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.
Important website upgrades: Quotemonster v4.4.0
Our IT team have made some monstrously good upgrades to Quotemonster recently. To get all the good stuff and make sure the site is running at its fastest, please refresh your page and scroll down to ensure that you’re on our latest version – web V4.4.0.
Our latest updates include:
A beta (testing) function called Upload Insurance Quote is now available to all Advicemonster users. Once you’ve saved a PDF version of your insurer quote, drag this into the portal and be amazed when an overview of your information is shown and automatically input in your Quotemonster Client and Benefit Details. Note this is only a beta version, it uses AI to read the uploaded quote, and we require users to review the information that is generated. For more details about our policy on AI use please refer to our terms and conditions or contact us.
Another update available to Advicemonster users is the option to include more reports in your SOA appendices. Simply select the reports you are interested in including and links will be presented in Appendix Four: Quotemonster Research Report.
Chubb Life’s 10% lifetime discount is available for quoting. This discount is applied to new business clients with healthy BMI measurements of between 18.5 and 24.9, are non-smokers, and have no medical loadings or exclusions. To apply the lifetime discount to your quotes, simply select the company in the Result panel and tick the “Apply 10% Lifetime Reward?” option.
Please note, if you’re interested in accessing a BMI calculator, we have one available in the Underwriting tab.
Specific Injury (SI) pricing and quoting is now available! This benefit has been highly requested over the past few years, so we are very excited about this addition. We received a large amount of feedback from advisers, insurers, industry experts and our research advisory board. The four companies you can compare are AIA, Asteron Life, Chubb Life and Partners Life.
AIA, Asteron Life, and Chubb Life require a qualifying cover to be selected with SI, while Partners Life has a standalone benefit, all products have minimum and maximum cover levels. Here are the relevant rules re-qualifying covers when quoting this benefit on Quotemonster:
The consensus from all the feedback we received was to have Partners Life Specific Injury product (Specific Conditions) excluded from the standard comparison by default but include a tick box which selects and ‘turns on’ the rating for Specific Conditions. Therefore, to include this provider in your premium or research comparison, ensure you have selected Include Partners Life Specific Conditions.
We believe that this approach is fair because it gives those Advisers who wish to provide a complete overview of on-sale Specific Injury products, the option to do so.
If you have any questions or improvements you’d like to bring to our attention, please feel free to email us on info@quotemonster.co.nz
Scams on the rise in NZ
Scams have been taking prime place in the media recently, with everything from travellers being warned against connecting to Wi-Fi networks to police warning people what to look out for, police making significant arrests in term-deposit-style scams to the FMA warning about comparison websites.
Cert NZ recently reported that financial losses as a result of cyber crimes were up 66% in the first quarter of 2023 compared to the last quarter of 2022.
NZ banks and the Banking Ombudsman are working together to try and keep consumers safer from scammers. The latest initiatives is the 4 part documentary series ‘You’ve been scammed by Nigel Latta’, which starts tonight. Nigel explores the psychological tricks scammers use to exploit people and explains how better to protect yourself.
Miriam Dean KC, chair of the Banking Ombudsman scheme, said financial scams were rising exponentially and is urging banks to fast-track resolution of fraud complaints. Dean also called on other organisations oft impersonated by scammers, like NZ Post and Inland Revenue, to step up their activity in helping protect customers. Dean can see the benefits of setting up a dedicated anti-scam unit, the likes of Singapore’s Anti-Scam Command.
“Establishing an anti scam centre along these lines would have much to recommend it in my view, especially as a flood of scams grows day by day ... and scammers will turn to artificial intelligence to further their devious ends.”
