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.
Managing your login devices
Here’s a quick video showing you how to manage your login devices.
Quotemonster Information Security Bulletin – Training in Privacy Principles
Tackling the leading cause of privacy breaches is simple…but not easy. In a recent team meeting, we had an interactive discussion about the potential breaches that could occur over email.
Tackling the leading cause of privacy breaches is simple…but not easy. In a recent team meeting, we had an interactive discussion about the potential breaches that could occur over email. We chose to highlight this topic because for most people in our industry, email is the preferred form of communication, and with no surprises, can be the leading cause of privacy breaches due to human error.
Email communications are a feature of our daily operations, facilitating the exchange of ideas, proposals, and responses to service queries. A significant vulnerability stems from misaddressed emails. This seemingly small error can lead to big risks, compromising personal and client data integrity. Although we rarely handle sensitive client data (most comparisons can be done on our system with quite limited information, much of which is public) we do sometimes handle sensitive adviser data.
A misaddressed email might seem like a simple typo or a momentary lapse, but its consequences can be far-reaching, causing the sharing of sensitive information, which might constitute a notifiable breach, and associated reputational damage.
To address this issue, we focused on training, sending delayed emails, good practices (such as composing with no recipients, only adding those later after checking) and double-checking recipients when we have attached documents. We also regularly use more structured forms of data sharing – such as sharing a file through file sharing systems which have enhanced security structures. In some instances, the message recall button can be used to delete or replace a message, but only works if the message hasn’t been read.
We are pleased to advise that in our thirteen years of business, we have never had any breaches, however as our organisation (and the number of hackers) grow, we are committed to training staff about the reporting procedure if this did occur.
Want to know more?
We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.
Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.
ISB 08-202407
IFINZ publish report on diversity
The Institute for Finance Professionals New Zealand Inc (INFINZ) has published a report on diversity, Insights Research in Support of a Diversity, Equity & Inclusion Action Plan for INFINZ, 2024. In particular, the report focuses on Māori representation and inclusion across the finance sector, and women’s representation in senior roles.
The Institute for Finance Professionals New Zealand Inc (INFINZ) has published a report on diversity, Insights Research in Support of a Diversity, Equity & Inclusion Action Plan for INFINZ, 2024. In particular, the report focuses on Māori representation and inclusion across the finance sector, and women’s representation in senior roles.
Barriers to Māori representation and inclusion included: lack of representation at senior levels to drive change; a lack of representation at all levels; Māori values not being understood or embraced. Barriers identified for women’s representation in senior roles included: recruitment practices and networking practices not favouring women; an unwelcoming finance sector public image; needing flexible working and strong paid parental leave policies in place; current leaders being resistant to change; career breaks for childcare/caregiving roles.
Stakeholders came up with a range of ideas for how to implement change. For Māori representation and inclusion, ideas included: showcasing Māori role models; connecting with iwi and Māori community networks; inclusive recruitment, including targeting and investing in young people; quotas and targets; embracing te ao Māori; recognising and remunerating for cultural practices; having a Māori network in the finance sector; building a charter or accord, supported by training and resources.
For women’s representation in senior roles, ideas for change included: inclusive recruitment; showing women role models in the sector; having quotas and targets; have coaching, mentoring and sponsorship programmes; offering flexible promotion pathways and roles/support for those returning to the workforce; strong paid parental leave policies; building a charter or accord, supported by training and resources.
Of the ideas for change, INFINZ have narrowed these down to a list of actions areas to consider as part of its future DEI activity. The areas for consideration include: a communications and awareness campaign; te ao Māori training and education; supporting the development of a Māori finance network; a Tūakana Tēina network and a DEI organisational network; scholarships; male allyship programmes; training and development for parents returning to work; advocacy and support. They also consider supporting a charter or accord covering recruitment practices; gender and ethnic pay gap reporting; cultural safety programmes; remuneration for cultural services; having women on recruitment panels and shortlists; paid parental leave top-ups and the ability to be promoted while on leave; paid parental leave targeting men; increasing the availability of high-quality part-time roles; implementing returner programmes and policies.
We’d be interested in hearing your views – what does your organisation currently do well? What initiatives would you like to see implemented?
More news:
The Cardiac Society calls on Pharmac to cover heart failure drugs
Graeme Lindsay has died
Graeme Lindsay, a life insurance industry stalwart, has died of cancer. Adviser and pioneer insurance product researcher, his presence will be remembered and missed.
Graeme Lindsay, a life insurance industry stalwart, has lost his battle with cancer. Throughout his career Lindsay worked as an adviser, was involved in an industry association, was a member of Million Dollar Round Table, and founded Strategy Financial Services, a business that provides analysis to life and health insurance agents. He was a competitor of ours and yet we will miss his presence in the industry. Whether he was writing about products or insurers he was always keen to highlight the value of good insurance coverage and identify issues that needed to be addressed. He was a pioneer in our sector.
Last December, Lindsay posted on LinkedIn explaining his situation and advocating for everyone to review their insurance cover and make sure they had the right policies and cover in place.
The funeral for Lindsay is scheduled to be held on Monday.
We will miss his voice in our sector.
More news:
The IFSO Scheme's 2023 Independent Review is available online
Bluestone Home Loans extends its partnership with NZ Financial Services Group
Momentum Life awarded the Feefo Platinum Trusted Service Award
The FMA has censured financial services firm deVere New Zealand
Generate KiwiSaver report finds KiwiSaver Fees lower than Australia and UK
Pharmac has named two targeted cancer treatments that it intends to fund: Keytruda and Opdivo
Uploading a profile picture or logo to your Quotemonster reports
Adding a profile picture or a logo to your Quotemonster reports is super easy!
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!
