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.
Legal and regulatory update for the life and health insurance sector
11 Mar 2024 - Following consultation and engagement with the deposit taking sector over the past 9 months, the Reserve Bank shares the next iteration of policy proposals for the Depositor Compensation Scheme (DCS) under the Deposit Takers Act (DTA). https://www.rbnz.govt.nz/hub/news/2024/03/new-zealand-one-step-closer-to-depositor-compensation-scheme
11 Mar 2024 - The Reserve Bank of New Zealand is investing in a new Business Expectations Survey, Tara-ā-Umanga, to better understand the economic outlook including the inflation expectations of key decision makers. The new survey will ask six core questions each quarter covering business expectations of: prices, wages, growth, unemployment, the Official Cash Rate, and exchange rates. Occasional and rotating questions will be included in future to support many aspects of our work. Consultation on the proposed sample design and content is open until 28 March 2024. https://consultations.rbnz.govt.nz/data-statistics-analytics/tara-umanga-business-expectations-survey/
FMA says those with licences unlikely to have to undergo another licencing process
Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process.
Speaking at Financial Advice New Zealand’s Thrive Conference, Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process. Barrass said last year’s push for financial advisers to achieve their Level 5 before the deadline was “the most successful transition I've witnessed in my career” and “a world-beater.”
Speaking earlier at the conference, Commerce Minister Andrew Bayly had said he was aware some organisations held multiple licences and he was looking at whether it could be streamlined into a single licence as part of the government’s drive to simplify regulation of the financial services industry.
More daily news:
Steve Wright suggests advisers need to pay more attention to general exclusions
Katrina Church talks about the value insurance advisers bring
Financial Advice NZ say they aim to be the voice and champion of financial advisers
Gallagher Insurance partners with the NZ Provincial Rugby Union Group
New Zealand Fintech Pulsecheck 2024 is on 28 March in Auckland
Information Security Bulletin: Alert on Sophisticated Phishing Scams
This Information Security Bulletin is to alert you to a concerning trend in email-based phishing scams that have recently come to our attention. These sophisticated scams pose significant risks to personal and organisational data security.
This is our sixth information security bulletin, all about avoiding phishing scams. As a valued user of quotemonster.co.nz, we want to ensure that your personal information remains secure, and your privacy is safeguarded. With phishing scams becoming increasingly sophisticated, its crucial to stay vigilant. Most commonly an account is compromised through re-used credentials, or, by unwittingly granting access to the account, often when clicking on a link in a phishing email.
This ISB is to alert you to a concerning trend in email-based phishing scams that have recently come to our attention. These sophisticated scams pose significant risks to personal and organisational data security.
1. Nature of the Scam: Recent incidents have involved emails that appear as replies from someone you know, to an email that may at a glance look like it was written by you, or someone in your business. These emails are entirely fabricated, yet may convincingly mimic legitimate correspondence. Alarmingly, these emails are occasionally sent from actual email addresses previously used by clients or associates, which are no longer active but have been compromised. In our case, we received one from an adviser who was once active in the industry, but is now deceased, which helped to raise the alarm.
2. Spotting the Scam:
Unexpected Replies: Be cautious of email threads that you do not recall initiating.
Email Address Verification: Double-check the sender's email address, especially if the content seems unusual or unexpected.
Content Inconsistencies: Look for anomalies in the email's tone, language, or signature that may differ from the supposed sender's usual style.
Suspicious attachments: There will often be a PDF or Zip file attached with a generic or meaningless name. Never open an attachment if you are unsure about what is in it.
Suspicious links: Be very cautious of clicking on links. We have included one for Cert NZ in the next section. If you hover your mouse over the link you should be able to see that it links to a web address with a domain that ends in ‘.govt.nz’. This is the NZ government’s domain, which is where you might expect that link to lead, and you can be pretty sure that it is safe to click on. Often a suspicious link will point to an address which is not related in any way to the content of the email or the wording on the link. Don’t go there!
3. Preventative Measures:
Close Unused Accounts: Ensure that all inactive email accounts are properly shut down to prevent unauthorised access.
Secure Login Credentials: Regularly update passwords and keep them confidential. Use strong, unique passwords for each account.
Storage of Login Credentials: Ensure your login credentials are stored in a secure password manager, such as LastPass, these applications will also help generate strong passwords.
Activate Two Factor Authentication (2FA): Add an extra layer of security by activating 2FA.
Activate Spam Filtering: Microsoft allows you to enable spam filtering and will automatically pick up spam or phishing emails when detected. These will not catch everything, but they definitely help.
Educate and Inform: Continuously educate your team about these scams and encourage vigilance. CERT NZ provides some valuable information on the subject and has a scam check that you can use to check if a text, email, social media page, phone or website looks suspicious.
4. Immediate Actions: If you suspect that you have received a phishing email:
Do not click on any links or download attachments.
