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.
Fidelity Life makes three key appointments in its Sales and Service team
Fidelity Life has made three key appointments in its Sales and Service Team. David Winspear (left) has been appointed to take on the newly created role of Head of Channel Strategy and Michelle Doyle (middle) has been appointed as the new Head of Solutions, both of whom will report to Fidelity Life’s Chief Sales and Service Officer Bronwyn Kirwan. Kylie Oldham (right) has been appointed as Senior Group Insurance Business Manager, and will report to Fidelity Life’s Head of Group Insurance, Anita Los’e.
David’s role will be leading the design and delivery of Fidelity Life’s channel strategy, delivering sustainable growth across its advisers and strategic alliance partners.
Michelle will be accountable for Fidelity Life’s adviser channel solutions, professional development programmes and their in-house adviser team.
Kylie will be responsible for developing Fidelity Life’s group insurance portfolio and expanding its market presence with new propositions, technology, sustainable pricing and commercial terms.
More daily news:
Partners Life is introducing a TPD option with its trauma cover products
FSC looking for an Event Project Lead and Marketing and Events Coordinator
nib partner with Revolutionaries of Wellbeing
Expressions of interest for the Gallagher Talent Programme 2024 are now open
Kiwibank agrees to pay an $812,500 penalty after it overcharged customers bank fees
Kiwibank recognised as a Gold, Silver and Bronze winner in the 2023 Best Awards
Fidelity Life share insights from key speakers at Engage Conference
Legal and regulatory update for the life and health insurance sector
4 Cct 2023 - FMA #9: Ethical Investing – World Investor Week special with Paul Gregory https://www.fma.govt.nz/library/podcast/5-mins-with-fma-podcast-9-ethical-investing-world-investor-week-special/
9 Oct 2023 - The ASIC Annual Forum is on 21–22 November 2023 in Melbourne. Early bird tickets are available now. https://asic.gov.au/about-asic/news-centre/news-items/asic-annual-forum-2023-last-chance-for-early-bird-pricing/
10 Oct 2023 - The Australian Prudential Regulation Authority (APRA) has issued a letter to all registrable superannuation entity (RSE) licensees on the revocation of superannuation standards. https://www.apra.gov.au/news-and-publications/apra-releases-letter-on-revocation-of-superannuation-standards-0
10 Oct 2023 - ASIC has made ASIC Corporations (Financial Reporting by Stapled Entities) Instrument 2023/673. The instrument continues the relief previously provided under ASIC Class Order [CO 13/1050] Financial reporting by stapled entities, which was subject to sunsetting on 1 October 2023. https://asic.gov.au/about-asic/news-centre/news-items/asic-remakes-financial-reporting-legislative-instrument/
10 Oct 2023 - ASIC has made ASIC Credit (Amendment) Instrument 2023/675, which extends the operation of ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 for a temporary period of 12 months until 1 October 2024, pending law reform. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-electronic-precontractual-disclosure-legislative-instrument/
10 Oct 2023 - Minister of Finance, Hon Grant Robertson, September 2023 diary released with no potential financial services sector related meetings noted. https://www.beehive.govt.nz/sites/default/files/2023-10/Ministerial%20Diary%20September%202023.pdf
10 Oct 2023 - The Quarterly Statement by the Council of Financial Regulators – October 2023 has been released. The Council discussed the current regulatory approach to protecting New Zealanders from financial scams, the regulatory approach to the credit unions and building societies sector, the Council’s coordinated approach to improving financial inclusion, and how the Council could better achieve and measure success in terms of its legislative mandate and the principles of good regulatory stewardship. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-october-2023.html
11 Oct 2023 - The Australian Prudential Regulation Authority (APRA) has published four new updated frequently asked questions (FAQs) on the Australian Accounting Standards Board (AASB17) collections. https://www.apra.gov.au/news-and-publications/apra-publishes-aasb17-updates-to-insurance-frequently-asked-questions
12 Oct 2023 - The Reserve Bank of New Zealand published its Annual Report covering the year from 1 July 2022 to 30 June 2023. https://www.rbnz.govt.nz/hub/news/2023/10/rbnz-releases-annual-report-2023
Standalone Head to Head: what legacy product ratings are available?
