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.
Fidelity Life offer financial assistance for flood-hit customers
Fidelity Life are offering financial assistance for flood-hit customers in Queenstown, Gore and Southland. Customers facing financial hardship as a direct result of the flooding can apply to have their premiums temporarily waived for three months, with the potential to extend for a further three months, without it affecting their insurance protection. This is the same relief they have used for customers affected by other natural disasters including flooding in Tairāwhiti/Gisborne earlier this year and in the South Island last year.
Fidelity Life remind everyone of the importance of maintaining insurance cover even during times of financial difficulty, with Chief Customer Officer Peter Doherty saying
“This premium relief offer is one way we can show our support to our South Island customers, and we encourage anyone who’s facing hardship as a result of this extreme weather to contact their adviser to see how we can help. We know many New Zealanders are doing it tough right now and events such as this only make the situation worse.”
More daily news:
Tony Vidler writes of how benchmarking groups can help advisers see how they're doing
AIA New Zealand has appointed Michele Embling as an independent non-executive board member
ANZ has partnered with Age Concern New Zealand on scam protection
Paul Gregory from the FMA talks about how to avoid greenwashing
Healthcare Leadership Symposium is on 25 October
Centrix data shows there were 28% more mortgages behind on payments in August than a year earlier
PWC publish New Zealand Workforce Hopes & Fears Survey 2023
PWC have published their New Zealand Workforce Hopes and Fears Survey 2023, exploring views on business viability, worker sentiment, workforce skills, emerging technology, work environment and climate action. 1,000 respondents shared their views and in general, kiwis were more optimistic than others Asia Pacific countries, with 72% believing that their employer will still be in business in the next decade.
New Zealanders were consistent with the rest of Asia Pacific in terms of 57% of both areas being very or moderately satisfied with their jobs, however kiwis were less likely to ask for a pay rise (37% vs 43%), ask for a promotion (23% vs 38%) or change employer (20% vs 28%).
Only 25% of kiwis believed the skills for their job would change significantly in the next 5 years (versus 44% of those in the Asia Pacific region). In terms of technology, kiwis seem to think AI will be less disruptive and provide less opportunities than Asia Pacific respondents: 35% don’t think AI will impact their jobs, much higher than Asia Pacific as a whole at 16%; 22% believe AI will help them increase their productivity/efficiency at work (vs Asia Pacific 41%); only 18% think AI will create opportunities for them to learn valuable new skills (vs Asia Pacific 34%); only 12% believe AI will create new job opportunities for them (vs Asia Pacific 25%); and 44% think that digital skills are important to their career (vs. Asia Pacific 59%).
More daily news:
Southern Cross are reviewing the way they communicate changes
Early bird tickets for FSC’s Trans Tasman Strategic Leaders Summit on 4 - 6 March 2024 available now
mySolutions webinar - Richard Sewak shares his adviser story, 4 October, 9am
NZIER Consensus Forecasts predict subdued economic growth over the next two years
ASB awarded Digital Banking, Bank of the Year by Canstar NZ
Study finds having a healthy lifestyle reduces risk of depression by 57 per cent
Premium increases at AIA
AIA is increasing premiums on its income protection (IP), waiver of premium and closed trauma products. AIA have said the increases are based on a gradual increase in IP claims and a higher level of claims on closed AIA trauma products compared with their wider trauma portfolio.
The table below shows the pricing increases, with closed AIA trauma products set to have staggered price increases at a rate of 5.2% a year over the next three years.
More daily news:
Tony Vidler recommends advisers keep client consultations simple
The IMF says the NZ Government needs to trim spending or risk prolonging high inflation
Banking ombudsman recommends changes to loan application processes
MyLifeMatters campaign calls for new medicines and more Pharmac investment
Research finds those in disadvantaged neighbourhoods have to travel further to reach public green spaces
As section sizes continue to decrease and more people end up living in homes with little to no backyards, are we inadvertently causing further deprivation for those from disadvantaged backgrounds?
Newsroom conducted some research using mobile phone data investigating the ease of access to green spaces. They measured distances between homes and the nearest park and found that people living in neighbourhoods with a higher concentration of social housing had further to travel to get to a park than people from neighbourhoods with minimal social housing.
Extensive research has shown that people from disadvantaged backgrounds are at a higher risk of health problems because of their social and economic circumstances, and the lack of access to green spaces in cities is a significant factor contributing to these health disparities. Limited access to green spaces means limited opportunities for physical activity, which can have detrimental consequences, and consequently strain our social and healthcare systems and our collective wellbeing.
It doesn’t seem a great leap of logic to think that in densely populated areas, there should be more access to public parks. It makes me wonder, is unequal access to green spaces contributing to health disparities? And if so, is there a moral imperative for local and national government to act to provide more equitable access to these public spaces?
More daily news:
Tony Vidler writes about some of the most important principles in the advice process
David Greenslade believes majority of FAPs are compliant, but are taking a challenging route
RegTechNZ: Simplifying CPD processes is on 23 August in Auckland
Government announces funding of $73 million for Nelson Hospital redevelopment
AIA release sustainability report
AIA have released their 2022 Sustaining Healthier, Longer, Better Lives report. Some of the key highlights include:
Achieved Toitū carbonreduce certification (and being recertified in 2023)
Engaged New Zealanders over 8 million times with the AIA One Billion initiative, a global, multi-year programme that focuses on initiatives and events to improve kiwis physical and mental wellbeing
Paid 93% of claims received in 2022
Completed adviser wellbeing research
Introduced seven waste streams to AIA house, diverting approximately 10 tonnes from landfill
Employee engagement survey scored 4.3 out of 5
Announced an enhanced parental leave package
Published AIA’s gender pay gap (19.1%) in support of gender pay parity
Established an AIA NZ Board ESG Committee, chaired by an independent director
Established a dedicated workstream to prepare and assess climate risks and opportunities
More daily news:
Financial Advice NZ webinar 'Crafting impactful Statements of Advice' 19 July
Financial Advice NZ webinar 'Professional Ethics Workshop' 21 July and 15 September
mySolutions webinar 'Belong Group Business Session' with Tony Vidler 7 July 11:30am
Survey finds slight increase in business confidence
Australia Adopts New Life Insurance Code of Practice
RiskInfoNZ poll finds 66% of advisers agree they should meet their clients for an annual review
Jon Raby to leave role as Chief Financial Officer at ASB, Carl Ferguson to step into role
FSC release Climate Scenario Narratives and Guidance for the Financial Sector
The Financial Services Council NZ (FSC) have released the Climate Scenario Narratives and Guidance for the Financial Sector report, developed in conjunction with EY. The report is designed to support the sector in the reporting of climate-related risks and opportunities under the framework developed by the External Reporting Board (XRB). The report can be downloaded from the members area of the FSC website.
The FSC has also announced they are putting together a monthly Climate Related Disclosures Focus Group, open to all FSC members. The focus groups will be an opportunity to continue discussions on Climate Related Scenario and the Climate Related Disclosures Regime and to share learnings and insights with a flexible informal agenda.
More daily news:
CERT NZ reports 66% increase in direct financial loss from cybercrime compared to Q4 2022
RiskinfoNZ poll finds advisers are divided on paid claims services
Tony Vidler talks about areas of professional development
FinTech for FinTechs Mini Hui will be held on 9 August in Auckland
Dame Karen Poutasi has been appointed as the new Board Chair for Te Whatu Ora