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.
NZ Banking Association announces co-ordinated, multi-sector approach in fight against scams
The NZ banking sector has announced new measures intended to fight fraud and hamper scammers’ efforts. While no timeframes have been announced, initiatives include:
Supporting the establishment of a centralised, co-ordinated, multi-sector national Anti-Scam Centre.
Instigating an industry-wide “confirmation of payee” account name-checking service.
Committing to removing all weblinks from texts to customers.
Working together to combat “mule” accounts.
Investigating the sharing of real-time information between organisations impacted by scams.
More consistent and timely outcomes for customers who suffer financial losses.
Driving further public awareness of scams and how to avoid them.
NZ Banking Association chief executive Roger Beaumont said the measures fall into three categories
“Making it harder for criminals to operate in New Zealand, making it harder for them to target New Zealanders, and supporting ongoing public awareness of scams and how to identify them.”
More daily news:
Katrina Shanks writes about how we can improve Kiwis' financial literacy
Workers in the insurance industry in NZ typically in the office 3.2 days per week
Premium Comparison Database Upgrade v122
For institutional subscribers to our premium comparison database, we have upgraded to v122 which includes the following:
Updated AIA IP and MP rates effective 01/09/23
Added more bank and direct prices. Please note we only have life and trauma quotes at this stage and not for all ages.
Bank and direct products added:
AA Life
ANZ
Pinnacle Life Trauma (Life previously included)\
Southern Cross
Westpac
You will find the file in your usual shared drives or upload process.
Important Notice: scheduled system maintenance for an exciting upgrade
A friendly reminder that Quotemonster will be offline tonight (Friday, 15 September 2023) between 10 PM to 11 PM for a major revamp. This means that when you login on Monday, you’ll see some powerful new features which include:
- Standalone Head-to-Head available to Researchmonster and Advicemonster users.
- Fact Find Option available to Advicemonster users.
- The use of AI for SOA Customisation available to Advicemonster users.
- Updates to Quote and Research reports and minor issues based on adviser feedback.
We would like to emphasize that the data is still being pulled through from the same Research and quoting engine, and all your settings will remain the same.
Please note these features are still in the Beta (testing) stage, so if you have any comments or feedback that we can use for our next round of enhancements, please feel free to send them through to info@quotemonster.co.nz.
Happy Crunching! 🙂
You’ve raised $5,180!
Thank you to everyone who attended our Quotemonster roadshow this year!
You’ve raised a whopping $5,180 that we have now donated to three amazing charities via The Good Registry.
⭐Starship Foundation
Starship is New Zealand’s national children’s hospital, firmly focused on accelerating world class healthcare for all New Zealand children. There are more than 140,000 patient visits to Starship Child Health each year including around 1000 outreach clinics where Starship clinicians offer specialist consultation and support to their peers all around New Zealand.
https://starship.org.nz/foundation/
⭐Mental Health Foundation
The Mental Health Foundation works towards creating a society free from discrimination, where all people enjoy positive mental health and wellbeing, regardless of whether or not they have a mental illness or experience of mental distress. The Mental Health Foundation runs nationwide mental health campaigns, provides free information and resources and advocates for policies and services that support people with experience of mental illness, and their whānau and friends.
⭐SPCA
SPCA helps protect animals that are sick, injured, abused or abandoned. Every year, 39 SPCA centres across the country receive 40,000 animals through their doors and 15,000 animal welfare complaints. SPCA relies almost entirely on the generosity of New Zealanders to carry out its life-saving work, as it receives only a small amount of government funding.
Medical Price Comparison Update
We have just uploaded V102 of the Medical Comparison for those institutional subscribers.
Updates in V102:
Updated Accuro rates effective 1/9/23
Updated Unimed rates effective 1/8/23
Demystifying Advicemonster [online session]
Over 2,000 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 Thursday, 14 September 2023 9:30 am-10:30 am.
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 aneel.ravji@qpresearch.co.nz
We look forward to seeing you there!