The following legacy product research is now available in our Standalone Head to Head:
• ANZ Life and Living 2015, 2016, 2017, 2020
• ANZ Lifestyle Protection 2009, 2010
• Co-Operative Bank 2013
• Countdown Life 2013
• MAS 2016
• Momentum Life 2019
• nib Premier Health 2017
• nib Easy Health 2018
• nib Top Private Hospital Cover Plus 2017
• nib Stay Well Classic 1996
• nib Hospital Cover EasyCare 2017
• NZ Seniors 2022
• OneChoice 2019, 2021
• Southern Cross Regular Care 2008, 2018
• Southern Cross Ultra Care 2021
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000
The following legacy products have been rated and will be loaded to our Standalone Head to Head in the coming weeks – if you’re interested in a rating for one of these products please email us directly on info@quotemonster.co.nz
• AA Life 2016, 2018, 2017, 2022
• ANZ Life and Living 2010, 2016, 2018
• ANZ Lifestyle Protection 2008, 2011, 2015
• BNZ Flexi Card 2014, 2015
• BNZ BillAssure 2005
• Chubb Life Direct 2014
• Cigna Farmers Finance 1996/1998
• Guardian Assurance 1996
• Kiwibank 2010
• MAS 2013, 2017, 2021
• Mercer Bill Protection 2016
• nib Premier Health Business 2017
• NZHL 2019, 2021
• Tower Life 360
• Westpac Gold Term 2018
• Westpac Term 2007, 2011, 2013, 2014
Partners Life: Total and Permanent Disability (TPD) within Trauma
Over the weekend, Partners Life announced a product change to their built in TPD cover within Trauma, for more information on this please click here.
Effective 6 October 2023, TPD will be an optional benefit within Trauma Cover Accelerated or Trauma Cover Standalone and premiums will change accordingly. This applies to both Partners Protection Plan (PPP) and Business Protection Plan (BPP) policies.
We have now updated Quotemonster to reflect this change as detailed below:
Partners Life quote software updates:
Opt TPD Benefit is ‘on’ by default, simply de-select the option when it is not required.
What you’ll see on Quotemonster:
TPD is ‘off’ by default and simply select ‘TPD Add-on’ to include pricing and research for this option.
If you have any questions or feedback on the changes above, please send us an email on info@quotemonster.co.nz
Happy Crunching!
Financial Advice New Zealand release ‘Value of Financial Planning Consumer Research 2023’ report
Financial Advice New Zealand’s latest study on the value of financial planning has been released. The study was undertaken in February 2023 and questioned 1,001 New Zealanders over 25 years old who earned over $90,000 per annum or held over $50,000 of investable assets on the value of working with a financial planner.
Some highlights from the report include:
· 68% of clients of financial planners are highly satisfied with their wealth versus 33% of unadvised consumers.
· 9 in 10 of those who have seen a certified financial planner feel financially secure.
· 9 in 10 clients of certified financial planner say the benefits of financial planning outweigh the costs.
· Those who haven’t engaged with a financial planner report unmet financial needs, with 2 in 5 worried about enough money to live on, 1 in 3 worried about the ability to live their desired lifestyle and 1 in 3 not having a realistic plan for a comfortable retirement.
· 99% of those who have engaged a certified financial planner trust they are acting in the client’s best interest
· 100% of those who have engaged a certified financial planner are likely to continue the relationship with their financial planner.
· Clients reported the top benefits of working with a financial planner as better financial decision-making confidence; having simplify and explain financial matters; improved financial wellbeing and peace of mind; improved confidence in ability to achieve desired standard of living.
The report also has some interesting information on the different ways different generations like to engage with financial planners.
More daily news:
AIA special offer could save clients up to 31% in premiums
Partners Life is switching to email communication for customers who want it
Katrina Shanks writes of findings on the value of financial planning services
Katrina Shanks is confident she's leaving Financial Advice NZ with a good framework in place
mySolutions are holding roadshows across the country in November
Official Cash Rate remains at 5.50%
FSC calls for a comprehensive review of KiwiSaver
Nominations for Insurance Business’s annual Elite Women are open
Malcolm Mulholland laments the lack of funded medicines in NZ
Sleep regularity is important for longevity
Fidelity Life offer financial assistance for flood-hit customers
Fidelity Life are offering financial assistance for flood-hit customers in Queenstown, Gore and Southland. Customers facing financial hardship as a direct result of the flooding can apply to have their premiums temporarily waived for three months, with the potential to extend for a further three months, without it affecting their insurance protection. This is the same relief they have used for customers affected by other natural disasters including flooding in Tairāwhiti/Gisborne earlier this year and in the South Island last year.
