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.
Asteron Life and AIA awarded at the ANZIIF NZ Insurance Industry Awards
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) held the 11th New Zealand Insurance Industry Awards on 22 November. Asteron Life were awarded the Life Insurance Company of the Year award. AIA were recognised as winners of the Excellence in Workplace Diversity and Inclusion (D&I) and Excellence in Environmental, Social and Governance Change categories.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) held the 11th New Zealand Insurance Industry Awards on 22 November.
Asteron Life were awarded the Life Insurance Company of the Year award. It is the fourth time they have won this award, having also won it in 2013, 2014 and 2021. Judges were impressed by Asteron Life’s Voice of Customer program, which provides insights into the customer experience; their high customer satisfaction scores overall; their policy wordings being accredited with the WriteMark standard; and attention to helping customers with affordable levels of cover. In particular the judging panel praised the variety of customer and people initiatives Asteron Life have implemented, ranging from Connected Care to Kids Cover to a Professional Supervision Programme.
AIA were recognised as winners of the Excellence in Workplace Diversity and Inclusion (D&I) and for Excellence in Environmental, Social and Governance Change. At AIA all leaders are expected to take responsibility for DE&I measures in recruitment, development, remuneration and the overall workplace environment. AIA recently achieved the Accessibility Tick and implemented a Menopause Tookit initiative. AIA has a five-pillar ESG strategy that incorporates sustainable operations, investment, health and wellbeing, people and culture and effective governance. They have committed to being net zero by 2050 and have already put in place many actions to work towards that goal, including new buildings aligning with green standards. They are committed to ethical investment and have a co-created employee wellbeing strategy in place.
More daily news:
Fidelity Life are holding three Adviser practice manager and admin summits across NZ in February
Fidelity Life are accepting registrations of interest for Adviser Edge 2024
Fidelity Life's last commission run for 2023 is 28 December
Southern Cross announce winners of the 2023 Southern Cross Health Insurance Wayfinder Awards
ASB launch two new Aggressive Funds
Pinnacle Life voted Most Trusted Online Life Insurance Company
Graeme Edwards takes on role of Lifetime Group director and chairman
FSC circulate submission template for feedback on FMA's approach to outcomes focused regulation
Legal and regulatory update for the life and health insurance sector
21 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-september-2023
21 Nov 2023 - The Financial Services Council has today released its initial report outlining the challenge to update the permitted operating model for defined benefit (DB) workplace savings schemes by enabling them to consolidate, thereby benefiting both members and employer sponsors through improved cost-effectiveness and simpler administration. https://blog.fsc.org.nz/media-release-21-november-2023
22 Nov 2023 - The Australian Prudential Regulation Authority has released its quarterly private health insurance (PHI) publication for the September 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-5
22 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on 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-responds-to-consultation-on-amendments-to-private-health-insurance
23 Nov 2023 - The Privacy Commissioner has announced that his Office will be consulting on new rules specifically for biometrics. Biometrics are increasingly collected by facial recognition technology (FRT), retinal scans, and voice recognition. The exposure draft will be released early in 2024 and will be available for everyone to comment on. https://privacy.org.nz/publications/statements-media-releases/privacy-commissioner-to-consult-on-new-rules-for-biometrics/
24 Nov 2023 - FMA released its Audit Quality Monitoring Report for 2022/23 https://www.fma.govt.nz/library/reports-and-papers/audit-quality-review-report/
27 Nov 2023 - Medical Assurance Society (MAS) are to pay a $2.1 million penalty for making false and misleading representations to customers, following proceedings brought by the FMA. In September 2023, MAS admitted it breached section 22, one of the Fair Dealing provisions of the Financial Markets Conduct Act 2013 (FMCA), by failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers who were entitled to them, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments. https://www.fma.govt.nz/news/all-releases/media-releases/medical-assurance-society-to-pay-2-1-million-penalty/
27 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released for consultation a new cross-industry standard to centralise APRA's existing standards on definitions for authorised deposit-taking institutions and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-consults-on-new-cross-industry-standard-to-centralise-existing-standards
Te Whatu Ora to roll out 24/7 telehealth primary care service in rural areas
Te Whatu Ora are rolling out a new telehealth primary care service aimed at supporting rural health staff and improving access for patients living rurally.
Ka Ora Telecare, a partnership between Reach Aotearoa, Practice Plus and Emergency Consult, is partnering with general practices in rural areas to deliver the telehealth service. The aim is to support practices by creating extra capacity, including providing overnight support and taking on overflow patients during usual hours. The service should also help redirect patients from emergency departments outside of practice hours.
The service is subsidised by Te Whatu Ora, with free nurse consultations and co-payments for GP consultations.
