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.
Advicemonster – Fact Find Link
Advicemonster’s fact find link allows you to send a link, secured by an access code, for your clients to fill in personal information and they type of advice they’re after, prior to your first discussion with them.
Advicemonster’s fact find link allows you to send a link, secured by an access code, for your clients to fill in personal information and they type of advice they’re after, prior to your first discussion with them. Find out how here
Poll finds expectation of higher growth in health insurance advice than life insurance advice
A riskinfoNZ poll has found that advisers are expecting to see more growth in health insurance advice than life insurance advice in the near future.
A riskinfoNZ poll has found that advisers are expecting to see more growth in health insurance advice than life insurance advice in the near future. Currently, 41% of respondents expect health insurance to generate the most business, compared to only 23% expecting life insurance to generate the most business. 30% of respondents expect a 50/50 split between health and life insurance advice.
We’d love to hear your thoughts, what do you see the split as being in your organisation over the next 6 – 12 months?
More news:
MAS looking for a Life and Investment Centre Manager
Kiwibank has pleaded guilty to systemic breaches of the Fair Trading Act
Workers are choosing work-life balance over a better salary
NZ’s CPI showed annual inflation fell to 3.3 per cent in the June quarter
Underwriting Requirements Comparison
We have recently completed significant updates to our underwriting database that takes the latest from the published guidelines for each provider, these are now available in the ‘Underwriting’ tab on Quotemonster.
We have recently completed significant updates to our underwriting database that takes the latest from the published guidelines for each provider, these are now available in the ‘Underwriting’ tab on Quotemonster.
Legal and regulatory update for the life and health insurance sector
APRA release responses to consultations; FMA finds NZer’s agree on what constitutes fairness; FMA seek feedback on proposed info sheet for climate reporting entities; FSC release regulatory forecast for July; FAPs need to submit annual regulatory returns by 30 September; Minister of Commerce and Consumer Affairs’ June diary released; FMA launch new podcast series; The Customer and Product data Bill was read a first time; FMA publish guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act.
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to the consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-releases-response-on-enhancements-to-quarterly-insurance-publications
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-1
18 Jul 2024 - FMA research finds the majority of New Zealanders generally agree on what constitutes fairness in financial services. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-fairness-in-financial-services/
19 Jul 2024 - The Financial Markets Authority is seeking feedback on a proposed information sheet that provides guidance for climate reporting entities (CREs) in relation to the following disclosure documents, in light of the climate-related disclosures (CRD) regime:
• any current or new Product Disclosure Statement for their financial products
• the Other Material Information on the offer register on Disclose for their financial products
• any Statement of Investment Policies and Objectives on the offer register on Disclose
• any annual report."
19 Jul 2024 - The FSC release their regulatory forecast for July 2024. https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-july-2024
22 Jul 2024 - All licensed Financial Advice Providers (FAP) are required to complete and submit an annual regulatory return. Licensees will be required to complete an annual regulatory return for the 12-month period ending 30 June and submit it to the FMA by 30 September. https://www.fma.govt.nz/business/online-services/
22 Jul 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly June 2024 diary released with the following potential financial services sector related meetings noted:
• 11 Jun 2024 – MEET: NZ and Australian Banking Association Delegation Discussion (Roger Beaumont, Hon Anna Bligh and delegates)
• 20 Jun 2024 – ZOOM: Financial Data and Technology Association (Jamie Leach)
• 26 Jun 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 26 Jun 2024 – MEET: FMA Board (Craig Stobo & Samantha Barrass)
23 Jul 2023 - The FMA launch a new podcast series ‘Occasional Conversations’. In the first episode, Chief Economist, Stuart Johnson and Senior Adviser, Sophia Scragg discuss a new piece of research around fairness in financial services. https://www.fma.govt.nz/preview/f733d97cfbbf3475/0466832b401b7101/
24 Jul 2024 - The Customer and Product Data Bill was read a first time and referred to the Economic Development, Science and Innovation Committee. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
24 Jul 2024 - The Financial Markets Authority has published guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act 2013 (FMC Act). It replaces the FMA’s 2014 guidance note for brokers and information sheet on custodians’ obligations to align with the new regulatory regime. It also provides additional guidance for custodians who have specific obligations in addition to those that apply to all client money and property service providers. https://www.fma.govt.nz/news/all-releases/media-releases/guidance-note-for-providers-of-client-money-or-property-services/
Advicemonster – library of appendices
Advicemonster has a range of information available, to help you further strengthen your advice to clients.
Advicemonster has a range of information there to help you further strengthen your advice to clients – there’s appendices on everything from considering splitting benefits across different insurers to choosing between the different types of TPD cover.
If you want to find out more about Advicemonster or would like access to a free trial, talk to our team today.
Fairness Survey Research by the Financial Markets Authority – what it means for insurance
We consider the research survey research into consumer perceptions of fairness, conducted by the Financial Markets Authority, and discuss the implications for insurers working on fair conduct programs
The question of ‘what is fair?’ is one I find fascinating - as a business owner, parent, employer and member of society, I grapple with the subject daily. I bet the FMA’s researchers found this project to be interesting too. What the FMA has done is survey 2,988 people to rate how ‘fair’ they felt that different situations were. Those situations are a wide range of possible scenarios across a spread of financial products. Although only a small number directly mention insurance, the concepts from every question are relevant to those considering fair conduct programme design. Taking too long to process a refund, for example, is broadly applicable, as are more difficult subjects such as pricing for risk. There are also a couple of broader questions - think of them as a form of calibration for the reader. Before you dive into the report, I invite you to consider your answers to the following questions.
