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.
Business Risk Research and SOAs with Quotemonster (online session)
We're thrilled to announce our latest research into Business Risk products, including lump sum products and Key Person Cover. Stay ahead of the game and ensure your clients are well-protected with our in-depth insights.
🌟 Exciting News from Quotemonster HQ! 🌟
We're thrilled to announce our latest research into Business Risk products, including lump sum products and Key Person Cover. Stay ahead of the game and ensure your clients are well-protected with our in-depth insights.
But that's not all! Discover how you can effortlessly produce a Statement of Advice (SOA) tailored to your clients' business risk needs with our intuitive tools. Streamline your process and provide top-notch advice with ease.
Please email info@quotemonster.co.nz if you’re interested in joining us on Monday, 26 February 2024 11:00 am-12:00 pm to elevate your business risk insurance game!
This session will be hosted by our AdviceTech Lead, Aneel Ravji.
We look forward to seeing you there.
Climate change doesn’t make the cut in Aon’s 2023 Global Risk Management Survey top 10 risks
Aon’s 2023 Global Risk Management Survey has highlighted the top 10 business risks for the Asia Pacific region.
Aon’s 2023 Global Risk Management Survey has highlighted the top 10 business risks for Asia Pacific:
1. Cyber Attacks/Data Breaches
2. Economic Slowdown/Slow Recovery
3. Business Interruption
4. Failure to Attract/Retain Top Talent
5. Rapidly Changing Market Trends
6. Supply Chain/Distribution Failure
7. Regulatory/Legislative Changes
8. Increasing Competition
9. Failure to Innovate/Meet Customer Needs
10. Commodity Price Risk/Scarcity of Materials
Cyber breaches have jumped up the rankings since it first appeared in 2015, to take the number 1 spot. Of note, climate change didn’t make it into the top 10 business risks globally or for the Asia Pacific region. Survey participants ranked climate change 17th in terms of current global risks businesses are facing, and 12th in terms of future global business risks. However, global risk professionals rank climate change at 8th in their list of future global business risks and those in the insurance, natural resources and food, agribusiness and beverage sectors all list climate change in their top 10 current risks. As Aon points out, climate change “…directly impacts four of the top 10 risks: business interruption, changing market trends, supply chain or distribution failure and regulatory or legislative changes.”
New Zealand has been ranked the second highest natural disaster risk in the world by Lloyds of London, with the country experiencing more than 150 severe weather events and natural disasters since ICNZ began keeping records in 1968. Climate change is likely to exacerbate the frequency and severity of the weather events we experience.
Aon NZ CEO Melissa Cantell says
"With cyber risks, economic recovery and business interruption identified as the top risks organisations are facing today, there is a compelling need for a shift in mindsets around being better prepared. What is surprising are the risks that are unaccounted for in leaders' assessments of the challenges they must address, such as climate risk. Climate is not an emerging risk, but an urgent one, with increasingly monumental implications for businesses of all sizes. What leaders need now are insights from advanced analytics and modelling alongside innovative solutions that will help them make better decisions today and protect them in the future."
More daily news:
mySolutions webinar 'Want to earn extra money & take better care of your clients?' 21 February
The FSC release the full programme for their FSC24 Conference
Financial Advice NZ webinar 'Managing in Times of Pressure' 21 February
Financial Advice New Zealand members get complimentary registration to Markets Summit 2024
Government signs a Memorandum of Understanding for a third medical school
Fidelity Life appoint new Chief Information Officer
Fidelity Life has appointed Angela Henderson to the role of Chief Information Officer.
Fidelity Life has appointed Angela Henderson to the role of Chief Information Officer. Henderson is currently the GM Digital at Kiwi Property Group, and has over 15 years experience in financial services. Henderson will start in early May 2024.As part of her role, Henderson will take on Fidelity Life’s portfolio governance and delivery responsibilities.
Campbell Mitchell, Fidelity Life’s CEO, said
“Angela is a great addition to our team and a great fit for Fidelity Life. Her deep experience in portfolio governance, change management and product delivery, not to mention digital strategy and leadership, is something the team is really looking forward to tapping in to.”
More daily news:
nib's S&P Global Rating upgraded from A- to A
FSC release their KiwiSaver Industry Spotlight December 2023
Apex Advice Healthy Wealth workshop 28 February in Christchurch
Advisers must upload documents to competency documents to AIAHub by 15 March
AIA Plan Well webinar 20 February
Compliance Refinery’s Head of Governance, Melanie Purdey, resigns
nib welcomes two new non-executive directors to board
nib New Zealand has appointed Josephine Gagan and Sophie Haslem as non-executive directors to the board, effective 1 February.