Q&A with the Financial Advice NZ Risk Board Member Director (Risk) nominees
Sonja is self-employed, working under the SHARE FAP, advising clients on Risk and KiwiSaver investment. Sonja has over 20 years’ experience in the Financial Services industry and is also a Director at Habitat for Humanity, a Chairperson for Migrant Connections Taranaki Charitable Trust and a Justice of the Peace.
What attracted you to the insurance industry?
I love the flexibility and lifestyle that the industry offers, especially when you are self-employed, as well as the social aspect, meeting new people/clients, some of whom become lifelong friends.
If you were elected Member Director (Risk), what would your key priorities be?
Key priorities for me would be looking at a pathway for young people to join the industry, continuing to educate and assisting advisers navigating the new regulatory environment as well as looking at new strategies to maintain and enhance the wellbeing of advisers.
What is one thing you wish someone had told you when you were younger?
The one thing I wished someone had told me: don't sweat the small stuff… we worry about too many things sometimes, instead of looking at the big picture.
What’s the last book you read?
I read a lot of books, but the last book I read is 'Sand talk" by Tyson Yunkaporta, the author asks what happens if we bring an indigenous perspective to the big picture - to history, education, money, power? Can we, in fact, have proper concepts of sustainable life without Indigenous knowledge? He challenges us to think differently - a great read I picked up on my last visit to Sydney.
Zebunisso Alimova
Zebunisso has a variety of experience in the financial services sector, starting off in banking and now owning a Mike Pero Franchise. Zebunisso was recognised as one of MPA’s top advisers in New Zealand 2022 and 2023.
What attracted you to the insurance industry?
The insurance industry, in my view, represents a unique intersection of financial services, risk management, and the profound impact it can have on individuals and businesses. What truly attracted me to this industry is the opportunity it provides to make a real difference in people's lives. Insurance is about offering peace of mind, security, and a safety net when the unexpected occurs.
My journey into insurance began during my tenure at ASB Bank, where I witnessed firsthand how crucial insurance products were to our clients' financial well-being. I was drawn to the industry's ability to provide tangible protection against life's uncertainties, whether it's safeguarding a family's future, ensuring the survival of a business during challenging times, or offering stability in retirement.
Moreover, insurance isn't just about selling policies; it's about building trust, understanding clients' unique needs, and tailoring solutions to fit those needs perfectly. This client-centric approach resonated deeply with me, aligning with my core values of empathy and service.
The insurance industry is dynamic, constantly evolving to meet the changing needs of our society. This dynamic nature challenges me to continually learn, adapt, and innovate, making each day in the industry an exciting and fulfilling experience.
If you were elected Member Director (Risk), what would your key priorities be?
If I have the privilege of being elected as Member Director (Risk), my key priorities would revolve around enhancing the overall risk management framework within Financial Advice New Zealand. I believe that a proactive and comprehensive approach to risk management is essential for the sustainable growth and success of any organization. Here are some key priorities I would focus on:
1. Fresh Perspectives and Strategic Thinking: As mentioned in my video statement, I aim to bring fresh perspectives and strategic thinking to the role of Member Director (Risk). This approach involves looking at risk management from new angles, exploring innovative solutions, and ensuring that our risk management strategies align with our strategic objectives.
2. Diplomatic Voice for Collaboration: In the video, I emphasized the importance of maintaining a diplomatic voice that fosters collaboration and consensus-building within the organization. Effective risk management often requires input and cooperation from various stakeholders. I would work diligently to ensure that all voices are heard and that decisions are made with the best interests of the organization in mind.
3. Addressing Industry Challenges: I am acutely aware of the challenges the industry is currently facing, such as the struggle to attract young talent due to evolving regulations. These challenges were discussed in my video statement, and I am committed to addressing them both as a business owner and as an advocate for our industry's growth. This includes exploring ways to make our industry more appealing to emerging professionals.
4. Client-Centric Approach: Just as I emphasized the importance of a client-centric approach in my video statement, I believe that risk management should ultimately serve the best interests of our clients. This means ensuring that our risk management practices protect our clients while also allowing them to access the products and services they need.
