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.
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Hays publish salary guide
Hays have published their Salary Guide for FY24/25.
Hays have published their Salary Guide for FY24/25. Of note, the extreme skills shortage is lessening yet there is a hesitancy for businesses to take on new hires, due to macro-economic conditions.
Their survey data highlights the importance of brand reputation; diversity, equity and inclusion policies; and environmental, social and governance strategies in attracting talent. Once an employee starts, team culture and job security are the biggest reasons an employee plans to stay with their employer. A huge 82% of employees said that team culture is the most important factor in their decision to stay with their current employer, and 64% said that continued remote or hybrid working was important. More than 77% of employees are currently looking or planning to look for a new job within the next 12 months, with the rising cost of living being the most cited reason (64%).
Currently, 97% of organisations offered a hybrid working model, with 74% not expecting their hybrid work offering to change in the year ahead. This tracks closely with employee wants, with 92% preferring a hybrid mode of working.
86% of organisations are planning on offering pay rises in the year ahead, though the value of the salary increases is dropping, at odds with employee expectations, with 61% of employees expecting an increase of more than 3%. 71% of employees stated that a pay rise was the most important factor to their career in the year ahead but benefits also featured highly in priorities – with learning and developing technical skills (63%) and being able to work flexibly (54%) being important to people.
The survey had 15,324 respondents across Australia and New Zealand, across both employers (6,461) and employees (8,863).
More news:
mySolutions webinar 'nib - Navigating Health Insurance' 10 July
Financial Advice NZ Professional Ethics Workshop 30 July
Aplus Compliance has merged with Strategi Compliance
The Co-operative Bank share $2.5 million with 135,000 of their customers
Westpac offer financial support to customers affected by the extreme weather events
TAP looking for a Group Senior BAS Accountant
Select committee against bill to limit use of KiwiSaver as part of pay package
Generate KiwiSaver Scheme joins the Quotemonster Roadshow!
We are thrilled to announce that Generate KiwiSaver Scheme will be joining Quotemonster on our upcoming roadshow! This collaboration brings a fantastic opportunity for advisers to gain valuable insights about the benefits of offering KiwiSaver advice to your clients.
We are thrilled to announce that Generate KiwiSaver Scheme will be joining Quotemonster on our upcoming roadshow! This collaboration brings a fantastic opportunity for advisers to gain valuable insights about the benefits of offering KiwiSaver advice to your clients.
Learn more about how KiwiSaver works, understand its long-term value, and address any concerns or challenges you may have. Here's a glimpse of what to expect.
Why provide KiwiSaver advice?
Generate will share compelling reasons why advisers should consider offering KiwiSaver advice as a critical part of their advisory services. They will demonstrate how KiwiSaver advice can be a cornerstone of a robust financial plan, offering benefits that extend far beyond retirement savings.
Myth busting: Overcoming challenges
Advisers often encounter various myths and misconceptions that can act as hurdles when providing KiwiSaver advice. Generate will address these challenges head-on and explain how they can help you provide KiwiSaver advice seamlessly while meeting your advice obligations.
Compare KiwiSaver providers
We are excited to give you a sneak peek at our newest service – Kiwimonster! You won’t want to miss this.
Join us on the Roadshow!
Click on the links below to register for your town:
Click here to see all venues and dates.
The issuer is Generate Investment Management Ltd. A copy of the Product Disclosure Statement and advertising disclosures are available at generatekiwisaver.co.nz/disclosures.
Fidelity Life appoint new Independent Director
Scott Pickering has been appointed as an Independent Director on Fidelity Life's board.
Scott Pickering has been appointed as an Independent Director on Fidelity Life's board. Pickering has a wealth of governance and insurance experience, currently serving on the boards of IAG New Zealand, IAG Australia and Bowls New Zealand, and he was previously on the board of Chubb Life in New Zealand and Australia.
Fidelity Life Interim Chair Lindsay Smartt says,
“Scott’s passion for the insurance industry and his dedication to mentoring make him a perfect fit for Fidelity Life.
His leadership and strategic insight will be invaluable as we begin deploying our new strategic plan, and chart a course for long term success.”
More news:
Chubb makes multi-benefit discount permanent, extends 2 months’ FREE and 15% Lifetime Reward offers
Jon-Paul Hale espouses the need for Golden Life policies
The federal treasurer has approved of the sale of Suncorp Bank to ANZ
BNZ provides targeted support for customers affected by severe weather
Derek Chen has joined Strategi Group as Head of AML/CFT
ASB is teaching students how to spot fraud and scams in its new ScamWise workshop in schools
Legal and regulatory update for the life and health insurance sector
ASIC approves new banking code of practice; COFR release updated regulatory initiatives calendar; RBNZ release Statement of Intent and Statement of Performance Expectations; ASIC requests advisers check details on the Financial Advisers Register.
