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.
UniMed gets approval from RBNZ to take on Accuro’s portfolio
UniMed has received approval from the Reserve Bank of New Zealand to take on the portfolio of insurance co-operative Accuro.
Once Accuro’s 30,000 members have been transferred to UniMed, UniMed will be the third largest health insurance provider in New Zealand, with combined membership of 140,000.
Once the transfer is finalised, members will transition to being part of the UniMed society, though the Accuro brand will remain. Accuro members will continue to have the same policies and healthcare benefits as they do now. Once the transer is complete Accuro will cancel its insurance licence and take steps to dissolve the Accuro Health Insurance Society.
UniMed Chair Peter Tynan says
“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve.”
More daily news:
The FSC publish their Regulatory Outlook for April
nib would welcome Medicines Act review and regulation to get more treatment options approved
AIA launch 2024 CEO Think Tank programme
AIA offer one month's premium free on new eligible policies issued by 17 June 2024
The New Zealand Society of Actuaries appoints Helen Mexted as chief executive
Chubb Life increase their Lifetime Reward discount and enhance commission offering
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024.
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024. The discount is available on Life and Trauma covers on Chubb Life’s Assurance Extra and Assurance Extra Business policies for customers who have a BMI measurement of between 18.5 and 24.9 and who have been a non-smoker for at least 12 months. Clients can combine this offer with the current 2 months’ free and multi-benefit discount offers.
Chubb have updated their scenario videos to help you explain how different customers can make the most of the offers.
From 30 April, Chubb Life are increasing their pendulum commission offering for new business, providing an up-front component when you choose either the 15%, 20% or 30% renewal option. They will pay renewal commission from Month 2. Chubb Life have also increased their Disability Income upfront rate and pendulum options.
More daily news:
nib Group's Brendan Mills talks about the challenges in migrating to the cloud
Steve Wright gives his views on statements of advice
Financial Advice NZ webinar 'When Clients Claim' 1 May
Jon-Paul Hale talks through the problem of digital document insecurity
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) opens up membership
AIA launches new AIA vitality app
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features.
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features:
· increased security via multi-factor authentication during the login process
· a new voucher wallet to view and access rewards
· a streamlined AIA Vitality Age Assessment
· new Financial Wellbeing Assessment.
AIA NZ Chief Customer Officer Angela Busby says
“Throughout the first five years of AIA Vitality, we have worked hard to continually enhance and develop the programme for our members. The new app will take this a step further, making it even easier to engage with the programme, track their health journey, and earn rewards.”
Russell Hutchinson, one of our directors and also an AIA Vitality member says:
“The new app is a big step forward in usability - simple things like showing you which surveys and activities you have completed and which you still have to go make it much easier to get a sense of where you are at from a points perspective. I was also pleased that as soon as I logged in, it pointed out that I’d earned a reward, and claiming it involved about half the clicks previously required!”
More daily news:
Financial Advice NZ urges advisers to take part in its industry survey
FSC webinar 'The future of total permanent disability insurance' 21 May
FAMNZ request apology from Commerce Commission chair John Small
Chubb Life's eApp now automatically identifies if customers qualify for 10% Lifetime Reward discount
Westpac and NZFSG recognised at the 2024 New Zealand Mortgage Awards
nib Little Legends $10K Relay is back in 2024
AIA will soon launch a six-part TV and podcast content series called The Upside
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!
Quarterly rate review results in rising premiums at nib
nib has reviewed its health insurance premiums. Current members’ premiums are reviewed annually at their policy anniversary, with the increases ranging from 9% to 16%, as per below.
Premiums for prospective new members will be updated from 1 April 2024, with new rates being automatically updated in nibAPPLY.
You can find out more in their frequently asked questions here.
More daily news:
mySolutions webinar 'Ark Adventures' 9am 27 March
Craig Tyson leaves head of Australasian listed property role at ANZ investments
Maaike van Tol leaves head of asset allocation role at ANZ investments
FSC publish KiwiSaver Industry Spotlight December 2023
AIA introduce new cover for prophylactic surgery following cancer
AIA have enhanced their on-sale health insurance products as well as eligible closed products to cover prophylactic or preventative surgery following an acceptable breast or ovarian cancer claim, subject to certain criteria.
AIA have enhanced their on-sale health insurance products as well as eligible closed products to cover prophylactic or preventative surgery following an acceptable breast or ovarian cancer claim, subject to certain criteria.
Previously AIA’s health insurance products specifically excluded preventative treatment including those related to cancer. The changes came about after a need was identified through customer feedback. Details of the changes are available here.
Insurers have been getting increased requests for preventative treatment to be available. One example of the media coverage is available at One News here.
Comments like this one sum up the media view: “If you had a very high cancer risk, but there was surgery available to cut that risk by up to 90% - that would be amazing, a no-brainer, right?” – well, it depends on what you mean by a ‘very high rate of cancer’. That risk must outweigh the risks associated with a preventative surgery. It will not be the same for all clients – and may vary depending on each person’s circumstances.
These trade-offs make it a much more difficult decision to make than funding cancer treatment itself. Insurers are conservative and usually wait many years to assess data to decide whether to cover different treatment types. That’s bad news for individual customers who have an expensive and difficult choice to make, but it helps protect the interests of hundreds of thousands of other customers, who need affordable cover.
More daily news:
Michael Hewes spoke about what an FMA monitoring visit is about
The FSC CEO Farewell + Financial Resilience Index Research Launch will be on 1 May
Financial Advice NZ webinar 'Te Ara Ahunga Ora/Retirement Commission' 27 March
Peter Mensah appointed to Regional Manager – North Island at Chubb Life
Chubb's new advertising campaign features Phil Thompson
Southern Cross announce winners of the Wayfinder Awards
The Retirement Commission asks for feedback on a shared measurement tool for financial wellbeing
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'
Climate change and what it means for health and life insurance
The ‘Climate Change: What does the future hold for health and life insurance?’ report digs into the impact of climate on health and life insurance products and how availability, structure and pricing might be affected in future.
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
nib release 1H24 financial results
nib’s have released their financial results for 1H24.
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
Fidelity Life appoint new Chief Information Officer
Fidelity Life has appointed Angela Henderson to the role of Chief Information Officer.
Fidelity Life has appointed Angela Henderson to the role of Chief Information Officer. Henderson is currently the GM Digital at Kiwi Property Group, and has over 15 years experience in financial services. Henderson will start in early May 2024.As part of her role, Henderson will take on Fidelity Life’s portfolio governance and delivery responsibilities.
Campbell Mitchell, Fidelity Life’s CEO, said
“Angela is a great addition to our team and a great fit for Fidelity Life. Her deep experience in portfolio governance, change management and product delivery, not to mention digital strategy and leadership, is something the team is really looking forward to tapping in to.”
More daily news:
nib's S&P Global Rating upgraded from A- to A
FSC release their KiwiSaver Industry Spotlight December 2023
Apex Advice Healthy Wealth workshop 28 February in Christchurch
Advisers must upload documents to competency documents to AIAHub by 15 March
AIA Plan Well webinar 20 February
Compliance Refinery’s Head of Governance, Melanie Purdey, resigns