What is one thing you wish someone had told you when you were younger?
If I could impart one piece of wisdom to my younger self, it would undoubtedly be the importance of securing a fixed-rate loan when interest rates were historically low, such as the opportunity to fix the loan for five years when rates were at 2%. This financial decision can have a significant impact on one's long-term financial stability and mortgage affordability.
Understanding the intricacies of interest rates and financial planning early in life can empower individuals to make informed decisions that set them on a path to financial security. It's a reminder that even seemingly small financial choices can have a substantial cumulative effect on one's financial well-being over time. Planning for the future, whether through smart borrowing or prudent saving and investing, is a key lesson I've learned and would encourage others to embrace.
What’s the last book you read?
The last book I read was "French Village Book Lovers." This delightful book by Martin Walker takes readers on a journey through the charming villages of rural France. It's a captivating exploration of the intersection between French culture, history, and the love of literature. As someone who values cultural diversity and the enrichment that comes from literature, this book was a delightful and enlightening read. It reinforces the idea that books have the power to connect us with different worlds and broaden our perspectives, much like the diverse and dynamic field of finance, which I'm passionate about.
More daily news:
Good returns article lists some pros and cons to AI use in the financial services industry
The primary test for cervical screening has changed to a HPV test, with the option of self-testing
How intermediaries can prepare for CoFI
MinterEllisonRuddWatts has published an article on how intermediaries can prepare for CoFI.
They define who qualifies as an intermediary and a consumer; outline insurers’ obligations in setting up and maintaining a fair conduct programme; outline what intermediaries can expect financial institutions to ask them for when assessing distribution methods; give examples of what contractual agreements should contain in terms of expectations, commissions, assurances and how to remedy deficiencies; highlight the need to review internal policies.
They make the point that intermediaries which are FAPs warrant a lower level of controls in relation to their distribution arrangements, as they are already regulated and pose a lower level of risk.
If you’re still getting your head around CoFI obligations, we recommend you check it out.
More daily news:
Grant Robertson reconfirms that the NZIIS is still on hold
Registrations open for Financial Advice NZ’s Thrive 2024 Annual Conference 5 – 6 March
Voting for Financial Advice NZ Board Member Director (Risk) is open
Katrina Shanks writes about teaching children financial literacy
Partners Life ‘new adviser’ online training course starts 16 October
Oncologists write an open letter to Pharmac, advocating for newer and better-funded medication
Legal and regulatory update for the life and health insurance sector
8 Sep 2023 - The FMA has agreed in principle to grant an exemption (with conditions) for climate reporting entities who are listed issuers or registered banks from the requirement to include a copy of, or link to, their climate statements in their annual report for a period of two years. https://www.fma.govt.nz/business/focus-areas/consultation/climate-related-disclosures-timing-challenge/
11 Sep 2023 - Parliament’s finance and expenditure committee has called for public submissions on the Employment Relations (Protection for Kiwisaver Members) Amendment Bill. https://www.goodreturns.co.nz/article/976522221/submissions-open-on-new-protection-of-kiwisaver-members-bill.html
AIA has released 2022 Claims Data
AIA has released their annual claims data for 2022.
93% of all claims received were accepted.
Paid $646.4 million in claims.
Broken down this comes to $121.5 million in Health claims, $233.8 million in Life claims, $111 million in Trauma claims, $74.4 million in Income Protection claims and $15.3 million in Total Permanent Disablement claims paid.
Over 30,000 health claims were submitted online via the myAIA customer self-service portal.
Life insurance accounted for 42% of all claims.
For those aged 20 - 29 accidents are the main claim for life cover while the main claim for life cover in those aged 30 - 59 is cancer.
Over 815,000 New Zealanders are covered by AIA.
More daily news:
AIA announces major expansion of its gym network
Jon-Paul Hale questions fairness of AIA moving policies after a couple separates
Study finds good financial advice could add almost 6 per cent to New Zealanders’ wealth in 2023