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.
Are you experiencing site issues following our monster upgrade this week?
Great news!
We have upgraded Quotemonster to add some exciting new features this week, however you may need to follow our handy hacks below to ensure you’re on the latest version:
Firstly, we recommend scrolling to the very bottom of Quotemonster to confirm you’re seeing: Quote Engine V.3.0 B1 | QPR V.15.4 | Web V.4.4.0.
A quick refresh to your browser might help – click the refresh button (usually a circular arrow to the left of your address bar) or press F5 on your keyboard.
If you’re using a bookmark, we recommend updating this – please open a new tab in your browser, type in www.quotemonster.co.nz, if you find the site is working normally, please save this as your new bookmark.
It might be time to clear your cache – click here for instructions on how to clear this in Google Chrome.
If you’re using Edge, Firefox or another search engine and experiencing issues, please try using Google Chrome. Google Chrome is the most compatible browser when using Quotemonster.
However, if you’re finding that none of our hacks are helping, you’re welcome to reach out to us on info@quotemonster.co.nz.
Legal and regulatory update for the life and health insurance sector
8 Aug 2023 - The Reserve Bank of New Zealand has published the results of its first life insurance industry stress test (LIIST). The 2022/23 LIIST demonstrates the largest insurers in the sector are well placed to withstand severe economic and insurance shocks, while continuing to pay out on policy claims. https://www.rbnz.govt.nz/hub/news/2023/08/first-rbnz-life-insurance-stress-test-shows-industry-well-placed-to-withstand-severe-shocks
8 Aug 2023 - ASIC outline their key enforcement priorities for 2023 which include greenwashing, targeting the poor design and distribution of financial products, pricing promises in insurance, protecting financially vulnerable consumers from predatory lending practices or high-cost credit, and directors’ duties and governance failures. https://asic.gov.au/about-asic/news-centre/speeches/maintaining-a-strong-focus-on-enforcing-the-law/
9 Aug 2023 - Paul Gregory's speech on 'Greenwashing - a view from the regulator' at the Responsible Investment Association Australasia (RIAA) Conference Aotearoa NZ 2023 is published https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-paul-gregory-at-riaa-conference-2023/
9 Aug 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for June 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-june2023.pdf
10 Aug 2023 - The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has published the stress test scenario that our largest banks are using to test their ability to withstand severe, but plausible long-term climate-related challenges. https://www.rbnz.govt.nz/hub/news/2023/08/rbnz-releases-too-little-too-late-climate-resilience-stress-test-scenario
10 Aug 2023 - The Commerce Commission has outlined the key products and issues it proposes to explore in the market study into personal banking services, with the release of the Preliminary Issues paper. https://comcom.govt.nz/news-and-media/media-releases/2023/commerce-commission-outlines-proposed-focus-for-market-study-into-personal-banking
11 Aug 2023 - Findings from the latest Reserve Bank of New Zealand - Te Pūtea Matua Relationship Charter survey show significant improvements among insurer stakeholders in their ratings of the relationship with RBNZ. Key suggestions for what the Reserve Bank could do differently to improve the relationship included more proactive and personal contact from RBNZ, and flexibility on regulatory projects. 90% of bank participants gave an overall rating of ‘good’ or ‘very good’ for the relationship. Insurer participants’ ratings of the overall relationship with the Reserve Bank have increased significantly since last year (92% rating the relationship as ‘good’ or ‘very good’ in 2023 compared to 72% in 2022). https://www.rbnz.govt.nz/hub/news/2023/08/rbnzs-relationship-charter-shows-continued-growth-in-regulatory-relationships
Quotemonster in Nelson!
Aneel Ravji and Kelly Pulham had the pleasure of presenting in Nelson this week with a great crowd too!
We look forward to visiting again soon, and hopefully staying for a bit longer next time!
QPR database V15.4 has been released!
Partners Life recently announced several pricing and product changes to their Income and Mortgage Protection product suite. More information on these changes can be found here.
We have now updated Quotemonster to reflect these changes as detailed below:
Partners Life quote software updates:
Optional Critical Illness Benefit: We’re making the built-in ‘Critical Illness Benefit’ optional and renaming it to the ‘Critical Illness Option’. When you de-select it, a discount is triggered on the premium for Income, Mortgage or Household Expenses Cover.
Optional Specific Injury Benefit: We’re making the built-in Specific Injury Benefit optional and renaming it to the ‘Specific Injury Option’. When you de-select it, a discount will be triggered on the premium for Income, Mortgage or Household Expenses Cover.
What you’ll see on Quotemonster:
An ‘Options’ package is now available under ‘IP Taxable’, ‘IP Non-Taxable’, and ‘Mortgage’ in your ‘Product and Provider Settings’. This includes the TPD Booster, Critical Illness and Specific Injury Benefits.
When an ‘Options’ package is selected on Quotemonster, all three benefits will also need to be switched on in Partners quoting software to allow the premiums to match and research scores to be reflected in your selections.
When a base product with no options is selected the price will be lower than previously quoted on Quotemonster because Specific Injury and Critical Illness are no longer built in benefits.
If you have any questions or feedback on the changes above, please send us an email on info@quotemonster.co.nz
First stop for our final week: Whangarei!
