Troubleshooting – Two Factor Authentication (2FA) for Google Chrome

Recently, we’ve noticed a high volume of calls and emails about two factor authentication (2FA), here is a solution that may help if you find that you’re needing to verify the same device more than once in a thirty-day period. 

Google Chrome

Quotemonster is most compatible with this browser.

1.      On your device, open Chrome.

2.      At the top right, click More (three small dots), then click Settings.

3.      On the left menu, click Privacy and security, then click Site settings.

4.      Once in Site settings, scroll to the bottom and select Additional content settings.

5.      In the expanded list, scroll down and select On-device site data.

6.      Ensure the option Allow sites to save data on your device is selected.

We hope this helps, however, if you continue to encounter issues with 2FA please reach out to our team on info@quotemonster.co.nz.

Happy Crunching!

Legal and regulatory update for the life and health insurance sector

1 Mar 2024 - Commerce Minister Andrew Bayly has told banks that by September they need to come up with a voluntary reimbursement scheme for customers who have been scammed. https://www.interest.co.nz/banking/126640/new-zealand-banks-told-come-reimbursement-scheme-scam-victims-september

4 Mar 2024 - Nearly 3,500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-037mr-asic-shuts-down-nearly-3-500-scam-websites-steps-up-surveillances-in-push-to-protect-consumers/

4 Mar 2024 - The Reserve Bank of New Zealand has published consultation feedback and decisions on collecting data to support cyber resilience. They will proceed with implementing formal material cyber incident reporting requirements, periodic reporting of all cyber incidents and a survey on cyber resilience of regulated entities.  https://www.rbnz.govt.nz/hub/news/2024/03/new-measures-to-build-cyber-resilience

Acquisition Opportunity - Northern Advice Provider

Tim Herbert at Carwardin, licensed REAA, has an excellent opportunity for a financial advice provider looking to invest in a successful, established financial advice business. Perhaps to extend your practice footprint nationally, or to build scale in your location. The opportunity in the North, a prominent insurance advice business, celebrating 20 years of expertise.

1.      Stable and Lucrative: recurring revenue of approximately $240,000 by end of 2023, with a profit of around $145,000.

2.      Robust Clientele: capitalise on a broad client base of 950 clients and 680 families, predominantly under 55, ensuring long-term potential.

3.      Strong Market Presence: organic growth has built up the client base, with 80% clients in Whangarei and Northland, and 20% across Auckland and New Zealand.

4.      Experienced Team: acquire a dedicated team of experts, including a risk adviser, a mortgage adviser, and support staff, and a trainee adviser.

5.      Growth Potential: Explore untapped opportunities in group schemes with additional $20,000 revenue potential and enhance earnings with mortgage cross-selling and re-engagement in referral programmes, potentially raising new business production to approximately $120,000 annually.

Seize this chance to own a flourishing business at the heart of New Zealand’s vibrant financial sector. Inquire today for a venture that promises not just earnings but a legacy. Call or email Melissa Waddel in our team and we can put you in touch with Tim.

Climate change and what it means for health and life insurance

The Geneva Association and Wellcome have released ‘Climate Change: What does the future hold for health and life insurance?’ report. The report digs into the impact of climate on health and life insurance products and how availability, structure and pricing might be affected in future.

Estimates for those that live in climate-vulnerable locations across the world are approximately 3.3 – 3.6 billion people. Estimates for death directly attributable to climate change vary widely, from 250,000 to 3.4 million deaths annually.

While the short-term consequences for life and health insurers have so far been modest, the increasing frequency and severity of climate events may escalate the impact on insurers. Adverse health outcomes from climate change range from immediate to long-term and cover everything from injuries and fatalities resulting from extreme weather events to heat-related illnesses to disruption of ecosystems reducing crop yields and spreading vector-borne diseases to new regions. In addition, social unrest, displacement and economic hardship can all lead to negative health outcomes.

The report classifies climate-related risks into four categories:

• Acute: risks that stem from the impacts of extreme heat, wildfires, floods and severe storms on mortality and morbidity.

• Chronic: risks that emerge from prolonged exposure to adverse climate and environmental patterns.

• Transitional: risks arising from transition to new technologies or climate transition policies.

• Litigious: health-related legal challenges arising from the negative externalities of climate change.

The report calls out the lack of data that can be used to map climate events and patterns against incidences of mortality or morbidity and calls for insurers to resolve the actuarial gaps in understanding.

Those interviewed across 17 global health and life insurance companies agreed that prevention is key to preserving insurability – through things like underwriting that incentivises greener lifestyles and coordination on early warning systems.

“Most respondents do not perceive climate change as exerting any immediate impact on the liabilities associated with H&L insurance, nor do they anticipate short-term consequences for insurability and affordability. Nevertheless, there is consensus that this could change over the long term, although the level of impact may be tempered by multiple factors.”

The report has three key recommendations for insurers: assemble data prospectively to better understand areas of vulnerabilities; invest in innovation; play a bigger role in the policy environment and help strengthen public understanding.