Contact the supposed sender through a different communication channel to verify the email's authenticity.
Report the incident to your IT department or relevant authority (e.g. CERT NZ).
We urge you to take these warnings seriously and implement the suggested measures to safeguard your information. As always, we are committed to keeping you informed about potential threats and providing solutions to enhance your security.
Want to know more?
We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.
Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.
Stay vigilant and safe.
ISB 06-202402
Fidelity Life and Kaplan Professional join together to deliver Career Connect training
Fidelity Life has partnered with Kaplan Professional to deliver their Career Connect financial adviser training programme. Kaplan Professional will join as the programme’s education provider, in conjunction with Massey University.
Fidelity Life has partnered with Kaplan Professional to deliver their Career Connect financial adviser training programme. Kaplan Professional will join as the programme’s education provider, in conjunction with Massey University. Kaplan Professional will fund a new Women in Finance Scholarship, to join Fidelity Life’s existing six scholarships.
Applications are open for Career Connect’s 2024 intake, with 30 places, including 7 scholarships, available. The programme runs from May until December 2024.
The scholarships available are:
Women in Finance scholarship brought to you by Kaplan Professional, designed to assist female applicants to become financial advisers
Rural scholarship brought to you by FMG, designed for applicants with a rural connection
Pounamu scholarship, designed to assist Māori applicants
Kōwhai scholarship, designed to assist Pasifika applicants
Rāngi Po scholarship, designed to support underrepresented identities in our industry.
Toe Toe scholarship, designed to recognise outstanding young applicants.
Pāua scholarship, designed to recognise outstanding applicants who demonstrate excellence.
Kaplan Professional CEO Brian Knight said
“Programs like Career connect provide the ideal launchpad for a bright future in financial advice, so we are delighted to collaborate with Fidelity Life on what we believe is a terrific initiative to strengthen New Zealand’s talent pipeline.”
“We also remain steadfast in our commitment to encouraging and promoting diversity within the industry, so we are thrilled to be able to provide a scholarship for women in every intake of the program.”
There is a free online career evening on March 19 where those interested can find out more about becoming a financial adviser, what being a financial adviser is really like and how Career Connect can support you to gain the qualifications and skills necessary to become a successful financial adviser.
More daily news:
Westpac introduces the LanguageLoop interpreting service
ANZ discloses slight improvement in its gender pay gap for 2023
Survey finds 62% of kiwis feel KiwiSaver contributions should be compulsory
The Co-operative bank is hosting a webinar on 12 March about proposed governance changes
The New Zealand Health Survey found roughly a million New Zealanders missing out on seeing their GP
New campaign tries to lure NZ health workers to Australia
Kordia study highlights toll cyberattacks take on New Zealand's large businesses
Health / Medical Insurance Price Comparison Database v106 released
Last week we have sent out a new version of the Medical Comparison database with updated Southern Cross rates effective 1st March. If you have not received the updated database please drop us a line.
Troubleshooting – Two Factor Authentication (2FA) for Microsoft Edge
Here’s a quick solution for our Quotemonster subscribers that use Microsoft Edge and have noticed a need to verify the same device more than once in a thirty-day period.
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.
Microsoft Edge
1. On your device, open Microsoft Edge.
2. Copy and paste the following website address into your browser: edge://settings/clearBrowsingDataOnClose OR at the top right, click More (three horizontal dots), then click Settings.
3. On the left menu, click Privacy, search, and services.
4. Scroll down to Clear browsing data and select Choose what to clear every time you close the browser.
5. Ensure the toggle is off in Cookies and other site data OR if you prefer to leave this option on for other sites, enter the following [*.]quotemonster.co.nz to Add a site and tick Include third-party cookies on this site.
We hope this helps, however, if you continue to encounter issues with 2FA please reach out to our team on info@quotemonster.co.nz.
Chubb appoints new Country President for New Zealand
Chubb has appointed David Morrow as the new Country President for New Zealand.
Chubb has appointed David Morrow as the new Country President for New Zealand. Morrow was previously Head of Property and Casualty (P&C) for Chubb New Zealand and will start the new role effective immediately. His new role will be responsible for overseeing Chubb’s commercial P&C, traditional and specialty personal lines, and accident and health insurance.
Peter Kelaher, Chubb country president for Australia and New Zealand, said
“David's tenure with us has been marked by progressive leadership, showcasing his ability to steer our business with excellence. His expansive network and deep understanding of both Chubb and the general insurance industry positions us to capitalise on growth opportunities in the New Zealand market.”
More daily news:
Partners Life premium rates for Private Medical Cover will increase from 22 April
Partners Life Cyber Security Webinar 14 March
New Covid-19 vaccine available for kiwis over 30
Aged Care Commissioner calls for free hearing aids to help ward off dementia
The role of financial advice in New Zealand
Take a look at the consumer case study and adviser case study videos Fidelity Life have produced to get another perspective on how kiwis view the financial advice industry.