More daily news:
Financial advisers criticise FMA's withdrawn campaign
The Workforce Development Council puts together the working group involved in the NZCFS review
Southern Cross Health and Life insurance win gold at the Reader's Digest Quality Service Awards 2024
Suncorp New Zealand’s employees raise over $340,000 for charities
ANZ's economists lower their OCR forecast; no longer expect RBNZ to hike above 5.50% in February
RBNZ’s Household Expectations Survey finds kiwis expect inflation to fall slowly
Members vote to combine Accuro with Unimed
The Boards of Unimed and Accuro have announced that Accuro members have endorsed the proposal to transfer the Accuro insurance portfolio and operations to UniMed.
The Boards of Unimed and Accuro have announced that Accuro members have endorsed the proposal to transfer the Accuro insurance portfolio and operations to UniMed.
Members voted in favour at both Special General Meetings, with 92.8% and 96.1% voting in favour at the first and second meetings respectively.
Next a portfolio transfer application will be made to the Reserve Bank of New Zealand (RBNZ) for approval, which is likely to be completed early next year. If the RBNZ approves the application then the two brands will combine under the Unimed banner, making Unimed the third largest medical insurer in New Zealand with a membership of around 140,000 members.
More daily news:
Helena Harbrow talks about the benefits of Partners Life's EVINCE software
Shaun Baird announced as AIA's new Chief Financial Officer
Katrina Shanks writes how to get a better savings rate
Financial Advice NZ webinar 'Economic insights and what we should watch for in the future' 24 Jan
Financial Advice NZ Canterbury/Nelson Region Christmas Event 7 Dec
AIA campaign offers customers up to $100 in rewards
AIA has launched a new AIA Vitality campaign offering up to $100 in rewards to new and existing customers.
AIA has launched a new AIA Vitality campaign offering up to $100 in rewards to new and existing customers.
When customers add AIA Vitality to any new or existing eligible health, trauma, income protection or life insurance policy and activate their membership before 20 December 2023 they will receive a $50 Countdown or Airpoints Dollars™ reward. If they complete an AIA Vitality Health Check before 20 December 2023, they will receive another $50 countdown or Airpoints Dollars™ reward.
Existing AIA Vitality members who have already completed their AIA Vitality Health Check this year are entered into a separate draw to win 1 of 50 $100 Countdown vouchers or Airpoints Dollars.
More daily news:
FSC holding 'Outlook 2024 - Regulatory and Economic Update' 31 January
Fidelity Life's Head of Information Security awarded 'Champion of Change'
TAP say their system supports independent advisers
Pulled FMA campaign cost $16,000
Calls for New Zealand to have a centre for disease control
The World Health Organization has proclaimed loneliness to be a “pressing” global health threat
Legal and regulatory update for the life and health insurance sector
15 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has begun consulting on targeted changes to liquidity and capital requirements aimed at strengthening the banking sector’s resilience to future stress. https://www.apra.gov.au/news-and-publications/apra-proposes-targeted-changes-on-liquidity-and-capital-response-to-global
16 Nov 2023 - FSC publish 'Leading Lawyers Australia' webinar replay which covered a range of topics designed to give an insight into some of the key issues in the Australian regulatory landscape, comparable regimes and insights applicable to New Zealand financial organisations and our legislative change. https://blog.fsc.org.nz/fsc-connect-webinar-leading-lawyers-australia-2023?utm_content=271849010&utm_medium=social&utm_source=linkedin&hss_channel=lcp-14426254
16 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-0
16 Nov 2023 - ASIC Chair Joe Longo and the Australian Financial Security Authority (AFSA) Chief Executive Tim Beresford signed a refreshed Memorandum of Understanding (MoU). The agencies will continue to work together to pursue common interests and demonstrate their commitment to a whole-of-Australian Government approach to protecting and promoting confidence in the financial system. https://asic.gov.au/about-asic/news-centre/news-items/asic-chair-and-afsa-chief-executive-sign-refreshed-memorandum-of-understanding/
17 Nov 2023 - ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of the revised Code.
This is the first time that ASIC has undertaken a public consultation before making a decision on approving the Code. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-306mr-asic-consults-on-aba-s-proposed-changes-to-the-banking-code/
20 Nov 2023 - Simone Constant and Alan Kirkland start their five-year terms as ASIC Commissioners today https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-308-new-commissioners-commence-at-asic/
Changing business demographics opens up opportunities for advisers
Stats NZ’s latest business demography statistics (as at February 2023) paints a promising picture of New Zealand’s economic landscape. With more new businesses and a rise in employment, opportunities abound for insurance advisers specialising in Business Risk Protection products.
Stats NZ’s latest business demography statistics (as at February 2023) paints a promising picture of New Zealand’s economic landscape. With more new businesses and a rise in employment, opportunities abound for insurance advisers specialising in Business Risk Protection products.
Key highlights include:
· The number of enterprises in NZ is following an upward trajectory, with 605,000 enterprises in February 2023, up 1.8% from February 2022. This is on top of a 5.3% increase in the year to February 2022.
· The number of paid employees in these enterprises (not an official employment statistic) was 2.5 million, up 3% from February 2022.
· These enterprises operated across 641,560 business locations, up 1.4% from February 2022.