More daily news:
Katrina Shanks writes of the importance of using simpler language
Sorted.org release new Money Personality Quiz
Swiss Re writes of restoring resilience: the need to reload shock-absorbing capacity
FinTechNZ: Importance of Data Quality for AML webinar July 25
Consumer Confidence Survey shows consumer confidence has improved but remains very subdued
Artificial sweetener Aspartame to be listed as “possibly carcinogenic to humans”
Legal and regulatory update for the life and health insurance sector
29 Jun 2023 - The Deposit Takers Bill passed its third reading https://www.beehive.govt.nz/release/deposit-compensation-scheme-becomes-law
30 Jun 2023 - FMA publishes updated and refreshed Auditor and Regulation Oversight Plan 2023-2026 https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-and-regulation-oversight-plan-2023-2026/
30 Jun 2023 - On 1 July 2023, national quarantine and isolation capability NQC (formally known as MIQ) will transfer back to the health system. https://www.mbie.govt.nz/about/news/isolation-and-quarantine-functions-to-move-to-health-system-on-1-july-2023/
30 Jun 2023 - The Reserve Bank of New Zealand is ramping up its monitoring of stablecoins and cryptoassets. https://www.rbnz.govt.nz/hub/news/2023/06/rbnz-ramps-up-monitoring-of-stablecoins-and-cryptoassets
FSC release Climate Scenario Narratives and Guidance for the Financial Sector
The Financial Services Council NZ (FSC) have released the Climate Scenario Narratives and Guidance for the Financial Sector report, developed in conjunction with EY. The report is designed to support the sector in the reporting of climate-related risks and opportunities under the framework developed by the External Reporting Board (XRB). The report can be downloaded from the members area of the FSC website.
The FSC has also announced they are putting together a monthly Climate Related Disclosures Focus Group, open to all FSC members. The focus groups will be an opportunity to continue discussions on Climate Related Scenario and the Climate Related Disclosures Regime and to share learnings and insights with a flexible informal agenda.
More daily news:
CERT NZ reports 66% increase in direct financial loss from cybercrime compared to Q4 2022
RiskinfoNZ poll finds advisers are divided on paid claims services
Tony Vidler talks about areas of professional development
FinTech for FinTechs Mini Hui will be held on 9 August in Auckland
Dame Karen Poutasi has been appointed as the new Board Chair for Te Whatu Ora
Quotemonster roadshow - we're selling out fast
Quotemonster will be touring the country from 18 July to 11 August - and we're selling out fast. Some venues are already nearly at capacity. We will have several of the team at most venues and would love to see you - so please click on the link below that corresponds to a convenient location and register to join us.
As an added bonus, for every person that attends we will be donating $20 to a charity (there will be a choice of three) and we would really like to make that $20,000.
New tech and new tools:
New comparisons
New AI tools to make your life easier
New ways to make your advice process better, safer, and quicker
Review of recent guidance by the FMA (and the FMA will attend and present at our Auckland and Wellington venues)
At this stage, we don’t want to say more – but it will be worth coming along.
In addition, it’s a great opportunity for us to meet with you and hear about what’s happening for you in the market and how we can help. There will be time for questions and some one on one time with our team to work through any scenarios or features you want to explore further.
Click on your nearest town below to register.
11 August - Auckland (North Shore)
We look forward to seeing you soon.
Fidelity life appoints Giselle Baker as Head of Data and Analytics
Fidelity Life has appointed Giselle Baker as Head of Data and Analytics. Chief Financial Officer Simon Pennington says
“Giselle’s experience in leading and developing advanced analytics and reporting for some of the world’s biggest consulting and financial services entities will be invaluable as our new data platform nears completion. Under Giselle’s leadership, our Data and Analytics team will deliver improved insights for the entire business and ultimately help us fulfil our purpose to give New Zealanders certainty to enjoy a more rewarding life.”
Giselle has been working overseas for the last 20 years, most recently as Director, Data and Analytics at FTI Consulting, and Senior Vice President, Global Management Information (MI) and Data Analytics at Citigroup.
