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.
New Research Deep Dive Session introduced
Join Quotemonster’s research team as we meet up online and have a discussion on a research topic.
Join Quotemonster’s research team as we meet up online and have a discussion on a research topic – our focus in this meeting is Comprehensive Trauma, other types of trauma will be discussed at a later time.
In this session, we will explain our trauma rating, any changes that have been made to these products in the last quarter and some research reviews we have in progress. This is Q&A style and while we have prepared an agenda, the aim is for advisers to come along and ‘ask us anything’ about trauma, provide claims or general feedback on the topic.
Our goal is to focus on a specific research topic each time we meet, show advisers where they can find related infographics or resources that can then be shared to clients, and to have a sneak peek into the QPR database.
Prerequisites: This session is for advisers who already have a basic understanding of our research methodology and would like to deepen their knowledge, we highly recommend attending our Introduction to Quotemonster prior to joining our Research Deep Dive.
If you would like to attend our first session scheduled on Thursday, 13 June 2024 11:30 am-12:30 pm, please email us info@quotemonster.co.nz and we will send you a calendar invite. Furthermore, if there is a topic you would like us to prioritise, please submit your request to the above mentioned email.
We look forward to seeing you there!
Momentum Life streamline quality assurance processes using AI
Momentum Life has adopted an AI-powered compliance and quality assurance tool, QBOT (Quality Bot). QBOT transcribes call recordings from Momentum Life’s contact centre, almost in real-time, saving on expensive and time-consuming call reviews. QBOT also identifies and flags calls for further review. Employees can easily access results, monitor call compliance and focus efforts on calls and agents that need support.
Implementation of the tool has allowed Momentum Life to handle increasing workloads without expanding its workforce and is freeing up staff to focus on other aspects of quality assurance and risk management.
Our Product Rating Map
A quick overview of the Quotemonster Product Rating Map and how it can help you resolve error messages.
Quality Product Research: Research Advisory Board – Northern
We recently held our first Research Advisory Board meeting of the year with our Northern Representatives and as usual returned to Quotemonster HQ with a pack of valuable feedback.
We recently held our first Research Advisory Board meeting of the year with our Northern Representatives and as usual returned to Quotemonster HQ with a pack of valuable feedback.
Board members: Anand Srinivasan, Allan Gillbanks and Katrina Church
Independent Chair: Tony Dench
Insurer Observers: Connor Ryan (Fidelity Life) and Kirsten Raynor (Asteron Life)
QPR Representatives: Russell Hutchinson, Doreen Dutt and Sara Alani
The research advisory board reviewed the following topics:
· Income and Mortgage Protection Weighting Review
· Business Insurance - Key Person Rating
· The Addition of Legacy Research to our Standard Quote Flow
· A handful of research reviews we have accumulated based on adviser feedback
The feedback from our Research Advisory Board meetings has overall been very valuable to our Research team and allows us to strengthen our research ratings when we gain an insight into the adviser perspective.
We look forward to visiting our Central and Southern teams later this year.
For more information on our Research Advisory board please click here.
Southern Cross Health Insurance CMO talks about biggest challenges and opportunities
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Savage calls out high inflation, the cost-of-living crisis and proving the value of premiums even when people aren’t claiming as the three biggest marketing challenges right now. In terms of opportunities, Savage mentions investing in newer, more capable communications platforms, how they are proactively offering members options to manage premiums as their needs change, and looking for opportunities to utilise AI to automate repetitive tasks.
More daily news:
Pinnacle Life are looking for a Head of Finance
The new Fidelity Life E-App is up and running
mySolutions webinar 'The Thousandth Client' 5 June
Southern Cross recognised at the 2024 Reader’s Digest Trusted Brand awards
Jon-Paul Hale says it's time to review how commission is paid when clients move to a new adviser
The Brand Experience Gap Study found insurers were among worst performers in NZ
Financial Advice NZ webinar 'Post Budget Webinar - Economic and Consumer Impacts 5 Jun
MAS is calling for nominations for the role of Practitioner Trustee of MAS Members’ Trust
Bell Gully summarise the Customer and Product Data Bill that has been introduced to Parliament
New Zealand is 485 GPs short, with this number expected to grow
Zurich develops AI systems to streamline life insurance applications
UniMed give followers a chance to win a double pass to the Crusaders game this Friday
MAS publish their latest Member-exclusive quarterly magazine, OnMAS
Asteron Life appoints new Chief Underwriter
Kathie Tutty has been named the new Chief Underwriter at Asteron Life.
Kathie Tutty has been named the new Chief Underwriter at Asteron Life. Tutty is currently the Underwriting Manager and Principal Underwriter at Asteron Life and will start her new role on May 31.
Grant Willis, Executive General Manager Life, said
“Kathie’s promotion to the role of chief underwriter and member of the life leadership team recognises her passion and ambition for our business and her desire to take our underwriting performance and strategy to the next level.”
More daily news:
Bronwyn Kirwan interviews Niall McConville, Fidelity Life's new Chief Insurance Officer
MAS reaches $2.5b investment funds under management
The Monetary Policy Committee keep the Official Cash Rate at 5.50%
Website upgrades: what you need to know
Our IT Development team have been working hard to improve the services that we offer our advisers as well as improving user experience.
Our IT Development team have been working hard to improve the services that we offer our advisers as well as improving user experience.
