June
63.3% of New Zealanders with a mortgage say they are ‘worried about interest rates at the moment’
Partners Life Premium Changes - June 2023
Dear Quotemonster users,
We are working hard to finalise Partners Life recent premium changes on our platform and you may notice price discrepancies between Quotemonster and their software until these are completed.
We will post up a notification once premiums have been updated.
Apologies for the inconvenience
Legal and regulatory update for the life and health insurance sector
15 Jun 2023 - The Reserve Bank of New Zealand is consulting on a new risk assessment framework proposed to evaluate applications to bank with it directly. https://www.rbnz.govt.nz/hub/news/2023/06/reserve-bank-considers-eligibility-changes--for-its-settlement-accounts
15 Jun 2023 - The Australian Prudential Regulation Authority (APRA) has released the annual life insurance supplementary statistical tables and biannual life insurance institution-level statistics for December 2022. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-supplementary-statistical-tables-and-2
Research updates: what you need to know!
QPR Database V15.2A released
Our Research team have made some monstrously good updates to the QPR database recently. If you’ve noticed we’re running a bit slower than usual, please refresh your page and scroll down to ensure that you’re on our latest version – QPR V.15.2A | WEB V4.3.9.
Our latest updates include:
Cigna rebrand to Chubb Life – this has been live on Quotemonster since the brands launch in March, however all rebranded documents can now be accessed by database subscribers.
Kiwibank rebrand to nib effective 1 June 2023 – more information on this here.
MAS - policy document update for Life & Income Protection effective 1 December 2021, with product rating changes in Income Protection (indemnity) – rating applied in Vocational and Rehabilitation Support .
Research for Partners Life Immediate Trauma Buyback and Asteron Life’s Continuous Trauma is available when Instant Trauma Buyback is selected.
ANZ – policy document update for Life & Living effective 6 March 2023, however, this has not affected product ratings.
Other Research remediations include:
Medical: Exclusions
Income Protection: Insurable Income and Inflation Adjustment
Trauma: Heart Attack
TPD: Benefit Definition over 65
If you have any questions regarding these please feel free to email us on info@quotemonster.co.nz
Happy Crunching!
Updated premium comparison tool includes new Fidelity Life rates, offer, and new nib life and living package
We have updated and sent out a new Life Premium Comparison database to all our institutional subscribers.The new version is v120.
Changes in this version :
Updated Fidelity Life IP, MP and Trauma (YRT and Level) rates effective 1/6/23
Removed Fidelity Life policy fee (temporarily waived until 31/8/23)
Added nib Life & Living rates effective 1/6/23 (YRT Life, Trauma Standalone and Income Protection)
There are some other announced, but not yet implemented, rate changes coming. Keep an eye out for the updates as those get released to the market.
Quick - join us! Advicemonster Demo with Aneel!
Over 1,600 Statement Of Advice (SOA) reports have been generated on Quotemonster in the last six months and we invite you to see why!
We welcome you to join our upcoming online Advicemonster training session scheduled on Friday, 16 June 2023 2:00 pm-3:00 pm.
In this session, we have an in-depth walk-through of our Statement of Advice service and how you can create a professional and comprehensive SOA. Be the first to learn about our recent enhancements and ongoing developments from our new AdviceTech Lead, Aneel Ravji. Our Needs analysis and SOA tools are exclusive to the Advicemonster subscription and due to the advanced nature of the product, training can take between 60-90 minutes. This session is great to attend for those considering upgrading their subscription, or if you have already upgraded but would like to learn how to get the most out of it.
If you would like to register, please send us an email on info@quotemonster.co.nz
We look forward to seeing you there!