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.
ACC celebrates 50 years
ACC is celebrating, read more about ACC’s 50 years of helping the injured, aiding prevention, and compensating those who cannot work, in this post.
ACC is celebrating! From their newsroom, we have this:
“On 1 April, we mark a significant milestone as we celebrate our 50th anniversary since being established in 1974. Our no-fault scheme was a radical idea then, and it remains so today.”
I was once surprised to hear a National Party former cabinet minister describe ACC as “New Zealand’s largest and most-liked insurer.” That may well be true for many, although as with all insurers, some claims are declined, and others limited, in the interests of honouring the scheme limits and sustainability. A few claimants will be unhappy at their treatment, and some workers in markets with the right to sue have won much better settlements for injuries which have robbed them of the ability to ever work again. Nevertheless, ACC remains a scheme which is innovative, ensures quick treatment for the injured, has a cost-effective back-office, and has been an engine for improvement in workplace safety. We have more to do in that regard, but this is still worth celebrating. You can read more about the background to the 50th anniversary at this link: https://www.acc.co.nz/newsroom/stories/50-years-of-acc-new-zealand-a-legacy-of-care-and-innovation
Legal and regulatory update for the life and health insurance sector
3 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a cross-industry letter to advise on the scope, purpose and timing of its 2024 voluntary climate risk self-assessment survey of APRA-regulated entities. https://www.apra.gov.au/news-and-publications/apra-releases-letter-on-upcoming-climate-risk-self-assessment-survey-0
4 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-minor-updates-to-prudential-framework-for-adis-and-insurers
Unlock the Power of Business Insurance with Advicemonster
At Quotemonster, we understand the importance of comprehensive business insurance solutions. That's why we're excited to offer Advicemonster subscribers a powerful tool that enables them to quote and research Life, Trauma, TPD, and Key Person insurance.
At Quotemonster, we understand the importance of comprehensive business insurance solutions. That's why we're excited to offer Advicemonster subscribers a powerful tool that enables them to quote and research Life, Trauma, TPD, and Key Person insurance.
Our platform is designed to simplify the insurance process, making it easier for you to provide advice to your clients. With Advicemonster, you can quickly access quotes, delve into detailed research, and perform a Business SOA, all in one convenient place.
We're committed to helping you make the most of our services. That's why we invite you to join us for our next online training session, where you'll learn how to maximise the benefits of our Business Insurance tool. Our staff will guide you through the platform's features, ensuring you have the knowledge and confidence to support your clients effectively.
We highly recommend joining us for our next online training session to learn more about the service, and as a thank you for attending we can provide a 14-day trial on your account when you email us on info@quotemonster.co.nz
Don't miss this chance to enhance your insurance offerings with Advicemonster. Register for our upcoming training session on Thursday, 11 April 2024 9:30 am-10:30 am and discover how our Business Insurance tool can empower you and your clients.
Asteron Life to be purchased by Resolution Life
Goodreturns has a good feature article based on the announcement that Resolution Life Australasia has entered into an agreement to acquire Asteron Life. I’ve just had a call from Tony Arthur which underlined parts of that release, especially the commitment to ongoing growth, which is mentioned three times in the release, in comments by both Tim Tez, Resolution Life Australasia CEO, and Suncorp New Zealand CEO, Jimmy Higgins, and in the general text. I know that we hope that remains the case because choice and competition in the market are valuable. https://www.goodreturns.co.nz/article/976522992/asteron-life-sold.html
Bill could modernise insurance law
On March 21st, a Member’s Bill was drawn that, if passed, could modernise insurance law. Labour Party MP Duncan Webb, a former insurance lawyer, says his Insurance Contracts Bill will require “…insurance contract terms to be both clear and fair”.
If the Bill is passed, it would introduce penalties for insurers who failed to act in good faith, such as not completing a claim in a timely manner. The Bill requires polices be clearer and in plain language, to better help consumers understand the terms of the insurance they’re signing up for.
We’ll keep an eye on this and report back as the situation progresses.
More daily news:
Clive Fernandes talks about Generative and Customer-Facing AI impact on financial advisers
Steve Wright talks about how advisers need to be wary of the Dunning Kruger effect
Jeff Royle says banks have been slow to disclose to customers about clawbacks
The Financial Services Council has launched Empower Women
TSB receive three Canstar awards for their credit cards
Jon-Paul Hale talks of how identity fraud and paper document security concerns are on the rise
Gallagher Bassett publish annual insurer survey report The Carrier Perspective: 2024 Claims Insights
Chubb Life has partnered with Kiwi charity Keep New Zealand Beautiful
The latest ANZ Business Outlook Survey shows business confidence levels fell 12 points
Survey finds 44% of insurance advisers in Australia are charging clients for advice
Legal and regulatory update for the life and health insurance sector
2 Apr 2024 - The Reserve Bank has announced two new members of its Monetary Policy Committee (MPC). Carl Hansen and Prasanna Gai are set to join the set-member MPC responsible for the crucial monetary policy decisions that uphold price stability in New Zealand. Hansen began his tenure April 1, succeeding Peter Harris. Gai will start on July 1, taking over from Caroline Saunders. https://www.beehive.govt.nz/release/reserve-bank-appointments
2 Apr 2024 - The Reserve Bank of New Zealand has welcomed progress on whenua Māori lending. The Māori Land Court recently released a practice note in regard to lending on Māori freehold land - whenua Māori. The note provides guidance to assist landowners, lawyers and the banking sector with lending against Māori freehold land. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-welcomes-progress-on-whenua-maori-lending
2 Apr 2024 - The Financial Markets Authority is considering a class exemption that would allow listed companies to bring certain green, social, sustainable, and sustainability-linked (GSSS) bonds to market more quickly and without incurring most of the regulatory costs of a full retail investment offer. This would operate on a similar basis to the same class exclusion available in the Financial Markets Conduct Act 2013 (FMC Act), that allows companies that are already-listed to raise further capital using simple, streamlined disclosure. Submissions close 30 April 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-proposed-exemption-for-certain-green-social-sustainability-and-sustainability-linked-bonds/
2 Apr 2024 - Changes to ACC’s Accredited Employers Programme (AEP) aim to deliver a better experience for businesses and workers whose work injury claims are handled by the organisation directly, rather than through ACC. Accredited employers will be given better insights into their performance, more support and guidance to help them improve their worker’s experience as well as injured workers being better supported by their employers.