More daily news:

Tony Ryall has retired from the board of nib NZ and is being replaced by Hanne Janes

nib publish their top five health claims for January 2024

nib launch Competency Corner- product information

Rob Hennin talks about 2024 priorities for nib

Te Whatu Ora approves funding that will allow for 1,000 more PET-CT scans a year

ACC considering options for decreasing their workforce

Legal and regulatory update for the life and health insurance sector

27 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2023 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-december-2023

27 Feb 2024 - The Pae Ora (Disestablishment of Māori Health Authority) Amendment Bill was introduced to Parliament under urgency, read a first time, read a second time,went to Committee of Whole House and has received Royal Assent. https://bills.parliament.nz/v/6/79c10303-5472-4eb3-9496-08dc3736cfbc?Tab=history

28 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its quarterly private health insurance (PHI) publication for the December 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-december-2023

28 Feb 2024 - The Monetary Policy Committee agreed to hold the Official Cash Rate (OCR) at 5.50%. https://www.rbnz.govt.nz/hub/news/2024/monetary-policy-remains-restrictive

29 Feb 2024 - The Office of the Privacy Commissioner has released new privacy impact assessment guidance and downloadable templates. https://privacy.org.nz/new-on-the-website

29 Feb 2024 - The Office of the Privacy commissioner has released Privacy News February 2024. https://mailchi.mp/ea0b4c7571b6/privacy-news-biometrics-code-opc-guidance-three-vacancies-ai-governance-training-12758105

29 Feb 2024 - The Office of the Privacy Commissioner is hosting a webinar with Ian Axford Fellow on 6 March. https://us06web.zoom.us/webinar/register/WN_RvnJJixhTOSoT0oVwPth_g#/registration

29 Feb 2024 - This year’s Privacy Week will be held over 13-17 May. The Office of the Privacy Commissioner is seeking people to sign up to host a myth busting webinar as part of Privacy Week 2024. https://www.surveymonkey.com/r/CJPJ7BX

Suncorp Group announce 1H24 financial results

The Suncorp Group has announced their 1H24 financial results.

·         Group net investment returns A$396 million (up significantly from A$167 million in 1H23).

·         Group gross written premium of A$6.9 billion, up 16.3%.

·         Group net profit after tax was A$582 million, up 5.4%.

Suncorp New Zealand’s results

·         Half year profit after tax was NZ $94 million, up 3.3% from the previous comparable period (pcp).

·         Asteron Life Half year profits of NZ$14 million, a decrease of 12.5% from the pcp.

·         Asteron Life had in-force premiums of $330 million, up 7.1%.

·         Asteron Life’ bought in new business of $13 million, up $1 million on the pcp.

More daily news:

Sir John Key is to retire from the Australian and New Zealand boards of ANZ

OCR remains at 5.5%

Fidelity Life report digs into the role of financial advice in New Zealand

Fidelity Life’s ‘Advice for good: Rethinking New Zealand’s relationship with financial advice’ report highlights some worrying findings in New Zealander’s feelings towards their financial situation. The report found that:

• 28% of kiwis feel their financial situation is out of their control.

• 47% of kiwis often or always worry about money, and 53% of under-35s saying they always worry about money.

• The majority of New Zealanders don’t feel confident making financial decisions until after age 55 – once this age is reached 63% feel confident in their money decisions.

• Only 28% of women feel confident about their financial outlook, compared to 44% of men.

• While 88% of kiwis agree financial advisers are the most trustworthy source of financial information, only 22% have consulted one – though 36% have sought help from family.

• Many New Zealanders don’t know where to get trusted financial advice, with 41% of those under-35 unable to say where to find good advice.

• There are different emotions towards money depending on ethnicity, with 30% of Māori and 38% of Middle Eastern, Latin American and African (MELAA) respondents said their financial situation made them feel overwhelmed. Meanwhile, 27% of Pacific Islanders were ashamed, and 58% viewed their financial situation negatively overall. 74% of Pacific Islanders, 59% of Asians and 56% of Māori respondents feel unconfident or unsure making financial decisions.

There was some good news about New Zealanders’ finances too.

• 88% of New Zealanders feel like they typically have enough to pay the bills.

• 34% feel financially comfortable, especially older New Zealanders – with 81% of those aged 65+ feeling positive about their financial situation.

• Attitudes towards the future seem to be optimistic, with 41% feeling their financial situation will improve in the next 12 months, compared to 28% expecting things to worsen.

Kiwis are generally focusing on short-term horizons, with 89% of people prioritising day to day spending, 65% focusing on saving and 57% concentrating on paying off debt. Only 13% put growing their wealth and 4% put protecting their finances as their highest priority. 34% of those surveyed didn’t have any form of insurance and only 11% had consulted an insurance adviser.

This short-term focus is highlighted again with only 3% of those under 35 mentioning setting themselves up for a comfortable retirement as an aspiration, with home ownership being the number one goal in this age bracket. While retirement seems a long way away when young, only 23% of those in the 55+ age group mentioned a comfortable retirement as one of their aspirations, despite being less than a decade away from receiving the pension. 79% of those surveyed had KiwiSaver, 30% have stocks and shares and 17% have managed funds.

