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.
Research updates: what you need to know
QPR Database V15.3 has been 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.15.3 | WEB V4.4.0.
Our latest updates include:
Chubb Life – policy document version updates effective 26 June 2023.
Some minor enhancements to Life, Life Income Cover and Income Covers as outlined below:
- Life Cover & Life Income Cover - Funeral Transfer Benefit: A life assured does not have to die overseas to qualify for repatriation to New Zealand or their home country anymore. Dying inside New Zealand now qualifies for repatriation.
- Income Cover (Agreed, Indemnity, Loss of Earnings) & Mortgage Repayment Cover: Removed the requirement for a life assured to complete a 'Dependent Leave Without Pay' Form when applying for the optional benefit.
Please note that no ratings have been affected by the minor enhancements above and all policy documents, brochures and our policy archives have been updated to reflect the new version of Assurance Extra.
Significant changes have been applied to Chubb Life’s Business product suite which includes the withdrawal of Agribusiness as a separate policy and is now an optional benefit within Assurance Extra Business.
We don’t have ratings for business products on Quotemonster yet but hope to have these live before the end of the year.
More information on Chubb Life's business products and recent enhancements can be found here.
Pinnacle Life - Financial Strength Rating update to B+ (A.M Best).
Revised Trauma Incidence is now live – more information on our major review of trauma incidence can be found here. Please note our updated ‘Trauma Claims Data’ infographic is currently with our graphic designer and will be updated on Quotemonster in the next few weeks. Please feel free to email us if you would like to request a copy of the updated version.
Other research changes include:
Mortgage Protection: Offsets
Trauma: Cognitive Impairment
If you have any questions regarding these please feel free to email us on info@quotemonster.co.nz
Happy Crunching!
Next stop: Dunedin
The next stop on our tour was Dunedin.
A big thank you to the attendees for your support and interest in our new features, we really appreciate your time and feedback.
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!
First stop for week two: Christchurch!
The first day of our South Island tour began in beautiful Christchurch.
A massive thank you to everyone who joined us, we had some great conversations and feedback to take back to Monster HQ. A special shout out to Melanie Purdey from Compliance Refinery for presenting with us too!
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!
Final stop for week one: Hamilton!
A big thank you to Hamilton for your support we look forward to visiting again very soon! A special shout out to Steven Burgess 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!
Financial Advice NZ will run ‘Maximise your money 5-day challenge’ for Sorted Money Month
Financial Advice NZ are running a 5-day maximise your money challenge this Sorted Money Month. The campaign is split by different age brackets and aims to help people learn tips and strategies for establishing good financial habits.
1 – 5 August – Maximise your Money in your 20s
7 – 11 August – Maximise your Money in your 30s
14 – 18 August – Maximise your Money in your 40s
21 – 25 August – Maximise your Money in your 50s and 60s
Sorted is running a series of webinars over Money Month
1 August – Sort your everyday money
1 August – Banqer: Virtual Economy Experience (supported by Partners Life)
8 August – Sort your debt
15 August – Sort your savings
22 August – Sort your KiwiSaver
22 August – Mint Asset Management: Making cents of your money
More daily news:
Fidelity Life paid out $30m in Trauma and Trauma multi claims last year
AIA’s latest claims stats show 93% of claims accepted
Partners Life’s latest claims stats show 89% of claims accepted
Financial Advice NZ webinar ‘Super Wednesday hosted by our Risk MAC' 9 August
Finalists for Financial Services Council 2023 Awards announced
Consumer NZ calls for NZ banks to match what UK & Australia banks do to combat cybercrime
Astrud Burgess appointed as ANZ Group Chief Marketing Officer
Quotemonster Terms of Use!
Like everyone else, we've got some fine print...and we've recently updated them!
Please click here to download a PDF version for your records or scroll down to the bottom of Quotemonster to view them.
Legal and regulatory update for the life and health insurance sector
20 Jul 2023 - The Australian Prudential Regulation Authority (APRA) has released its annual Private Health Insurance Coverage Survey, which provides a snapshot at December each year of the number of people, by age, gender and state of residence, with hospital insurance, for the December 2022 reference period. https://www.apra.gov.au/private-health-insurance-annual-coverage-survey
20 Jul 2023 -The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry.
The FAR will impose a strengthened responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors and most senior and influential executives. In doing so, it is designed to improve the risk and governance cultures of those financial institutions. The closing date for submissions is 17 August 2023. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-194mr-apra-and-asic-commence-early-consultation-on-far/
21 Jul 2023 - The Reserve Bank of New Zealand - Te Pūtea Matua has released the dates for publication of its quarterly Monetary Policy Statement (MPS), Monetary Policy Review (MPR) decisions and the six-monthly Financial Stability Report (FSR). The new dates cover the period from February 2025 to July 2025. https://www.rbnz.govt.nz/hub/news/2023/07/monetary-policy-announcement-and-financial-stability-report-dates
24 Jul 2023 - The Therapeutic Products Bill receives royal assent https://bills.parliament.nz/v/6/e52e16e3-0427-4372-a650-4eb655b4c440?Tab=history
25 Jul 2023 - From today the Financial Markets Authority will begin accepting licensing applications for financial institution licences under the Conduct of Financial Institutions (CoFI) regime. Under CoFI, which comes into force on 31 March 2025, about 100 registered banks, licensed insurers, and licensed non-bank deposit takers such as credit unions will need to be licensed by the FMA to provide financial services to consumers. https://www.fma.govt.nz/news/all-releases/media-releases/cofi-licensing-begins/
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%