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.
FSC release annual report, welcome new board members
The Financial Services Council (FSC) has released its 2023 Annual Report. The FSC has seen an uptick in membership growth in 2023, with 117 organisations that are members as of October 2023, up from 106 in 2022.
The Financial Services Council (FSC) has released its 2023 Annual Report. The FSC has seen an uptick in membership growth in 2023, with 117 organisations that are members as of October 2023, up from 106 in 2022. Members span the gamut from insurers, fund managers, KiwiSaver and workplaces savings schemes, professional service providers and technology providers to the financial services sector. The FSC reported an after-tax surplus of $164,707, down from $354,509 in 2022.
Some of the FSC’s key highlights from the year include:
· Launched the FSC’s policy platform – the Blueprint for Growth
· 653 delegates attended the FSC Conference
· Delivered Future Ready Advice Summits in Auckland, Wellington and Christchurch
· Launched three research papers
· Held 13 online events
· Made 17 policy consultations submissions
· Held 15 Committees and 17 working and focus groups with over 550 attendees from members and special guests
· More than 100 meetings with Government, Regulators and Inland Revenue
The FSC has announced three new Board members, Anna Scott (CEO of Smartshares), Ana-Marie Lockyer (CEO and Board Director of Pie Funds) and Campbell Mitchell (CEO of Fidelity Life). Current Board Chair Rob Flannagan’s term comes to an end in December.
More daily news:
Fidelity Life publishes turnaround times for new business, underwriting and call centre interactions
AIA achieves advanced GenderTick status
Combining Chubb campaigns could save customers up to 33% for their first year
MAS lower fees for the MAS KiwiSaver Scheme and MAS Retirement Savings Scheme
Philip Macalister speculates on Financial Advice NZ's future
The Finance Brokers Association of Australia (FBAA) is planning to set up shop in New Zealand.
AIA updates the benefits of its living products
AIA has released a raft of changes updating the benefits that apply to its living products covering critical conditions, progressive care, life cover, and family protection, including changes to selected closed Sovereign, TotalCareMax, AIA Trauma and AIA Life Cover products.
Some of the key changes, which are applicable to new claim events on or after 10 October 2023, include:
· The minimum coverage age for standalone children’s trauma has been lowered from two years to three months.
· Extension of the life buyback reinstatement period from 30 to 60 days.
· Removed the benefit for new business that pays on the diagnosis of medically or occupationally acquired HIV, and introduced a new benefit that pays on the diagnosis of advanced AIDS – regardless of transmission method.
· Changed the terminal illness definition to clarify that life expectancy is less than 12 months, despite all reasonable medical treatment.
· Increased bereavement support benefit from $15,000 to $25,000 in cases where there is joint policy ownership.
· Removed the 5% limit to pay up to $20,000 as an early payment if the life assured dies overseas to return their body to either New Zealand or their home country.
More daily news:
Partners Life has updated its underwriting guide
Southern Cross new naming rights sponsor of Wellington Round the Bays
nib says insurance can help families navigate increasing mental health concerns
MAS appoints Matt Harvey as Chief Distribution and Marketing Officer and Craig Ward as Chief Innovation and Digital Officer
FSC webinar 'Leading Lawyers Australia' 31 October
Jon-Paul Hale believes some providers are asking advisers for too much
ACC fund slips from ‘responsible investment leaders’ to ‘responsible investors’
New AI tool diagnoses brain tumours on the operating table and helps surgeons decide how to operate
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
Fidelity Life has announced the finalists for its 2023 advisor awards
Fidelity Life has announced the nominees shortlisted for its 2023 advisor awards. The awards recognise advisers who have consistently delivered good outcomes for customers and upheld high standards within the industry.
The award categories and finalists are:
Breakthrough adviser of the Year:
Kimberley Stevenson, With You Financial Services Ltd – Christchurch
Kylie Connor, Mainland – Timaru
Sascha Nettmann, Buffer Insurance – Auckland
Shakeel Lal, Halo Advisers Ltd – Auckland
Steve Munro, Risk Direct – Auckland
Cary Veenhof Award:
Amanda Haskin, Haskin Insurance Solutions – Christchurch
Anthony Gobbie, Insurance Design – Auckland
Brett Stonham, Stonham and Co – Auckland
Tim Lethlean, Delray Group – Christchurch
Team of the Year:
Adelphi Insurance brokers, Chris Boon – Christchurch
Financial Independence, Matt Beattie – Tauranga
Insure Ltd, Dave Jochem – Christchurch
Total Life, Craig Kura – Invercargill
There are an additional two categories which will be presented at the Fidelity Life’s Engage conferences – the Lifetime Award and the Gordon Watson Trophy.
Engage 2023, will be hosted in Christchurch on 12-13 September, followed by Auckland on 20-21 September.