Fidelity Life remind everyone of the importance of maintaining insurance cover even during times of financial difficulty, with Chief Customer Officer Peter Doherty saying
“This premium relief offer is one way we can show our support to our South Island customers, and we encourage anyone who’s facing hardship as a result of this extreme weather to contact their adviser to see how we can help. We know many New Zealanders are doing it tough right now and events such as this only make the situation worse.”
More daily news:
Tony Vidler writes of how benchmarking groups can help advisers see how they're doing
AIA New Zealand has appointed Michele Embling as an independent non-executive board member
ANZ has partnered with Age Concern New Zealand on scam protection
Paul Gregory from the FMA talks about how to avoid greenwashing
Healthcare Leadership Symposium is on 25 October
Centrix data shows there were 28% more mortgages behind on payments in August than a year earlier
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 Wednesday, 11 October 2023 3:00 pm-4:00 pm.
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!
Updated medical premium comparison database
For institutional subscribers we have updated the health or medical price comparison.
Changes in V103:
Updated nib rates effective 1/10/2023
Legal and regulatory update for the life and health insurance sector
3 Oct 2023 - APRA and ASIC have published an information package to support the financial services industry in implementing the Financial Accountability Regime (FAR). https://www.apra.gov.au/news-and-publications/apra-and-asic-commence-joint-administration-of-new-financial-accountability
3 Oct 2023 - Chapter Zero have prepared governance “outtakes” from the Climate Change and Business Conference https://www.chapterzero.nz/news/the-rise-and-fall-of-nature/
4 Oct 2023 - RBNZ will hold a webinar on the IPSA omnibus consultation and the second amendment of the ISS on Wednesday 11 October from 2pm-3.30pm https://teams.microsoft.com/dl/launcher/launcher.html?url=%2F_%23%2Fl%2Fmeetup-join%2F19%3Ameeting_NTEwM2Y0NzUtNDdkNy00ZTI3LTllNWMtZThmNzE1NjkyZWZl%40thread.v2%2F0%3Fcontext%3D%257b%2522Tid%2522%253a%2522ef09e631-f62d-48d5-8cdb-02f838550358%2522%252c%2522Oid%2522%253a%252214a71e21-4860-48ff-aa34-6bee7649f7a5%2522%257d%26utm_source%3DReserve%2BBank%2Bof%2BNew%2BZealand%26utm_campaign%3D90369ba8a8-EMAIL_CAMPAIGN_2023_09_29_01_45%26utm_medium%3Demail%26utm_term%3D0_-90369ba8a8-%255BLIST_EMAIL_ID%255D%26anon%3Dtrue&type=meetup-join&deeplinkId=ec3e3444-2c30-4367-b073-51e8ff96e3bf&directDl=true&msLaunch=true&enableMobilePage=true&suppressPrompt=true
4 Oct 2023 - FMA publishes final Climate Related Disclosures regime record keeping guidance. The guidance sets out principles and the FMA’s expectations on CREs for creating, keeping, and maintaining proper records as evidence that climate statements comply with the Financial Markets Conduct Act (FMCA) and the Aotearoa New Zealand Climate Standards framework. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-final-climate-related-disclosures-regime/
Accuro and Unimed have announced a proposal to combine
The boards of Accuro and Unimed have signed a Letter of Intent to transfer the Accuro insurance portfolio to Unimed and to combine the two not-for-profit mutual societies. The proposal is subject to regulatory approval from the Reserve Bank of New Zealand and support of Accuro members.
If the merger goes ahead, UniMed would become the country’s third largest medical insurer with over 140,000 member customers.
Accuro’s Chair Marion Guy says
“We believe combining the resources and capabilities of the two societies creates a more sustainable and resilient health insurance offering than Accuro could offer alone.”
Unimed’s Chair Peter Tynan says
“This proposal will provide opportunities to create efficiencies and develop new services and products – something that will be increasingly important given increasing costs and demands for health services.”
More daily news:
Crombie Lockwood changing their name to Gallagher Insurance
FinTechNZ Executive Council Nominations 2023 close 19 October
Allianz Global Wealth Report finds those with lower level money skills tend to allocate more to cash
Southern Cross 2023 AGM will be held on 6 December
Financial Advice NZ Nelson/Canterbury Regional Meeting 18 October
'Using the FSC Code to support a strong customer-focused culture' webinar 17 October
Tony Vidler writes about the buying journey of clients
mySolutions webinar 'Jeanette Kreft - The Compliance Company' 9am, 11 October