More daily news:
Partners Life introduces pricing changes
Partners Life introduce series of short guides for FAPs to manage their licencing obligations
Fidelity Life launch Insurance 101 toolkit
Chubb Life introduce Assurance Extra Business product and introduce 10% lifetime discount
AIA is calling on advisers to take part in the 2023 New Zealand Adviser Wellbeing Research
Katrina Shanks writes about how businesses can pivot in face of consumer confidence crisis
Ian Clancy talks of how NZ has an underinsurance problem
Southern Cross placed ninth on Kantar’s Corporate Reputation Index 2023
CERT NZ reports 66% increase in direct financial loss from cybercrime compared to Q4 2022
Report finds more seniors in New Zealand are expecting to delay retirement due to the cost of living
Financial Advice NZ’s Out Of The Box seminars tickets offered at a $40 discount until 30 June
Legal and regulatory update for the life and health insurance sector
16 Jun 2023 - FMA warns New Zealanders of phony interest comparison website “Compare Fixed Term Deposits (CFTD)” harvesting investor details https://www.fma.govt.nz/news/all-releases/media-releases/fma-warns-new-zealanders-of-comparison-website-harvesting-investor-details/
19 Jun 2023 - A public appointment process has started for 2 external members of the Reserve Bank’s Monetary Policy Committee (MPC) ahead of these members’ terms expiring in 2024. https://www.rbnz.govt.nz/monetary-policy/external-member-of-the-monetary-policy-committee?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=1c0e492c48-Recruitment+begins+for+two+new+external+MPC&utm_medium=email&utm_term=0_-1c0e492c48-%5BLIST_EMAIL_ID%5D
19 Jun 2023 - APRA consults on minor amendments to prudential framework for ADIs and insurers https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-amendments-to-prudential-framework-for-adis-and
20 Jun 2023 - Cabinet has agreed to a market study into competition in the banking sector for personal banking services. The Commerce Commission will focus on examining barriers to new competitors entering or expanding in the market, the introduction of innovative products and services and consumers’ ability to switch between banks. As part of the study, the Commission will examine banks’ profitability and other financial measures to assess competition in the sector. The study will be completed by the end of August 2024 and will determine any actions needed to make sure competition is working for bank customers. https://www.beehive.govt.nz/release/market-study-investigate-banking-competition
20 Jun 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, May 2023 diary released with the following potential financial services sector related meeting noted:
• 9 May 2023 – Meeting with Retirment Commissioner
• 10 May 2023 – Meeting with Insurance Brokers Association of NZ (CEO & GM)
• 12 May 2023 – Speech to the Financial Markets Authority Staff conference
• 15 May 2023 –Meeting with FMA (CE, Hon James Shaw)
• 16 May 2023 - Meeting with Commerce Commission (Chair, CE)
• 19 May 2023 - Meeting with Financial Markets Authority (CE)
• 19 May 2023 - Meeting with FinCap (CE, Advisor)
• 19 May 2023 – Meeting with ANZ (CE, Govt Relations)
• 23 May 2023 - Meeting with BNZ (CE)
• 31 May 2023 – Council of Financial Regulators Town Hall Event
21 Jun 2023 - The Ministry of Business, Innovation and Employment (MBIE) is consulting on an exposure draft of regulations to support the Climate-related Disclosures regime. These regulations set our requirements relating to record-keeping and infringement fees. The consultation will run from 21 June to 12 July 2023. https://www.mbie.govt.nz/about/news/have-your-say-on-climate-related-disclosures-regulations/
22 Jun 2023 - MBIE opens consultation on Customer and Product Data Bill. This consultation runs until 24 July 2023. https://www.mbie.govt.nz/business-and-employment/business/competition-regulation-and-policy/consumer-data-right/
22 Jun 2023 - Privacy Commissioner encourages submissions on Customer and Product Data Bill https://privacy.org.nz/publications/statements-media-releases/privacy-commissioner-encourages-submissions-on-customer-and-product-data-bill/
22 Jun 2023 - The Financial Markets Authority has announced upcoming webinars on July 20 and July 27 tackling scenario analysis in the climate-related disclosures (CRD) regime. https://www.fma.govt.nz/library/events/crd-regime-july-webinars/
23 Jun 2023 - FMA publishes Climate Related Disclosure record keeping draft guidance for consultation. The full set of documents the FMA has released are:
• The proposed guidance for keeping proper climate-related disclosure records.
• The FMA’s climate-related disclosures monitoring approach and plan for 2023-2026.