More daily news:
Dan Mead has joined MAS as an Investment Manager
FMA reappoints Prasanna Gai to the board
Philip Macalister believes NZ will be exposed if COFI is repealed
Rob Hennin believes nib's financial results are the result of a strategy that works
mySolutions webinar 'Sharing insights on my business' 9am 6 September
Research updates: what you need to know!
QPR Database V15.2A 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.15.2A | WEB V4.3.9.
Our latest updates include:
Cigna rebrand to Chubb Life – this has been live on Quotemonster since the brands launch in March, however all rebranded documents can now be accessed by database subscribers.
Kiwibank rebrand to nib effective 1 June 2023 – more information on this here.
MAS - policy document update for Life & Income Protection effective 1 December 2021, with product rating changes in Income Protection (indemnity) – rating applied in Vocational and Rehabilitation Support .
Research for Partners Life Immediate Trauma Buyback and Asteron Life’s Continuous Trauma is available when Instant Trauma Buyback is selected.
ANZ – policy document update for Life & Living effective 6 March 2023, however, this has not affected product ratings.
Other Research remediations include:
Medical: Exclusions
Income Protection: Insurable Income and Inflation Adjustment
Trauma: Heart Attack
TPD: Benefit Definition over 65
If you have any questions regarding these please feel free to email us on info@quotemonster.co.nz
Happy Crunching!
FMA files court proceedings against MAS over fair dealing provisions breaches
MAS self-reported that it had multiple failures between 2014 and 2022:
Failure to apply the correct inflation adjustments to 6,297 customers
Failure to apply multi-policy discounts affecting 8,864 customers
Underpayment of life and disability claims affecting 104 customers
Failure to apply no claims bonuses correctly, affecting 1,235 customers
MAS’s failures were due to errors and deficiencies in its systems, including data entry errors by MAS employees. MAS has been co-operating with the FMA through its investigation.
The FMA is seeking a declaration that MAS contravened the FMC Act and a pecuniary penalty.
MAS has rolled out an unclaimed monies register in support of their remediation process to correct pricing and payout errors. While most affected clients have been compensated, the register encourages impacted members who haven’t been contacted to get in touch to receive their refund.
Jason McCracken, MAS chief, has apologised to members.
“As a mutual, MAS takes the trust our Members have in us very seriously and we apologise for the impact these errors have had. We remain committed to finding any issues and making them right.”
More daily news:
nib's top five medical claims by dollar value for April cover spine, heart, and cancer surgeries
Katrina Shanks writes of the importance of businesses' health and wellbeing policies
The Retirement Commission launch De-jargoning Money initiative
Liam Mason says there has not been a significant increase in Section 25 notices in recent years
Crombie Lockwood awarded a Human Resources Director New Zealand Employers of Choice award for 2023
Kelly Sullivan appointed as the new national manager of PSC Connect Life NZ Ltd in May
Bowel Cancer NZ encourage you to take part in the ‘move your butt’ challenge this June
Legal and regulatory update for the life and health insurance sector
1 Jun 2023 - Following consultation on draft regulations, the Ministry of Justice have decided six of the proposed changes need to be in primary legislation. https://www.dia.govt.nz/AML-CFT-Update-on-changes-to-AML-CFT-Act-regulations
1 Jun 2023 - The FMA has filed High Court proceedings against Medical Assurance Society New Zealand Limited (MAS) and its subsidiaries for fair dealing breaches under section 22 of the Financial Markets Conduct Act 2013 (FMC Act). The FMA claims that between 2014 and 2022, MAS failed to apply the correct inflation adjustments on its customer policies, failed to apply multi-policy discounts and no claims bonuses, and underpaid life and disability claims to eligible clients. https://financialmarketsauthority.cmail20.com/t/r-l-tttjqly-btuitpxk-y/
1 Jun 2023 - The Accident Compensation (Access Reporting and Other Matters) Amendment Bill, was read a third time. This means people will now be able to access the minimum rate of compensation earlier – from the second week of injury instead of having to wait until the sixth week. https://www.beehive.govt.nz/release/faster-acc-payment-top-ups-and-fairer-system
Financial Advice NZ’s Money Month Campaign needs your financial tips
This year’s Sorted Money Month is on the topic ‘Maximising Your Money’. Financial Advice NZ’s social media campaign will run across August 2023 and will comprise videos and fact sheets of top tips for different life stages.
Financial Advice NZ is calling for their members to make and submit videos sharing their top tips for maximising money for the following life stages:
• Top tips for when you’re young (20s-30s) – week 1
• Top tips for in your mid-life (40s) – week 2
• Top tips for pre-retirement (50-64) – week 3
• Top tips for retirement (65+) – week 4
Financial Advice NZ will credit all contributors in videos, fact sheets and social media posts, and will be promoting the importance of seeking professional financial advice. Find information on how to film and submit a video here.
More daily news:
Peter Fa’afiu appointed as an Independent Member Director on the Financial Advice NZ Board
The Retirement Commission launch De-jargoning Money initiative
Don Stewart, founder of the Stewart Group, retires