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
23 Apr 2024 - The Reserve Bank of New Zealand released its submission on the Commerce Commission’s draft report from its market study into personal banking services. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-releases-submission-on-draft-commerce-commission-market-study
23 Apr 2024 - The Financial Markets Authority has published its guide for Managed Investment Scheme managers and their supervisors for effective liquidity risk management, following consultation. https://www.fma.govt.nz/news/all-releases/media-releases/importance-of-effective-liquidity-risk-management/
23 Apr 2024 - Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes - Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and the Financial Dispute Resolution Service – and raise the maximum amount the schemes can award to $500,000. The government aims to have the regulations providing for the changes in place by July 18. https://www.goodreturns.co.nz/article/976523065/aligning-disputes-resolution-schemes.html
23 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-consults-on-enhancements-to-quarterly-insurance-publication-suite
Wotton + Kearney release 2023 NZ Insurance Market Trends Update
Wotton + Kearney have released their 2023 NZ Insurance Market Trends Update. Of note, it includes updates on:
· increase in director accountability for ESG issues and climate-related financial disclosures;
· how organisations will need to consider how applicable tikanga values should inform their conduct when dealing with employment relationship issues;
· how organisations need rigorous processes in place for restructures and redundancies;
· extensions to Schedule 2 Occupational Diseases;
· changes to the regulation of medicines, medical devices and natural health products;
· the passing of the Therapeutic Products Bill 2023;
· cyber, privacy and data security.
More daily news:
Cost of living crisis is changing conversations advisers are having with clients
Katrina Shanks writes of the importance of quality financial advice
mySolutions webinar 'Are you maximising your marketing potential' 9am 27 September
27% of 4,120 claims received by IFSO were related to health, life and disability insurance
Lifetime webinar 'Your Homeownership Adventure Begins Here' 7pm 27 September
Man trying to claim pregnancy care on his health insurance policy has complaint turned down by IFSO
Alzheimer’s Society recommends regular exercise to cut dementia risk
Changes to IFSO terms mean more consumers will be able to access free dispute resolution
Effective 1 September 2023, changes to the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) and its terms of reference (TOR) and constitution will mean more consumers will be able to access IFSO services.
Once the changes take place, IFSO will be able to investigate insurance claims complaints and financial services’ products complaints up to $350,000+GST, or $2,625+GST per week for regular payments. This is an increase from current limits of $200,000+GST and $1,500+GST respectively.
Insurance & Financial Services Ombudsman Karen Stevens said
“Previously, anyone with a claim over the limit of $200,000 would have had to pay for legal representation to take their case to court.
Court proceedings are not cheap and they’re certainly not free – like the IFSO Scheme process. The changes bring us into line with some other dispute resolution schemes in the financial sector, and will mean a number of extra cases are now eligible for us to look at.”
More daily news:
Justine Gilliland appointed to Unimed's board
Chubb Life release claims statistics for 2022: 93% of all claims received were paid
Katrina Shanks writes about side hustles to boost income during a cost of living crisis
Kate Dron believes there will still be more mergers and acquisitions in NZ insurance space
Financial Advice NZ webinar 'Navigating the world of digital currencies with confidence' 16 August
Linley Wood appointed as an Independent Director on the Chubb Life NZ Board
Official unemployment rose to 3.6% in the June quarter
Hospital ED shuts doors due to ‘doctor shortages’
Calls for bowel cancer screening age to be lowered
Government has made some progress on reducing health waitlist times
Fidelity Life announce speaker line up for Engage 2023 conference
Fidelity Life have announced the speaker line up for the Engage 2023 Conference.
Jessica Brady - one of Australia’s 50 Most Influential Advisers, she’ll inspire you to seize the possibilities of new platforms and new models capable of reaching larger and more diverse customer audiences.
Kaila Colbin - the 2022 Kea World Class New Zealand Friend of New Zealand award winner, Kaila’s the leadership guru who partnered with 14-time rugby champions the Crusaders on a renowned high-performance leadership programme.
David Beaton - whether its financial advice or boutique gin distilling, David Beaton is a business-building ninja obsessed with using technology and process redesign to optimise profit and take business performance to the next level.
Angus Woods - Adviser Ratings has evolved into one of the largest owners of financial services data assets in Australia. Angus Woods’ story is a glimpse of the new breed of industry powerbrokers using data solutions to take advisers – and insurers – to the next level.
Other guests include former senior minister Steven Joyce, who will provide on point political insights ahead of the upcoming election, and MC for the event, entertainer Jackie Clarke.
Adding to the line up to preview some exciting upcoming initiatives for advisers are Fidelity Life Acting CEO Ian Clancy, Chief Sales and Service Officer Bronwyn Kirwan, Chief Information Officer Billy Miller and Chief Customer Officer Peter Doherty.
Engage is Fidelity Life’s flagship annual conference for advisers and will be held in Christchurch on 12-13 September, followed by Auckland on 20-21 September.
More daily news:
nib releases top five medical claims for May
IFSO resolution service saw 569 enquiries in May, a record number, most of which were about delays
Consumer NZ CEO calls for tougher measures to target scammers and force banks to take action
Government announces pay equity offer for Te Whatu Ora nurses
More people expected to delay retirement due to costs of living
The New Zealand Seniors Series: Working Seniors Report has found that a substantial number of New Zealanders may need to delay retirement due to their financial situation.
While the most commonly cited reason to keep working beyond 65 years of age was enjoying working (65%), 61% selected the rising cost of living and 57% chose financial needs as reasons for working past retirement age.
Only 43% of people surveyed felt on track to retire at the age they preferred, with 37% believing they may have to keep working past their preferred retirement age to fund their retirement (up from 23% in 2021) and 20% believing they would not having full control over the age they retire.
74% of people agreed that their home ownership and mortgage status had a great impact on their retirement decisions and 78% thought that being fully retired with mortgage debt was a key concern.
The implications of the pandemic, rising cost of living and looming global recession have meant that 21% of respondents will need to delay their full retirement age slightly and 17% will need to delay their full retirement age considerably.
In December we examined how the market for insurance has changed due to patterns of longer living and longer working. Between 2002 and 2022 the share of 65 to 69 year-olds who are in work rose from just over 20% to 46.5% - a group of nearly 120,000 people. It seems plain that if life is extending, so will working life, and probably the need for cover will continue longer than previously thought.
More daily news:
Enquiries to the Insurance & Financial Services Ombudsman Scheme break records three months in a row
MBIE planning a new consumer rights and harm prevention campaign
Registrations for Financial Advice NZ’s August Out of the Box tour are now open
Submissions for the ANZIIF New Zealand Insurance Industry Awards are now open
Investment Leaders Forum will be held 30 July - 1 August in Queenstown
Study finds moving for an hour a day can lower the risk of developing diabetes by 74 per cent