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.
Suncorp appoints new Chief Customer Officer
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function.
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function. Phillimore-Smith is currently the Chief Marketing Officer at Westpac New Zealand, and will move to her new role at Suncorp on March 4. Phillimore-Smith has a range of experience working with some of the world’s largest brands, having held a range of marketing, strategy, brand and communications roles at Westpac, Vodafone and Sony.
More daily news:
nib release holiday period dates for new Group Health and Group Life & Trauma quotes
Link Financial Group selected as one of NZ Adviser’s Top Mortgage Employers for 2023
AIA complete their annual pricing review to account for the latest change in the CPI
AIA webinar 'Eat Well - Webinar by Katie Hunter' 5 December
KiwiSaver hardship withdrawals double
Auckland Centre of Research holding 'Women in Finance' event on 8 December
Nick Astwick explains how Southern Cross Health Society remains economically sustainable
Nick Astwick, chief executive at Southern Cross, has spoken about how Southern Cross Health Society remains economically sustainable. He details the three key things that the not-for-profit friendly society relies on to keep it sustainable.
Nick Astwick, chief executive at Southern Cross, has spoken about how Southern Cross Health Society remains economically sustainable. He details the three key things that the not-for-profit friendly society relies on to keep it sustainable:
· Young and healthy members - Astwick talks about how having younger, healthier members keeps claims down.
· Prevention – a focus on preventing sickness from happening, like a pilot programme the Health Society is running that offers bowel cancer screening.
· Membership growth and retention – ensuring affordable coverage and accessible benefits to help maintain tenure.
More daily news:
Swiss Re release report on the global economic and insurance market
Partners Life "Last Performance” campaign wins at Agency of the Year awards
The FSC welcome the incoming government
Southern Cross Health Society Annual General Meeting 6 December
Asteron Life customers can score a $50 Prezzy card for every $500 in new premium, up to $5000
MAS webinar 'Financial wisdom for a purposeful retirement' 5 December
Sharesies has launched its KiwiSaver scheme to the general public
David Green says mortgage lending should be taken out of the CCCFA and given its own legislation
Chubb has appointed Adit Witjaksono as property manager for Australia and New Zealand
FintechNZ Annual Meeting 2023 rescheduled to 6 December
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
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
FMA focus on fair dealing and the key takeaways for insurers
MinterEllisonRuddWatts have highlighted some key points for insurers in light of the FMA’s focus on fair dealing. Since June 2020, the FMA has brought five proceedings in relation to breaches of the fair dealings provisions in Part 2 of the Financial Markets Conduct Act 2013 (FMCA) against insurers making representations to customers admitted to be false or misleading. Examples involved systems failures in relation to not applying discounts or benefits correctly, cover cessation/duplication or charging premiums after termination of policies or incorrect inflation adjustments. Often, statements made through marketing materials, invoices or policy anniversary letters were not delivered on, so the FMA considered this a false or misleading representation to customers. Several of these cases were self-reported to the FMA with steps already undertaken to remedy systems issues and compensate customers.
Both the FMA and the Courts have been focused on deterrence, using penalties to encourage entities to maintain adequate processes and systems. Customer remediation to date since the FMA’s Conduct and Culture reviews in 2018 and 2019 has now reached $161.3 million, impacting more than 1.51 million consumers. To date, the largest penalty imposed was $3.575 million on Cigna Life Insurance New Zealand. Three alleged breaches are ongoing investigations, but in all cases the FMA is seeking declarations and pecuniary penalties.
MinterEllisonRuddWatts highlight three key learnings for insurers:
1) Invest sufficiently and regularly into your systems to ensure they are reliable and fit for purpose;
2) Systems need to be regularly checked for issues, and any issues need to be appropriately escalated;
3) Substantiate all marketing claims and ensure underlying systems and processes are cable of delivering what is promised.
More daily news:
Financial Advice NZ Nelson/Canterbury Regional Meeting 18 October
Katrina Shanks writes of how to deal with relationship strain around financial concerns
The primary test for cervical screening has changed to a HPV test, with the option of self-testing
UK cracks down on ‘finfluencers’
We wrote about financial influencers (‘finfluencers’) in the news recently, and now the UK’s Financial Conduct Authority (FCA) has announced it is taking a tough line on finfluencers and the promotion of financial products and services online.
They point to how consumers are using social media as a go-to source of information which is being reflected in advertising trends. The FCA is currently consulting on financial promotions on social media and they working with the Advertising Standards Authority to educate consumers and influencers about the risks involved in promoting financial products. Of note, they have worked with Big Tech to update advertising policies to only allow financial promotions approved by FCA-authorised firms. It will be interesting to see if the Financial Markets Authority decides to implement any similar initiatives.
More daily news:
The Co-operative bank share $2.5 million in profits with customers
mySolutions webinar 'Recent changes to Trust Law - are you up to date?' 19 July 9am
Review finds more people waiting at least six hours in emergency departments than a year earlier
New Alzheimer’s drug shown to slow disease progression by 60%
Longitudinal study finds disabled kiwi youth have worse health outcomes than their able-bodied peers
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
Sir Ashley Bloomfield promotes Pause Breathe Smile programme
Sir Ashley Bloomfield has partnered with Southern Cross to promote the Pause Breathe Smile programme.
“I’m very excited about supporting Pause Breathe Smile as a way to help our children be more resilient, positive, and ready to face challenging situations in their own lives.”
Aimed at supporting mental health and wellbeing among children, Pause Breathe Smile is funded by Southern Cross and is available to all kura, primary and intermediate schools in New Zealand. Over 114,000 children across more than 400 schools had completed the programme since Southern Cross partnered with the Pause Breathe Smile Charitable Trust in 2020.
Survey results show the efficacy and importance of the programme. Chris White, CEO of Southern Cross Healthcare, said
“More than 1,000 responses from educators trained in Pause Breathe Smile showed that positive behaviour in the classroom increased by 12.4 per cent and negative behaviour in the classroom reduced by 10.1 per cent. We were also excited to see that 12 months on from introducing PBS, general student wellbeing was up 16.6 per cent and that the number of students flourishing increased by 8.1 per cent.”
More daily news:
Chubb Life raised its underlying rates on a wide range of products, extends two months free campaign
Chubb are holding the inaugural Chubb Connect event on Friday 23 June
Katrina Shanks writes of how businesses are underwhelmed by the Budget
AIA put 15 staff through HIKITIA MAI, their new Women in Leadership programme
mySolutions is holding a cyber security webinar 9 June
ASB wins 2023 INFINZ Corporate ESG Award
ANZ are holding a Māori in Business webinar 15 June
The average age of people of people enrolling for financial services certificate is 36
Law firm cautions the FMA has increased use of its Section 25 information gathering powers
Two new mental health facilities open at the Christchurch Hillmorton Hospital campus
Regular exercise may reduce a woman's chances of developing Parkinson's by as much as 25%