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.
Next stop: sunny Tauranga!
Thank you Tauranga for your support and for the awesome weather!
We look forward to seeing you again soon. A special shout out to Andrew Cuttriss from Compliance Refinery for joining us on the tour.
It’s not too late to register if you're interested in attending our annual roadshow, please click here to see our remaining dates and locations!
Our national Quotemonster roadshow kicks off in Taupo!
The first stop on our national Quotemonster tour was Taupo - and how exciting it was for our team to present here for the very first time!
A big thank you to the attendees for all your support and amazing feedback.
We look forward to catching up with everyone joining us in Tauranga and Hamilton this week.
It’s not too late to register, please click here to see all our dates and locations!
Registrations open for Partners Life’s 3-day New Adviser Training Course
Partners Life have created a New Adviser Training Course to support and encourage those new to the industry. The three-day course runs from 21 – 23 August and will help ensure advisers are better positioned to discuss the types of interruptions to lifestyle clients might encounter, the corresponding financial impact and the types of products that best mitigate those risks.
The eligibility criteria are:
• Level 5 qualified or near completion
• Less than 12 months industry experience
• Registered on the Financial Services Provider Register (FSPR)
Those on the course will be provided with pre-requisite eLearning modules to complete prior to the course starting.
A full schedule of the three days can be found here. You can register to attend here, registrations close 31 July.
More daily news:
The Cyber Security Risk Conference is on in Auckland, 11 September
Digital Trust Hui Taumata is on 1 August in Wellington
Amanda Stevens spoke about how advisers should engage in a more curious way with their clients
Study finds sustainable diet cuts risk of early death by 25%
Changes to direct debit processing may affect people’s payment of insurance policies
Back in May, banks changed to 7-day payment processing to align with the Responsible Lending Code, under the Credit Contracts and Consumer Finance Act (CCCFA).
Prior to this change, if a customer had insufficient funds to complete a direct debit payment, the bank may have put the customer into overdraft to complete the transaction, based on an assessment of funds expected to arrive in the customers account at a later time or based on funds available elsewhere. This will no longer happen under the Responsible Lending Code. Instead, the bank will attempt to make the payment multiple times during the day, and if none of the direct debit payment attempts are successful, the payment will be dishonoured.
Where this gets tricky, is customers may not realise they have insufficient funds. An example would be when a customer has filled up at a pay-at-pump petrol station and a merchant hold has been applied to their debit card. Due to these merchant holds being in place for up to 48 hours, this can reduce the balance available for payments, despite the balance on the customers account showing as being sufficient.
In cases like this, customers could get caught out with direct debit payments not being processed, leading to premium dishonours and policies lapsing.
Financial Advice NZ suggests that advisers check with customers that their:
wage payment date lines up with their direct debit date and/or that the customer’s insurance premium frequency lines up with their wage payment frequency and amend if necessary by emailing instructions to the relevant provider.
More daily news:
Financial Advice NZ Taranaki Regional Meeting 10 August in New Plymouth
Financial Advice NZ Hawke's Bay Regional Meeting 17 August in Napier
National propose allowing people under 30 to draw down on KiwiSaver savings for bond payments
Submissions for ANZIIF Making a Difference Awards for 2023 now open
Second quarter inflation falls to 6%, from 6.7% in first quarter
Fidelity Life appoints Campbell Mitchell as new CEO
Fidelity Life has announced that Campbell Mitchell will take on the role of CEO in October this year. Mitchell is currently Chief Customer Officer at Suncorp New Zealand.
Fidelity Life Chair Brian Blake says
“The Board is delighted with Campbell’s appointment. We’re impressed with his strong track record of enabling high performing teams and leading transformation projects. He has held Executive responsibilities for a broad range of functions at Suncorp, including customer, sales, claims, operations, marketing and corporate affairs, as well as being Acting CEO of Suncorp New Zealand from time to time.
However the fit with our business, our culture and our team is equally important, and that’s where Campbell clearly stood out.”
More daily news:
Partners Life release second edition of 'Licensing Quick Tips'
Katrina Shanks writes about whether it's a good time to invest in silver
FinTech for FinTechs Mini Hui 10 August in Auckland
Reserve Bank issues phone scam advisory
Medical costs mount as man injured on holiday waits to find out if he’s paralysed
Women raises money for surgery overseas after getting tired of waiting for public health system
UK cracks down on ‘finfluencers’
We wrote about financial influencers (‘finfluencers’) in the news recently, and now the UK’s Financial Conduct Authority (FCA) has announced it is taking a tough line on finfluencers and the promotion of financial products and services online.
They point to how consumers are using social media as a go-to source of information which is being reflected in advertising trends. The FCA is currently consulting on financial promotions on social media and they working with the Advertising Standards Authority to educate consumers and influencers about the risks involved in promoting financial products. Of note, they have worked with Big Tech to update advertising policies to only allow financial promotions approved by FCA-authorised firms. It will be interesting to see if the Financial Markets Authority decides to implement any similar initiatives.