The changes focus on 4 areas:
Claims and injury management assessment: An improved assessment of the claims and injury management that also better captures workers’ experience and remove unnecessary compliance.
Performance monitoring: A new performance monitoring model that will give accredited employers access to clear and up-to-date information on their performance, the ability to lift performance, and incentives to perform better.
New health and safety assessments: An updated ACC health and safety audit process and a new option of ISO 45001 certification will drive higher quality health and safety systems.
Updated pricing options: More choices under the Partnership Discount Plan, enabling employers to take on longer claims management periods, providing workers with complex injuries greater assurance and more continuity of support.
The changes will take effect from 1 April 2025, with 1 years notice, so accredited employers and ACC have time to prepare and adapt their processes and systems.
https://www.mbie.govt.nz/about/news/final-changes-to-accs-accredited-employers-programme-confirmed/
2 Apr 2024 - The Reserve Bank of New Zealand publish an op-ed by Reserve Bank Governor Adrian Orr. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-op-ed-on-cofr
Southern Cross cautioned by FMA for neglecting to apply advertised discounts
The Financial Markets Authority (FMA) has issued warnings to Southern Cross Medical Care Society and Southern Cross pet Insurance for failing to apply advertised discounts to their insurance products.
Both entities have accepted they had breached the fair dealing provisions of the Financial Markets Conduct Act by making false or misleading representations. The FMA determined the cause of each issue was due to poor controls and/or technical errors. The FMA found no evidence of deliberate misconduct.
Southern Cross Pet Insurance initially reported to the FMA in November 2022 some of the contraventions. Further enquiries from the FMA and an internal review in the wider Southern Cross Group established the extant of the contraventions.
SCPI failed to correctly apply the following discounts:
· Additional pet discount
· Direct debit discount
· Southern Cross membership discount.
SCMCS failed to correctly apply the following discounts:
· Free child discount
· Healthy lifestyle rewards discount
· Low claims discount.
The total amount of Southern Cross Pet Insurance premiums overcharged was $424,508, affecting 7,542 customers. Southern Cross Medical Care Society overcharged $161,547 across 1,957 customers.
More daily news:
Changes to Chubb’s eApp requirement for non-residents to provide a copy of their visa
The Insurance Council to reveal the number of complaints lodged against individual companies
Kevin Smee suggests health insurance premiums should be tax deductible
Tony Vidler spells out the risks of marketing a service as 'free'
FAMNZ will be taking membership applications from next month
In 2023, four out of five New Zealand businesses embraced flexible working hours
nib rates are now live!
We can confirm that the rate changes for nib effective 1 April 2024 are now live on Quotemonster.
We are pleased to confirm that the premium changes for nib, effective 1 April 2024 are live on Quotemonster.
Click here to read our nib quarterly rate review results.
Happy Crunching!
AXA report sheds light on concerning state of mental health and wellbeing at work globally
Axa’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
AXA’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
The research was a collaborative effort between AXA and IPSOS, and surveyed 16,000 people across 16 countries in Europe, Asia and America, with a focus on mental health and wellbeing in the workforce.
The report found three in four employees were grappling with mental health issues attributable to their work environment, with respondents mentioning either tiredness, trouble sleeping or stress. Overall, 23% of employees had taken mental health-related sick leave, jumping to 38% of younger people. The Southern Cross Workplace Wellness Report uncovered similarly concerning findings around increased stress being experienced by workers.
Mental health support offered by employers is a key factor in employees choosing to stay with a company, with 62% of those aged 18 to 44 factoring it into their decision. More than half of respondents said company-driven mental health initiatives and benefits influence their engagement at work.
More daily news:
Trauma claims data infographic - QPR v15.7
Following on from our latest QPR database upgrade, we have also updated our Trauma claims data infographic to reflect the addition of a new minor condition – Cerebral Aneurysm.
Following on from our latest QPR database upgrade, we have also updated our Trauma claims data infographic to reflect the addition of a new minor condition - Cerebral Aneurysm. This is now available for download to all Researchmonster and Advicemonster subscribers and can be found in the Research Tools section of the main menu.
Happy Crunching!