27 Jun 2024 - ASIC has approved a new version of the Australian Banking Association’s (ABA) Banking Code of Practice, which includes enhancements to key protections. The new Code will commence on 28 February 2025. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-136mr-asic-approves-enhanced-banking-code-of-practice/
27 Jun 2024 - The Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector for Q1 2024. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2024-updated.pdf
27 Jun 2024 - The Reserve Bank of New Zealand has released its Statement of Intent and Statement of Performance Expectations outlining what it intends to do to enable economic wellbeing and prosperity for all New Zealanders and how it will measure its performance. https://www.rbnz.govt.nz/hub/news/2024/06/soi-and-spe-2024
1 Jul 2024 - ASIC is calling on AFS licensees to assess the accuracy of records about their financial advisers on the Financial Advisers Register after a spot check identified errors and inconsistencies in some of the information provided. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-142mr-asic-urges-afs-licensees-to-correct-records-on-the-financial-advisers-register/
Recent rate changes on Quotemonster
We are pleased to confirm that the rate changes to nib and Southern Cross, effective 1 July 2024 are live on Quotemonster.
Dear Quotemonster users,
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 July 2024.
nib Ultimate Health Max, and the Specialists and Test option
Please note no changes were made to Ultimate Health, GP and Prescriptions or Dental and Optical Options, click here to learn more about nib’s quarterly premium review.
Southern Cross Wellbeing One and Two
Please note no changes were made to the GP and Prescriptions or Dental and Optical Options.
If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz
Happy Crunching!
nib quarterly premium review results in price increases
nib’s premium review results in price increases for current members and new policies sold this quarter.
As part of a quarterly review, nib have reviewed their health insurance premiums. The changes affect both current members renewing their policies and new policies sold this quarter. The changes for renewing customers are below, with the change in premium for each member varying depending on the benefits, options and excess they have selected, who the policy covers and whether the premium includes a policy fee.
Premiums included in quotations for prospective new members will be updated from 1 July 2024 and the new rates will be automatically updated in nibAPPLY. Quotations dated before 1 July 2024 will be honoured if the application goes into force within 30 days of the quotation date.
More details can be found on nib’s FAQ page or advisers can contact their nib Adviser Partner Manager.
More news:
Michael Weston, Partners Life CEO, says how he plans to keep growth momentum
Fidelity Life increase their mandatory medical limit for BMI to 37
Fidelity Life ask advisers what their next adviser council should cover
Fidelity Life publish new, updated Working together guide
Fidelity Life extend adviser feedback survey deadline to 21 July
Financial Advice New Zealand webinar 'Professional Development Planning' 10 July
mySolutions webinar 'The Compliance Refinery - AML/CFT Changes' 3 July
The FMA and the Retirement Commission remind people to do a KiwiSaver health check
Complaint to IFSO results in ex gratia payment for clients
AMP’s former head of advice sues The Australian newspaper for defamation over what he says were false allegations he misled ASIC
Feedback requested on the Code of Professional Conduct for Financial Advice Services
The Financial Advice Code Committee is seeking industry feedback on proposed amendments to the Code of Professional Conduct for Financial Advice Services.
The consultation outlines three proposed amendments to the Code:
Formally recognise version 3 of the Level 5 Certificate, noting those who can demonstrate their competence, knowledge, and skill by reference to version 1 or version 2 of the Level 5 Certificate, or an equivalent qualification don’t need to update their qualification.
Retain the Level 5 Certificate qualification outcomes as the minimum standard for investment planning competence and remove the interim status of Code Standard 7.
Clarify the requirements for continuing professional development in CS9.
Code Committee Chair Angus Dale-Jones said
“The proposed amendments reinforce the importance of continuing professional development for financial advisers. That’s fundamental for the availability and quality of financial advice for all New Zealanders.”
Submissions are due by 5pm on Wednesday 14 August 2024. The committee will give an online presentation about the consultation on Thursday 4 July, you register here.
More news:
Financial Advice New Zealand has launched its Connect Tour 2024
Megan Beer awarded Honorary Life Membership at the ANZIIF Outstanding Contribution Awards
Retirement Commissioner asks financial services industry to raise KiwiSaver report with politicians
Roxanne Salton talks about how insurance firms can counter phishing attacks
How to sign up to Quotemonster
If you’re ready to take your business to the next level, watch our step-by-step guide to signing up to Quotemonster.
Legal and regulatory update for the life and health insurance sector
The Accident Compensation (Interest on Instalment Plans) Amendment Bill read a third time; FMA hold Q&A sessions on CoFI; FMA hold online session on how to apply for a financial institution licence; FMA publish their Statement of Intent and Statement of Performance Expectations.
25 Jun 2024 - The committee stage of the Accident Compensation (Interest on Instalment Plans) Amendment Bill was completed and The Accident Compensation (Interest on Instalment Plans) Amendment Bill was read a third time. https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942
26 Jun 2024 - The FMA are holding two Q&A session on CoFI fair conduct programmes on 3 & 9 July. https://www.eventbrite.com/cc/qa-session-on-cofi-fair-conduct-programmes-3444339
26 Jun 2024 - The FMA are holding an online session on how to apply for a financial institution licence on 24 July. https://www.eventbrite.co.nz/e/how-to-apply-for-a-financial-institution-licence-tickets-929411062507?aff=oddtdtcreator
26 Jun 2024 - The FMA have published their Statement of Intent and Statement of Performance Expectations. The Statement of Intent sets out how they will do their work, what they will deliver, and how they will measure progress over the next four years. The Statement of Performance Expectations sets out their performance targets for the financial year ahead and includes several new measures focused on guidance, engagement, and the delivery of streamlined systems. https://www.fma.govt.nz/library/corporate-publications/statement-of-intent/