If you’ve noticed we’re running a bit slower than usual, please refresh your page and scroll down to ensure that you’re on our latest version – QUOTE ENGINE V.3.0 B1 | QPR V.15.8 | WEB V.4.6.0
Here are the changes that we’ve made:
General updates:
- All users with an active account, whether on Free, Researchmonster or Advicemonster can access the Policy Archives. Click here to view a short video showcasing this function.
- A few more handy tips and hints in the Personal and Business Product and Provider Settings.
Two factor authentication (2FA):
- Users can now submit the six-digit authentication code by hitting ‘Enter’ on their keyboard, previously you could only click ‘NEXT.’
Researchmonster updates:
- The Compare Premium chart now shows the total premium and adjusts when you click the colour key to remove a benefit. If you do decide to remove a benefit entirely, don’t forget to head back to the benefit details, unselect and re-crunch to reflect this in your PDF research report.
- In our Standalone Head to Head, the default benefit period has been updated for Income Protection comparisons, the default is now To Age 65.
Advicemonster updates:
- Advicemonster users have two options to view their Business Product and Provider Settings, access this via the main menu or the tool icon to the left of your account name.
- The default benefit period for Business Income Protection comparisons has been updated 2 Years. Many insurers offer a limited selection of products in their business insurance suite, our team have created an infographic that highlights the selections you’ll need to make to include certain products in your comparison.
Training sessions:
We are hosting online training sessions on Researchmonster and Advicemonster on a regular basis and invite you and your team to join us if you’re interested in learning more about these new features. Our next sessions will be:
Quotemonster training - Wednesday, 5 June 2024 10:00 am-11:00 am
In this session, we will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.
Demystifying Advicemonster - Thursday, 6 June 2024 10:00 am-11:00 am
In this session Aneel Ravji, our AdviceTech Lead, will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
Business Risk Research and SOAs - Thursday, 6 June 2024 11:30 am-12:30 pm
In this session, Aneel will demonstrate how to use our business risk pricing, research, and SOA functionality.
If you would like to join either of these sessions, please email your request to info@quotemonster.co.nz
Happy Crunching!
How to update your billing details
This quick video will show you how to update your billing details on Quotemonster, including how to add an additional email for receiving invoices.
Legal and regulatory update for the life and health insurance sector
MBIE Consultation on changes in regulation of the financial services sector, APRA release on private health insurance, plus ASIC guidance.
22 May 2024 - The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on options for streamlining how banks and other financial service providers are regulated by the government.
MBIE is consulting on:
• possible changes to the Credit Contracts and Consumer Finance Act.
• changes to the systems and controls financial institutions need to have in place to support how they provide services to consumers, and how the Financial Markets Authority regulates the market.
• opportunities to improve the accessibility and effectiveness of the financial dispute resolution system.
https://www.mbie.govt.nz/have-your-say/fit-for-purpose-financial-services-reform
22 May 2024 - The Australian Prudential Regulation Authority has released its quarterly private health insurance publication for the March 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-march-2024
22 May 2024 - ASIC has released guidance to financial advisers and Australian financial services licensees about the experienced provider pathway following changes to the law made by the Treasury Laws Amendment (2023 Measures No. 3) Act 2023. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-guidance-on-the-experienced-provider-pathway-for-financial-advisers/
Partners Life publishes gender pay gap data - we contrast that with ours
Partners Life has published their gender pay gap data as at March 2024.
Partners Life has published their gender pay gap data as at March 2024. While the Financial and Insurance Services industry as a whole has a gender pay gap of 30.2%, Partners Life’s gender pay gap is at 24.5%, which they have reduced from 26.1% in March 2023.
While pay gaps for males vs females in like-for-like roles are very small at Partners Life, the 24.5% overall gender pay gap reflects a higher level of men in senior roles than women. Partners Life has identified this as an issue and have introduced a range of initiatives to help reduce their pay gap, including monthly monitoring, implementing training programmes, offering flexible working arrangements.
Here at Quality Product Research Limited at the end of January we had 11 eligible roles active and our gender pay gap was about 8.5% - it has been as high as 19% and as low as parity. Like Partners Life, in like-for-like roles the gap is tiny. From a diversity perspective we are a bit small for detailed reporting (it would pretty soon get down to very small sets so we tend not to ask too many personal questions) but we do know that roughly a third of our staff were born in New Zealand, a third hail from the broad Asia-pacific region, and the remaining third from the UK-Europe-Middle-East. We now have 15 eligible roles so the numbers will have shifted again, but we have not recalculated yet, which will happen near the end of the year. Diversity, equity and inclusion are important to us, so this is an area we discuss and review with an eye to ensuring we benefit from a range of experiences and backgrounds.
More daily news:
FSC24 session spotlight: Life and Health Insurance Masterclass 3 September
Dates and venues for the FMA's FAP monitoring insights sessions released
NZFSG reminds advisers to be vigilant against risk of cyber attacks
Rob Hennin talks about nib partnering with iwi to deliver health insurance
Steven Burgess says advisers need to ensure their clients understand the advice they are offered
mySolutions webinar 'Online FMA Monitoring Visit' 9am 29 May
FSC Webinar 'Māori engagement in the financial services industry' 18 June
Mary Holm’s financial column covers whether you really need life and health insurance
Kiwibank has announced the appointment of Anne Haira to its board