We wrote about Fidelity Life’s Advice for good: Rethinking New Zealand’s relationship with financial advice report, here. Take a look at the consumer case study and adviser case study videos they have produced to get another perspective on how kiwis view the financial advice industry.
We’d love to hear your ideas on how to help shift the public’s perception of our industry and convey the value we offer.
More daily news:
Rob Flannagan will extend his term as independent Chair of the FSC Board
Unimed looking for Chief Corporate Services Officer and Chief Risk Officer
Andrew Bayly says government are reviewing a number of pieces of financial markets legislation
mySolutions webinar 'Commercial Insurances - What do FAPs need to know?' 9am 13 March
Legal and regulatory update for the life and health insurance sector
5 Mar 2024 - The Reserve Bank of New Zealand has published a Bulletin article discussing the use of credit risk weights for climate-related purposes. https://www.rbnz.govt.nz/hub/news/2024/03/the-use-of-credit-risk-weights-for-climate-related-purposes
5 Mar 2024 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Thrive Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-financial-advice-new-zealand-thrive-conference/
5 Mar 2024 - The Business Payment Practices Act Repeal Bill was read a first time and read a second time under urgency. https://bills.parliament.nz/v/6/3da72845-7284-439e-2ead-08dc3c923d2a?Tab=history
6 Mar 2024 - The Reserve Bank of New Zealand are part-way through a review of access eligibility criteria to use the Exchange Settlement Account System (ESAS). They have updated the consultation page of their website and published the submissions they received. https://www.rbnz.govt.nz/have-your-say/2023/esas
7 Mar 2024 - The Financial Markets Authority has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-proceedings-against-tower-limited/
7 Mar 2024 - The Privacy Commissioner has called for greater penalties for data breaches. https://privacy.org.nz/publications/statements-media-releases/greater-penalties-needed-privacy-commissioner-speaks-to-national-cyber-security-summit/
8 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).
The FAR, which replaces the Banking Executive Accountability Regime (BEAR), imposes a stronger responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors as well as their most senior executives. In doing so, the FAR aims to improve the risk and governance cultures of those financial institutions.
This release includes:
the Regulator rules, which prescribe information for inclusion in the FAR register of accountable persons;
the Transitional rules, which prescribe information to be provided by authorised deposit-taking institutions (ADIs) in relation to their existing accountable persons under the BEAR at the transition point to the FAR;
descriptions of ADI key functions to assist banking entities in the allocation of key functions; and
reporting form instructions to assist banking entities in providing the required information to APRA and ASIC.
Kiwis unsure of whether annual general health screening is necessary
Research by nib new Zealand has found that 47% of New Zealanders are behind on their general health checks.
Research by nib New Zealand has found that 47% of New Zealanders are behind on their general health checks. Worryingly, some people had never received important health screenings like dental checks (63%) and eye checks (55%). Despite New Zealand having one of the highest rates of melanoma in the world, 84% of kiwis surveyed were either not up to date with or had never received a skin check. Low rates of participation in national screening programs were also seen, with 60% behind on prostate cancer checks, 44% behind on cervical smears, 37% behind on bowel cancer screenings and 28% behind on breast cancer screenings. 43% of parents weren’t clear what health checks are appropriate for their children.
The biggest barriers to getting screened were uncertainty about which screening checks they need (38%), cost (36%), not experiencing any current health issues of concern (30%) and being anxious about what it could reveal (19%).
Despite the high numbers of respondents who were behind on proactive health screenings, 62% considered their health to be good, very good or excellent.
Rob Hennin, nib Chief Executive said
“At nib we believe that taking a proactive approach to your health is critical to achieving better health outcomes and, in turn, living healthier and happier lives.”
“Our survey found that six in ten people were worried about their future health prospects, so there’s a clear disconnect between Kiwi’s perceptions of their own health and their willingness to address it. Health screenings are the key to catching potential illnesses early, which means you can get treatment, begin recovery, and return to normal life faster.”
nib are offering free general health checks to the Kiwi public with its Check-Up clinic stationed at Blues home games at Eden Park and around Auckland city. Locations can be found on nib New Zealand social channels.
The survey was conducted in December 2023 and questioned 1,000 people.
More daily news:
Clive Fernandes talks about AI's impact on financial advice
Jon-Paul Hale talks about the implications of passbacks and policy swaps
Expressions of interest open for Partners Life new adviser training course
nib Ultimate Health plans will cover many pre-existing conditions
nib Life and Living Insurance has $200 off
Entries for Insurance Business' Top Insurance Employers are open
AIA make AML document requirements easier
AIA health enhancements webinar 14 March
AIA put together resources for The Big Heart Appeal
Westpac Smarts webinar 28 March 'Attracting and Retaining Good Employees'