There has been a marked increase in new businesses across a range of sectors, indicating a healthy and growing economy. The data also reveals a positive trend in employment, with employees in large enterprises up 5.9% from February 2022.
Ministry of Business Innovation and Employment figures show 196,584 people entered NZ on work visas in the 12 months to September, up dramatically from 39,501 in the 12 months to September 2022. The arrival of these overseas workers further increases the pool of workers available and makes it much easier for employers to fill any vacancies.
Certain industries, such as construction; professional, scientific and technical services; and health care and social assistance industries, have shown significant growth. These sectors often have specialised insurance requirements, like protecting shareholder needs or covering key people within an organisation, providing a niche market for advisers.
Quality Product Research Ltd have recently completed independent research on Business Insurance lump-sum products, putting a wealth of information at advisers’ fingertips in order to make well-informed recommendations. With disability products soon to be included, advisers can offer a comprehensive suite of options to their clients.
Advicemonster has functionality that allows users to streamline the process of creating Business Statements of Advice (SOAs), speeding up the time spent on admin and freeing up more time to spend with clients. Please get in touch if you’d like a sample copy of a Business SOA. Advicemonster’s tools assist advisers in conducting a Fact Find and Needs Analysis and being able to offer highly personalised solutions.
The combination of up-to-date research and specialised tools allows advisers to educate new businesses on effective risk mitigation strategies. This is particularly crucial for sole traders and SMEs that may not yet be aware of the full range of risks they face.
To find out more about what Advicemonster can do for you, please contact Aneel Ravji on 0212160905 or ask us about our next online training sessions.
Legacy product rating project (an update)
As of 14 November 2023, the following legacy product research is available in our Standalone Head to Head:
• ANZ Life and Living 2015, 2016, 2017, 2020
• ANZ Lifestyle Protection 2009, 2010
• Cigna LifeOne 2014
• Co-Operative Bank 2013
• Countdown Life 2014
• MAS 2016, 2018
• 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 2018
• Southern Cross Ultra Care 2021
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000
The following legacy product research has 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 or have a product that you believe we should rate, please reach out to us on info@quotemonster.co.nz
• AA Life 2016, 2018, 2017, 2019, 2022
• ANZ Life and Living 2010, 2018
• ANZ Lifestyle Protection 2007, 2008, 2011, 2015
• AMP Vital Plus Crisis 2020
• ASB Absolute Health 2012
• Asteron Smart Life 2004
• BNZ Flexi Card 2014, 2015
• BNZ BillAssure 2005
• BNZ Men’s ReCover 2004
• Cigna Farmers Finance 1996/1998
• Guardian Assurance 1996
• Kiwibank 2010, 2018
• MAS 2013, 2017, 2021
• Mercer Bill Protection 2016
• nib Premier Health Business 2017
• nib Premium Hospital 2017
• nib Standard Hospital 2017
• NZHL 2019, 2021
• Pinnacle Life 2010
• SBS Bank 2014
• Sovereign Absolute Health 2010
• Tower Life 360 2011
• Westpac Gold Term 2018
• Westpac Term 2007, 2012, 2013, 2014, 2017
FMA pulls campaign after being accused of mocking fraud victims
As part of Fraud Awareness Week, the FMA was running videos on social media to help raise awareness of scams but the videos were removed after they were accused of blaming scam victims.
The FMA has pulled a video campaign after it was accused of mocking fraud victims. As part of Fraud Awareness Week, the FMA was running videos on social media to help raise awareness of scams. However, their execution of comedian Tom Sainsbury playing ‘boomer dad’ who gets scammed and loses money he was planning to use on a trip to France, has been accused of blaming scam victims.
Financial Adviser Rachelle Bland has said the FMA should be requesting banks improve their systems and Janine Starks is calling for banks to take more accountability in stopping frauds, for example by implementing matching account names and numbers.
Last week data from banks showed New Zealanders lost almost $200 million to scams in the year to September, up 8% from the previous year.
More daily news:
Asteron Life has appointed Kirsten Young as the National Manager Adviser Distribution
The NZCSF Level 5 version 2 is undergoing a five year review
Guy Dobson says the Level 5 qualification should be left alone
Tony Dench has started as Financial Advice New Zealand’s Interim CEO
Tony Dench has taken on the role of Interim Chief Executive Officer at Financial Advice New Zealand. Dench started on 13 November and will work three days a week while the Board undertake a search for a permanent CEO.
The Board of Financial Advice New Zealand has announced that Tony Dench will take the role of Interim Chief Executive Officer. Dench started on 13 November and will work three days a week while the Board undertake a search for a permanent CEO.
Dench has over 20 years’ experience working in the financial services and banking sectors in NZ. Dench spent five years as CEO of the SHARE and Newpark group of financial advisers until the end of 2022.
Tony’s goals for while he’s at Financial Advice NZ are to maintain the momentum, develop the membership and deliver the Thrive conference next year.
More daily news:
AIA has increased premiums for its private health and cancer cover
Trial data finds obesity drug Wegovy cuts risk of death by 18 per cent