More daily news:
The Co-operative bank share $2.5 million in profits with customers
mySolutions webinar 'Recent changes to Trust Law - are you up to date?' 19 July 9am
Review finds more people waiting at least six hours in emergency departments than a year earlier
New Alzheimer’s drug shown to slow disease progression by 60%
Longitudinal study finds disabled kiwi youth have worse health outcomes than their able-bodied peers
Legal and regulatory update for the life and health insurance sector
17 Jul 2023 - The Australian Prudential Regulation Authority (APRA) has finalised a new prudential standard aimed at ensuring banks, insurers and superannuation trustees can better manage operational risks and respond to business disruptions. https://www.apra.gov.au/news-and-publications/apra-finalises-new-prudential-standard-on-operational-risk
18 Jul 2023 - The FMA has released its scenario analysis information sheet to help climate reporting entities (CREs) meet their obligations under the Climate-Related Disclosures (CRD) regime. It sets out how the FMA will apply the CRD framework relating to scenario analysis; what the FMA will look for when determining compliance with those standards; and other considerations that may help CREs ensure they meet the disclosure requirements. https://www.fma.govt.nz/news/all-releases/media-releases/scenario-analysis-information-sheet-for-climate-related-disclosures-regime/
18 Jul 2023 -The Australian Securities and Investments Commission (ASIC) has written to the Insurance Council of Australia, the Council of Australian Life Insurers and the Financial Services Council about its review of over 100 Target Market Determinations (TMDs) for general and life insurance products.The letters outline ASIC’s findings based on a sample of general and life insurance products. ASIC considered that the products reviewed represent higher risk and/or potential for poor value to consumers. https://asic.gov.au/about-asic/news-centre/news-items/asic-review-of-insurance-target-market-determinations/
19 Jul 2023 - The Therapeutic Products Bill was read a third time and passed through under urgency https://www.beehive.govt.nz/release/new-era-therapeutic-products-regulation
Fidelity Life officially integrates former Westpac Life business
Fidelity Insurance, formerly known as Westpac Life, has been integrated into the Fidelity Life Assurance Company, meaning Fidelity Life is once again operating as a single insurer.
Fidelity Life completed the $400 million acquisition of Westpac Life in February 2022, which has been operated as a separate entity, Fidelity Insurance, since then. Now all of Fidelity Insurance’s assets, liabilities and obligations to policyholders have been integrated into Fidelity Life.
Customers of Fidelity Insurance can remain assured that their policy terms and conditions are unchanged.
Fidelity Insurance Limited will be formally wound up as a registered company later this year.
More daily news:
Fidelity Life extends access to Cancer Coach to Group Trauma Insurance customers and their employees
Katrina Shanks talks about adapting advice to different money personalities
AIA’s business grew by 15,000 customers by year end 2022
TSB wins Canstar NZ's Bank of the Year | Everyday Banking award
Sheridan Sisnett wins Employee of the Year award at the Partners Life awards
Ben Lovelock appointed as Chief Risk Officer at AIA
Ben Lovelock has been appointed as Chief Risk Officer at AIA. Lovelock has a wealth of industry experience with roles spanning actuarial and finance practice areas. He was previously Head of Ratings, Group Treasury for AIA Group.
AIA NZ CEO Nick Stanhope said
“It’s great to have someone of Ben’s calibre and experience able to receive the baton from Doune and take on this critical role for AIA NZ”
Lovelock succeeds Doune Connett, who has retired.
More daily news:
Suncorp NZ announces an extended parental leave offering and financial baby prep program
Katrina Shanks writes about the importance of good governance
Naomi Ballantyne will speak at EQUALIZE
Swiss Re publishes its annual World Insurance Sigma Report
Three new members appointed to the Board of the Māori Health Authority
The Monetary Policy Committee agreed to leave the Official Cash Rate (OCR) at 5.5%
Simfuni has launched an insurance premium payment platform in Australia and New Zealand
Legal and regulatory update for the life and health insurance sector
12 Jul 2023 - The FMA have released a consultation document on its proposal to introduce a new standard condition for certain financial market licence holders. The new licence condition will focus on business continuity and technology systems. Consultation closes 1 September 2023. https://www.fma.govt.nz/news/all-releases/media-releases/ma-consultation-operational-and-cyber-resilience/
13 Jul 2023 - Chapter Zero New Zealand produce their first impact report https://www.chapterzero.nz/news/creating-an-impact-for-climate-governance/
13 Jul 2023 - The Financial Regulator Assessment Authority (FRAA) review report of APRA has made five recommendations aimed at strengthening risk identification in the superannuation industry, continued development of capabilities and expertise of APRA’s people, investment in data and technology, enhancing transparency to maximise the impact of APRA’s outcomes, and lifting recovery planning and resolution readiness. https://www.apra.gov.au/news-and-publications/apra-welcomes-release-of-fraa-report