We had great some great conversations and questions from advisers up in Whangarei. Thank you for having us!
Nelson, Napier and and Auckland North Shore - see you this week!
Quotemonster updated to database version 15.4
Quotemonster has updated the product database. This version of the database includes the following changes:
Changes in V15.4:
* Partners Life changes to IP and MP:
> Products named “xx with TPD booster” are now “xx with Options”
> TPD Booster added as a new item & rated
> TPD Booster, Injury Benefit & Trauma Benefit are Included in the Options package (no longer in base to prevent confusion)
Please feel free to contact us should you require further assistance.
Direct Debit option now live on Quotemonster!
A highly requested feature – payment by direct debit, is now live on Quotemonster.
When viewing an invoice online, click the “Pay now” button, to access our new Direct Debit option via GoCardless. GoCardless will require some personal and bank account information upon first set up but once this is completed, they will deduct the correct amount on the invoice due date.
You’ll also receive an email notification two days prior to the debit date.
If you need any assistance setting this up, please feel free to reach out to us on info@quotemonster.co.nz
Fidelity Life announce Career connect Scholarship Recipients
Fidelity Life have announced the seven successful scholarship recipients for Career connect’s second intake. Career connect focuses on helping people from groups traditionally under-represented within the financial services sector to gain the qualifications and skills necessary to become a financial adviser.
Pounamu scholarship - to assist an outstanding Māori applicant: Josh Los’e (Ngāti Maniapoto), Auckland.
Kōwhai scholarship - to assist an outstanding Pasifika applicant: Nimmi Valia, Auckland.
Rangi Po Scholarship - to assist an outstanding applicant from other under-represented communities within financial services: Naveen Bhatia, Glenbrook.
Toe Toe scholarship - designed to assist an outstanding applicant aged 21-25 years old: Kiri Venkatesh, Auckland.
Pāua scholarship – to assist an applicant who demonstrates excellence in their submission: Chloe Balderstone, Lincoln.
Rural scholarships, brought to you by FMG – to assist two outstanding applicants with a rural connection:
Sara Buerki, Dunedin.
Alice Perry, Oamaru.
The current intake will complete the 6-month long programme in December 2023. The first intake of Career Connect graduates have completed their training programme and achieved their level 5 certificate in financial services.
Career connect graduates
More daily news:
Disability income products from Partners Life can now be customised for clients
Trustees Executors has partnered with AIA
NZ actuaries deliver revised rules-of-thumb for retirement savings drawdowns
Financial Advice NZ webinars 'The ever-evolving credit landscape: Trends, future predictions and informed decisions' 23 August and 'Rising financial capability and improved financial literacy - key findings from Massey University's longitudinal research study' 30 August
mySolutions roadshows 'To sink or swim: the power of prospecting' in September
mySolutions webinars 'Simple wills' 9 August 9am and 'Creating balance in your life and work' 16 August 9am
The Australian Competition & Consumer Commission denies the sale of Suncorp Bank to ANZ
TSB Bank is closing seven of its branches
Long Covid disproportionately affecting women, who struggle to get a diagnosis and treatment
Calls for cancer treatment aftercare to become recognised step of regimen
Changes to IFSO terms mean more consumers will be able to access free dispute resolution
Effective 1 September 2023, changes to the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) and its terms of reference (TOR) and constitution will mean more consumers will be able to access IFSO services.
Once the changes take place, IFSO will be able to investigate insurance claims complaints and financial services’ products complaints up to $350,000+GST, or $2,625+GST per week for regular payments. This is an increase from current limits of $200,000+GST and $1,500+GST respectively.
Insurance & Financial Services Ombudsman Karen Stevens said
“Previously, anyone with a claim over the limit of $200,000 would have had to pay for legal representation to take their case to court.
Court proceedings are not cheap and they’re certainly not free – like the IFSO Scheme process. The changes bring us into line with some other dispute resolution schemes in the financial sector, and will mean a number of extra cases are now eligible for us to look at.”
More daily news:
Justine Gilliland appointed to Unimed's board
Chubb Life release claims statistics for 2022: 93% of all claims received were paid
Katrina Shanks writes about side hustles to boost income during a cost of living crisis
Kate Dron believes there will still be more mergers and acquisitions in NZ insurance space
Financial Advice NZ webinar 'Navigating the world of digital currencies with confidence' 16 August
Linley Wood appointed as an Independent Director on the Chubb Life NZ Board
Official unemployment rose to 3.6% in the June quarter
Hospital ED shuts doors due to ‘doctor shortages’
Calls for bowel cancer screening age to be lowered
Government has made some progress on reducing health waitlist times
Legal and regulatory update for the life and health insurance sector
2 Aug 2023 - APRA has released for consultation its proposed amendments to three private health insurance (PHI) reporting standards, following amendments to PHI legislation. https://www.apra.gov.au/news-and-publications/apra-consults-on-amendments-to-private-health-insurance-reporting-standards
3 Aug 2023 - Medicines (Exemption for Authorised Prescribers) Amendment Bill was introduced at Parliament https://bills.parliament.nz/v/6/ece4ff52-30c7-4c5a-1874-08db93c62d99?Tab=history