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!
FSC report finds 70% of kiwis are worried about money
The Financial Services Council’s (FSC) latest Financial Resilience Index tracker has found New Zealanders to be increasingly under financial pressure.
The Financial Services Council’s (FSC) Financial Resilience Index tracker has found New Zealanders to be increasingly under financial pressure.
The Index tracker revealed 70% of New Zealander's are worrying about money daily, weekly or monthly, the highest level since 2020 which reached 60%.
Inflation and interest rates are concerning New Zealanders, at 89.6% and 75.6% respectively.
Confidence in job security has started to fall, down to 85% from a high of 89% in 2023.
More kiwis are reporting having personal debt than last year, up 6%.
More kiwis have one month or less of savings on hand to maintain their current lifestyle should they lose their job.
60% of non-homeowners have reported meeting living expenses is somewhat or very difficult.
48.5% were very or somewhat unconfident with the overall economy at the moment. 76.4% of respondents were somewhat or very concerned about house prices.
The survey took place in March 2024, with 2002 respondents. FSC members can download the full report in the FSC members area.
More daily news:
Fidelity Life are running e-app training webinars
FAMNZ held launch party, another in Christchurch May 30
BNZ win Canstar 2024 Innovation Excellence Award for their Digital International Payments
Partners Life pricing and product changes effective 22 April 2024
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Dear Quotemonster users,
We are pleased to confirm that the rate changes to Partners Life medical cover, effective 22 April 2024 are live on Quotemonster.
Partners Life also announced a range of enhancements, please click here to find a summary of their product enhancements and clarifications. Today, we were provided with the updated policy documents (v19.1), and will be able to provide a detailed overview on how these enhancements affect our research ratings, once the wordings have been systematically reviewed.
Rest assured we will post a notification once these ratings are live on Quotemonster.
Apologies for the inconvenience.
Happy Crunching!
Gallagher Bassett’s 2024 Claims Insights
Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.
Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.
Gallagher Bassett say last year key business challenges were premium affordability (29%), market competition (22%) and keeping up with technology (20%).
Gallagher Bassett suggest that to gain advantages, carriers need to implement strategies that leverage external expertise, data-driven insights and generative AI.
Some other key findings include:
· 84% of global respondents emphasised offering competitive salaries to retain employees.
· 75% predict the biggest challenge in the compliance and regulation area will be around data privacy and security.
· 86% use climate data and analytics in risk assessments and underwriting processes.
· 67% of insurance carriers utilised generative AI chatbots in customer service.
· 95% of global carriers anticipate improved speeds and operational efficiency with AI integration.
More daily news:
New surgical building in Auckland has opening delayed as it does not have required staff
Southern Cross Healthcare integrate Te Ao Māori into operations
Southern Cross Healthcare is intensifying its efforts to incorporate Te Ao Māori principles.
Southern Cross Healthcare is intensifying its efforts to incorporate Te Ao Māori principles. Dean Cowles, nationa nursing advisor for Māori affairs is spearheading the effort to enhance Southern Cross staff’s understanding of and connection to Te Ao Māori. He says
“Our aim is to embed Te Ao Māori in all that we do at Southern Cross Healthcare. Our Te Ao Māori journey will strengthen our ability to improve Māori health outcomes and future-proof our Māori workforce.”
Initiatives include a Māori Navigation framework aimed at ensuring comprehensive and holistic care for Māori; setting up Hospital Hauora Māori Committees at local levels; rolling out Kaimahi roles across all locations; and conducting clinical tikanga workshops.
More daily news:
mySolutions webinar presented by Steve Maley, 9am 10 April
Financial Advice webinar 'Raising Awareness of the Value of Financial Advice' 10 April
The National Strategy for Financial Capability Partners Conference is on 8 & 9 May
Apex Advice are looking for a Data Specialist in Auckland
Katrina Shanks talks about the importance of mentoring in finance
Research points to the gender pay gap as the main cause for women contributing less to KiwiSaver
25% of roles at the Ministry of Health, about 180 jobs, proposed to be disestablished
Asteron Life to be sold to Resolution Life Australia
Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million.
Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million. Asteron Life has about 165 employees servicing more than 180,000 customers and their advisers. Resolution Life Australasia is part of Resolution Life, a global life insurance group with around 14 million policyholders.
The acquisition is still subject to New Zealand regulatory approvals, with the deal expected to complete in approximately nine months. If the purchase goes ahead, Resolution Life will become the second largest life insurer in New Zealand.
Tim Tez, Chief Executive Officer Resolution Life Australasia, said
“This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region… Asteron Life presents a compelling opportunity to continue to grow through new individual and group customers while continuing to support existing customers.
Resolution Life will support the Asteron Life business with its momentum and success in the New Zealand life insurance market. As a trusted life insurer, Asteron Life will continue to operate as a standalone New Zealand licenced life insurance company, under its existing brand in New Zealand and support advisers and their customers using the same dedicated team and management.”
More daily news:
The FSC publish their Life Insurance Industry Spotlight December 2023
The Triple A Advisers Association and Plus4 Insurance Solutions have merged
Seven Sharp featured Kate Dron chatting about what it means to be an actuary
Next version of NZCFS Level 5 has been submitted for approval with NZQA
Southern Cross Health Insurance has appointed Andrea Brunner as its Chief Operating Officer
Marsh releases ‘New Zealand insurance market update 2023: Year in review’
Deloitte and FintechNZ launch the 2024 New Zealand Fintech Pulsecheck
Associate Health Minister David Seymour says changes to the Medicines Act could be needed
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:
Submissions call for rewrite of FMA’s draft guide about outcomes focused regulation
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide.
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide, with both law firms arguing that implementing outcomes-based proposals will impose confusing and expensive compliance duties of market participants – with no legal basis.
Criticisms include the guide being unclear on how outcomes focused regulation supports regulatory compliance; the draft guide being too vague to be readily applicable; the lack of tying high level outcomes back to actual legal requirements; and some of the draft guide lacks the authority of Parliament and risks being unenforceable or amendable to judicial review.
Suggested improvements include clarifying the scope and targeted market sector of each proposed outcome; providing detailed examples of how businesses can comply; adding more examples of expected compliance behaviour; and identifying when compliance with existing legislative requirement is sufficient to ensure delivery of fair outcomes.
More daily news:
MAS looking for a Senior Life and Disability Underwriter
AIA study finds stress is still one of the biggest issues affecting adviser wellbeing
Kelly Brough takes on new role as head of distribution and product development at Advice Link
Legal and regulatory update for the life and health insurance sector
11 Mar 2024 - Following consultation and engagement with the deposit taking sector over the past 9 months, the Reserve Bank shares the next iteration of policy proposals for the Depositor Compensation Scheme (DCS) under the Deposit Takers Act (DTA). https://www.rbnz.govt.nz/hub/news/2024/03/new-zealand-one-step-closer-to-depositor-compensation-scheme
11 Mar 2024 - The Reserve Bank of New Zealand is investing in a new Business Expectations Survey, Tara-ā-Umanga, to better understand the economic outlook including the inflation expectations of key decision makers. The new survey will ask six core questions each quarter covering business expectations of: prices, wages, growth, unemployment, the Official Cash Rate, and exchange rates. Occasional and rotating questions will be included in future to support many aspects of our work. Consultation on the proposed sample design and content is open until 28 March 2024. https://consultations.rbnz.govt.nz/data-statistics-analytics/tara-umanga-business-expectations-survey/
The role of financial advice in New Zealand
Take a look at the consumer case study and adviser case study videos Fidelity Life have produced to get another perspective on how kiwis view the financial advice industry.
We wrote about Fidelity Life’s Advice for good: Rethinking New Zealand’s relationship with financial advice report, here. Take a look at the consumer case study and adviser case study videos they have produced to get another perspective on how kiwis view the financial advice industry.
We’d love to hear your ideas on how to help shift the public’s perception of our industry and convey the value we offer.
More daily news:
Rob Flannagan will extend his term as independent Chair of the FSC Board
Unimed looking for Chief Corporate Services Officer and Chief Risk Officer
Andrew Bayly says government are reviewing a number of pieces of financial markets legislation
mySolutions webinar 'Commercial Insurances - What do FAPs need to know?' 9am 13 March