• The use of third-party providers in climate related disclosures.
https://financialmarketsauthority.cmail20.com/t/r-l-ttijhdjk-btuitpxk-i/
26 Jun 2023 - The Financial Markets Authority published its final guidance for financial institutions that distribute products and services through intermediaries as part of the Conduct of Financial Institutions (CoFI) regime. https://financialmarketsauthority.cmail20.com/t/r-l-ttiiljjl-btuitpxk-y/
26 Jun 2023 - RBNZ identifies a small number of minor errors in the Interim Solvency Standard 2023 (the Standard) and have issued an ‘Amendment Standard’ to correct them. Stakeholders have made the RBNZ aware of a number of additional issues with the Standard and they intend to address these issues over coming months by consulting on and issuing a further amendment. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f7418c0121&e=082a4db7be
Financial Advice New Zealand Out of the Box Tour
We are pleased to confirm that the premium changes for Chubb Life, effective 26 June 2023 are live on Quotemonster.
For more information on these changes, please click here.
Happy Crunching!
Financial Advice New Zealand Out of the Box Tour
Financial Advice NZ Out of the Box Tour is back this August - coming to a region near you
We know how important it is to connect, share experiences and forge meaningful relationships with advisers in your region, so Financial Advice NZ is hitting the road again this August with part 2 of their Out of the Box Tour.
Stopping at Auckland, Cambridge, New Plymouth, Wellington, Napier and Christchurch, get ready to think outside the box again and expand your knowledge to set yourself up for success in the ever-evolving financial landscape.
Here’s why this is a must-attend event:
Important FMA update - find out what they're seeing on monitoring visits
Members of the FMA are coming along for the ride and will be sharing the good, the bad and the ugly of what they're seeing on their monitoring visits. Find out how your processes and compliance measures stack up - you don't want to miss this!
Unpack AML and vulnerable clients
Regardless of whether you're a reporting entity or not, understand your specific requirements as per legislation and regulatory interpretations - this is relevant to all advice streams.
Valuable economic and political insights
Gain a comprehensive understanding of the markets and future outlook from our economic experts and political debate - this is a great opportunity to get your questions answered.
Connect with advisers in your region
Forge meaningful relationships and share experiences with industry peers that will elevate your business to thrive in the new regime. Get the latest updates from sponsors and product providers and stay ahead of the curve in the ever-changing financial landscape.
Whether you’re a seasoned professional, a young adviser starting your career, a mortgage adviser, an insurance adviser, an investment adviser, or a financial planner, the Out of the Box tour is tailor-made to meet your specific needs. For more info, visit www.financialadvice.nz/out-of-the-box-tour/.
Limited-time early bird special - $100 per person (rrp$140) +gst until 30 June
Don't miss out on this exclusive opportunity to elevate your business to thrive in the new regime - register today and share with your fellow financial advisers so they can come along too.
Get up to $100 credit with our mate’s rates
Work events are more fun with friends, so refer a colleague to join you at our August Out of the Box tour for our special 'mates rate' of $100 (RRP $140).
Plus, you'll earn $25 credit towards our 2024 conference registration fee for every friend you refer.*
Get 4 friend referrals and earn $100 off our 2024 conference registration fee. (Ts and Cs apply – see below)
We can’t wait to see you and your friends there!
Terms and conditions: 1. The referrer must already be registered for the August Out of the Box Tour. 2. A referral name must be added to the friend's registration form to qualify for the special $100 registration fee. 3. Friend must pay the Out of the Box Tour registration fee before credit is applied to the referrer. 4. Credit can only be used for Financial Advice NZ 2024 Conference registration fee. 5. * Earn up to a maximum credit of $100 to be used for Financial Advice NZ 2024 Conference registration fee from referrals.
Quotemonster: Scheduled maintenance on Freshdesk
A courtesy reminder that on Sunday, 18 June, Quotemonster's helpdesk provider, Freshdesk may be inaccessible from 2:30 PM to 5:30 PM for database upgrades.
Apologies for any inconvenience this may cause.