Gagan is currently chair of the New Zealand Health Group, sits on the board of the Auckland Hospital Foundation and chairs the Minds for Minds Trust.
Haslem is chair at Kordia Group Limited, deputy chair at CentrePort Limited and a member of the boards of Rangatira Limited, Payments New Zealand Limited and Livestock Improvement Corporation.
More daily news:
Nick Stanhope believes underinsurance is a significant hurdle in NZ
What not to do in regulation
I have a piece over at goodreturns on the Financial Advice Association of Australia’s frustration with the current regulatory environment there. No prizes for guessing that they aren’t fans, and I’m not either. But do take a look: I would do anything for life, but I won’t do that - Good Returns
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Southern Cross Health Insurance has appointed Cath Lomax as its Chief People and Strategy Officer. Lomax joins from Fisher Funds, where she was the Chief Client Officer.
Nick Astwick, CEO of Southern Cross Health Insurance said
“As well as being in the business of health, we're also in the business of people – be it serving our members or our people. Cath brings to this role a wealth of experience which will undoubtedly allow us to build on our reputation for being a great employer.”
Lomax was recently awarded the Auckland Emerging Director Award from the Institute of Directors Auckland branch for her work at Surfing NZ.
More daily news:
FMA proposes to run pilot on 'outcomes' style regulation with industry
Financial Advice NZ Masterclass - The psychology of financial planning on 4 March
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Finance and Mortgage Advisers Association of New Zealand (FAMNZ) sets up in NZ
Website upgrades: what you need to know
The Quotemonster team have been working hard to improve the services that we offer our advisers.
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 – QUOTE ENGINE V.3.0 B1 | QPR V.15.6 | WEB V4.5.6
The Quotemonster team have been working hard to improve the services that we offer our advisers.
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 – QUOTE ENGINE V.3.0 B1 | QPR V.15.6 | WEB V4.5.6
Researchmonster updates:
- The ability to quote the $750 excess for Health Cover has been added
Advicemonster updates:
- Beta version of quoting, research, and needs analysis functions for Key Person Cover.
This means you can now produce a Business Statement of Advice (SOA) supported with pricing and research on Key Person Cover. If you or others in your organisation would like training on how to produce a business statement of advice (SOA) using Advicemonster, please email your request to aneel.ravji@qpresearch.co.nz
Rate changes:
- Asteron Life personal and business trauma recovery price updates effective 11 February 2024.
Training sessions:
We are hosting online training sessions on Researchmonster and Advicemonster on a regular basis and invite you and your team to join us if you’re interested in learning more about these new features. Our next sessions will be:
Quotemonster training - Wednesday, 28 February 2024 10:00 am -11:00 am
In this session Kelly Pulham, our National Partnerships Lead, will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.
Advicemonster training - Wednesday, 28 February 2024 11:30 am -12:30 pm
In this session Aneel Ravji, our AdviceTech Lead, will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
If you would like to join either of these sessions, please email your request to info@quotemonster.co.nz
Happy Crunching!