There seems to be a lack of understanding of the benefits financial advice can bring to people at all ages and stages of life. 31% of respondents said they don’t see the relevance of professional advice, and 10% listed being embarrassed or scared or consider their financial position to be private as a barrier to seeking advice. Only 5% of people stated they don’t know how to/who to talk to as a reason. Part of the lack of understanding on the benefits on advice might be due to a lack of familiarity on the role advisers perform, with only 13% being able to describe it with any confidence. Borrowing money was the most common catalyst for seeking out advice (48%) compared to 36% looking to invest to grow wealth. Just 28% have sought advice on products like income protection insurance or mortgage insurance. For those who consulted a professional financial adviser, 81% said getting financial advice provided peace of mind and 70% said it helped them achieve their goals.

Campbell Mitchell, Chief Executive of Fidelity Life said

“…the evidence shows most New Zealanders aren’t seeking financial help, either through regular financial health checks or at key life stages, until they’re nearing retirement – when it may be too late,”

“As a result of seeking amateur advice, we get stuck in the same old ways of doing things and can’t see a way forward – especially when the people we most often turn to for advice, our parents, have experienced different conditions. Baby Boomers who have achieved financial success via the traditional route of buying a home and an investment property may consider themselves financially savvy without taking into account the fact they’ve lived through one of the greatest property booms in our history, and that as the world changes, a different approach might work better today”.

The report was commissioned to explore attitudes towards financial advice and how to overcome the barriers to seeking professional guidance. The report surveyed more than 1,100 New Zealander’s aged 18 – 69, representative across age, gender, ethnicity and income level and consisted of a mix of quantitative and qualitative interviews.

More daily news:

mySolutions webinar 9am 6 March 'Lessons and experiences from FMA monitoring visit'

Survey finds NZers want stricter penalties for companies suffering cyber breaches

Pharmac changes process so it can assess a funding application at the same time Medsafe is assessing the application for regulatory approval

Smokefree Amendment Bill Introduced

nib release 1H24 financial results

nib have released their financial results for 1H24.

• Underlying operating profit of $13.2 million

• Premium revenue was $197 million, up from $179.7 million in 1H23

• Private health insurance experienced policy growth of 3.7%

nib New Zealand Chief Executive, Rob Hennin said,

“We have reported a solid first-half result and are positioned well for the full year. nib NZ has continued to see strong growth in resident private health insurance policyholders, and we have seen positive contributions from our international student, worker and traveller insurance business OrbitProtect and life and living insurance business nib nz insurance limited.”

Hennin pointed to nib’s focus on innovation as key to delivering value and improved services to customers, highlighting OrbitProject, the launch of the redesigned ‘my nib NZ’ app and website, and wellbeing initiatives like Toi Ora and Kickstarter as examples.

More daily news:

Andrew Bayly confirmed as keynote speaker at Financial Advice NZ’s Thrive conference

Kiwibank's unaudited net profit after tax for the six months to December 31 2023 was $105 million

Government could bring forward bill to close Māori Health Authority

Economists divided on whether the RBNZ will raise the OCR this week

Treasury warns Health services may need to be cut to slow rising costs

Legal and regulatory update for the life and health insurance sector

22 Feb 2024 - The Commerce Commission has issued an Open Letter to participants of New Zealand’s retail payment system setting its expectations of the industry to deliver a more competitive environment that can give Kiwis new options to pay for goods and services. https://comcom.govt.nz/news-and-media/media-releases/2024/comcom-calls-for-banks-to-pick-up-the-pace-on-payment-options

22 Feb 2024 - Assistant Governor/General Manager Transformation, Innovation, People and Culture Juliet Tainui-Hernandez has resigned. She will be leaving RBNZ at the end of April 2024. https://www.rbnz.govt.nz/hub/news/2024/changes-to-rbnz-executive-leadership-team

26 Feb 2024 - The Commerce Commission has released an updated Cartel Leniency and Immunity Policy and Template Leniency Agreement which removes the option for a person to seek criminal immunity and/or civil leniency for a ‘naked’ cartel attempt. https://www.bellgully.com/insights/commerce-commission-updates-cartel-leniency-and-immunity-policy/

Chubb Life appoint new General Manager – Distribution

Chubb Life have appointed Chris Hand to the role of General Manager – Distribution, replacing David Haak who resigned in December last year. Hand has over 20 years’ experience in a variety of insurance roles, from case and claims management to sales and relationship management. Hand will begin his new role on 1 April.

More daily news:

Fidelity Life ask for feedback on their Working together guide

Tony Vidler writes of the importance of focusing on sales activity

FSC & Women in Super NZ Launch 27 March

Financial Advice NZ webinar 'Managing in times of pressure, with Kay Chapman' 10am 21 February

Financial Advice NZ webinar 'The Future of Crypto and Blockchain: Opportunities and Challenges' 10am 28 February

mySolutions webinar presented by Glen Hatcher, 9am 28 February

AML Summit 16 & 17 May

TAP launching monthly 'Industry Intel' e-newsletter

The Australian Competition Tribunal approves the sale of Suncorp Bank to ANZ

The FMA publish their latest 'Money with Mary' tips

How gentle exercise can help six common conditions