Legal and regulatory update for the life and health insurance sector
5 Feb 2024 - The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have jointly released a letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on the Financial Accountability Regime (FAR). https://www.apra.gov.au/news-and-publications/apra-and-asic-release-letter-on-financial-accountability-regime-far-adi
5 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
1 Dec 2023 – MEET: CCCFA Stakeholders Meeting
1 Dec 2023 – MEET: CoFI Stakeholders meeting
1 Dec 2023 – MEET: Commerce Stakeholders Meeting
11 Dec 2023 – MEET: Financial Markets Authority (FMA Staff)
11 Dec 2023 – MEET: MinterEllison lawyers re CCCFA
14 Dec 2023 – MEET: Chair of Banking Ombudsman Scheme (Miriam Dean)
20 Dec 2023 – MEET: Financial Services Federation (Lyn McMorran and Katharine Mcgie)
6 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has published new entries to frequently asked questions on the Australian Accounting Standards Board 17 (AASB17) collections. https://www.apra.gov.au/news-and-publications/apra-publishes-aasb17-update-to-insurance-frequently-asked-questions
12 Feb 2024 - The Commerce Commission has published a statement of preliminary issues relating to an application from Payments NZ Limited (Payments NZ) seeking authorisation to work with API providers and third parties to develop arrangements that, according to Payments NZ, will facilitate a more well-utilised, secure and innovative open banking framework. https://comcom.govt.nz/news-and-media/media-releases/2024/statement-of-preliminary-issues-released-for-payments-nzs-application-seeking-authorisation-to-further-develop-its-open-banking-framework
12 Feb 2024 - Financial Services Council released its Life Insurance Industry Spotlight statistcs for the September 2023 quarter https://blog.fsc.org.nz/life-insurance-industry-spotlight-september-2023
14 Feb 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a first time and referred to the Health Committee. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
15 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
16 Jan 2024 – ZOOM: Financial Markets Authority (Samantha Barrass & Edwin Metson)
23 Jan 2024 – MEET: Financial Advice NZ (Tony Dench & Heather Roy)
23 Jan 2024 – MEET: Fin Cap (Ruth Smithers)
23 Jan 2024 –MEET: CCCFA Round Table (MBIE Officials, Invited guests)
25 Jan 2024 – MEET: CEO Insurance Council (Tim Grafton)
26 Jan 2024 -MEET: Financial Markets Authority Board (FMA Board & Samantha Barrass)
30 Jan 2024 – MEET: Consumer NZ (Jon Duffy, Gemma Rasmussen, Aneleise Gawn)
30 Jan 2024 – MEET: Commerce and Consumer Affairs Officials (MBIE Officials)
31 Jan 2024 –SPEAK: Financial Services Council (Invited Guests)
31 Jan 2024 – MEET: Banking Ombudsman (Nicola Sladden)
31 Jan 2024 – MEET: Commerce Commission (MBIE & ComCom Officials)
31 Jan 2024 –MEET: Chair of Commerce Commission (John Small & Vanessa Horne)
FSC CEO resigns
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Klipin has led the FSC for the past seven years and he will remain in the role whilst the Board starts the search process to find a replacement.
Rob Flannagan, Chair of the FSC, says
“Under Richard’s leadership over the past seven years we’ve developed from a small organisation of 29 members to one that is now has 119, and living its purpose as the clear voice of the financial services sector and growing the financial confidence and wellbeing of New Zealanders.
Richard has led this renewal in vision, strategy and purpose; and his strength as a community builder is evidenced by the active involvement of over 540 members across the many FSC Commitees, forums and working groups.
Richard is leaving the FSC in great shape, with a new strategic plan and a ‘Blueprint for Growth’ policy platform that unites the sector, and has support and backing from government and regulators.”
More daily news:
Fidelity life to launch improved e-App
46% of new Chubb Life customers have received the 10% Lifetime Reward discount
Chubb Adviser Resources Site has had a refresh
Women in Insurance Summit 2024 in Auckland on 27 February
UniMed partners with Snap Fitness 24/7 to give members a free gym trial
Nick Hakes reflects on the financial advice industry in Asia-Pacific
FSC webinar 'Will big data & AI change everything?' 27 February
The IFSO Scheme will partner with Banqer
FSC's CEO Richard Klipin to speak at FinTechNZ's Hui Taumata
The Reserve Bank is in the early stages of planning for the next five-year funding agreement
KiwiSaver providers sceptical potential changes KiwiSaver scheme will benefit members
Southern Cross Healthcare appoints Dr Erica Whineray Kelly as Chief Medical Officer
Te Ara Ahunga Ora Retirement Commission says political parties need to reach cross-party agreement
nib updates health insurance cover and benefits
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions.
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions. For example, members with ‘Hospital Cover’ will have an increase in Surgical Benefit from $150,000 to $600,000 per year; they will also have a reduction in cover on their Ambulance Transfer Benefit – with the ambulance transfer must be to the closest private hospital.
Rob Hennin, nib CEO, said
“The product refresh will also provide some operational efficiencies and a better overall experience for our members. Policies are simpler and easier to understand, and we have an updated member portal to create a better online experience”.
Members will face no impact on premiums in the current year due to these changes.The changes will be gradually implemented over the 12 months starting February 1.
More details on the changes can be found here.
More daily news:
Andrew Bayly says CoFI will undergo a targeted review
The FSC and Financial Advice New Zealand have welcomed the Government’s announcement to simplify CoFI regulations
mySolutions workshops 'Can we simplify the process?' will run across February
mySolutions women in business event 'Become unstoppable' 19 March
New Zealand Financial Services Group appoints Baden Martin as new chief executive
Gareth Allen takes on acting General Manager Adviser Engagement role at Partners Life