New Zealanders believe it is important...
… that everyone has the same opportunities in life (agree / disagree)
… people get the benefits or rewards in life that match how well they have worked (agree / disagree)
… people get the same benefits or rewards no matter how well they have worked (agree / disagree)
Once you’ve noted your answers down, consider that roughly four out of five people agreed with the first two points but only one in five people agreed with the last. Of course, freed of the constraints of merely stating a binary ‘agree’ or ‘disagree’, we might find situations where the answers vary. Which is why the scenarios and shades of agreement are a good approach to the balance of the work.
Each of the scenarios is fun. These are not quite trolley problem level conundrums, but some contain balancing factors which need consideration. When reviewing some scenarios I found it helpful to sometimes think about the spread of answers with challenge questions, such as ‘What’s my answer?’ of course, but also:
‘Can I think of a friend or colleague who would probably answer differently?’
‘Why would they do that?’
‘What if I subtract the one in five who believe in absolute equality of outcome from the agree column?’
‘If I changed the scenario in only one small way, would I get a substantially different answer?’
Overwhelmingly, though, the main use of the report is as a guide to what ‘most people’ think is fair in a wide range of situations that have applicability to financial services. That is very useful. It doesn’t always mean we have to change practice – if pricing for risk is considered unfair by a significant portion of the population, that probably tells us that we need to communicate better, rather than simply close the entire insurance industry.
Also, as a career insurance person, I cannot help but think that the issue of information asymmetry is well understood in our profession. But then again, I realise that given some of the ways we try to talk about insurance with our customers… maybe it isn’t. Publishing policy documents that come in around the hundred-page mark is not helping. The concept of ‘utmost good faith’ was given plenty of attention in my insurance study books back in 1988, but perhaps we too often think about that in terms of underwriting and selection, when it is applicable to fair conduct too.
Quotemonster takes seriously the challenges identified in comparability of insurance policies. It’s central to our mission to help advisers find better insurance by doing a good job of that. Understanding Fairness in Financial Services (fma.govt.nz)
AIA release their 2023 Sustainability Report
AIA has released its 2023 Sustainability Report: Sustaining Healthier, Longer, Better Lives.
AIA has released its 2023 Sustainability Report: Sustaining Healthier, Longer, Better Lives. Key highlights include:
Achieved Toitū carbonreduce certification
Paid 92% of claims received, totalling $734.8M in 2023
Grew to 55,000+ AIA Vitality members, encouraging members to improve their physical and mental wellbeing
Invested into the Betashares Global Sustainability Leaders and Australian Sustainability Leaders funds
Began transitioning fleet to hybrid vehicles to reduce fuel usage
2023 Gallup Engagement Survey Top Quartile in global finance and insurance industry benchmark
Partnered with the Sustainable Business Council, hosting a webinar highlighting their Environment and Our Health Report.
AIA was recognised for its sustainability efforts, winning the 2023 Australian and New Zealand Institute of Insurance and Finance Awards for Excellence in Environmental, Social and Governance (ESG) Change, and the Financial Services Council of New Zealand Award for Excellence in Sustainable Practices.
Nick Stanhope, AIA NZ CEO, said
“At AIA NZ, our dream is for New Zealand to be one of the healthiest and best protected nations in the world. We understand that environmental sustainability not only has an impact on the wellbeing of our planet, but on our physical and mental health as well.
By rolling out initiatives and practices which support our ESG goals, we’re demonstrating our commitment to safeguarding the environment and the health of our communities.”
More news:
Fidelity Life offer premium waivers to those affected by extreme weather
Partners Life 3-day Training Course starts 19 August
External Reporting Board hold Sandbox Session for Assurance Practitioners
ANZ introduces behavioural biometrics collection, an anti-scam measure
Five strategies for advisers to navigate a high-rate environment
The Quotemonster Roadshow kicks off next Tuesday
Come and join our dream team Russell, Kelly and Aneel as they present cutting-edge insights and tools designed to enhance your business practices.
Come and join our dream team Russell, Kelly and Aneel as they present cutting-edge insights and tools designed to enhance your business practices.
Access new research: Check out 200+ updated products researched including: the latest business insurance research, group health insurance research, and legacy products
Stay safe with new Regtech: Discover how Checkmonster, Premium History Reports, and Company Reports can keep SOAs compliant
Expanded offer: Explore how to tackle new opportunities with business insurance SOAs and details on staying compliant while advising on existing business
What’s coming: We’re kiwi-owned and kiwi-based so it’s only natural we branch out and give you a sneak peek at Kiwimonster.
Our team kicks off in Taupo and then moves on to Tauranga and Hamilton to finish off the week.
This event is open to Advisers, Product Managers, BDMs and other industry personnel, so if you're interested in joining us please click here.
We can’t wait to see you there! 🦖
AIA held annual summit
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July.
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July. The conference brought together advisers to hear from a range of speakers around the Healthier, Longer, Better Lives theme.
AIA NZ Chief Executive Officer, Nick Stanhope, AIA NZ Head of Aligned Advice, Jack Newman, and advisers Leelee Stone and Katrina Church discussed what Healthier, Longer, Better Lives means to them, and the crucial role advisers play in the industry.
David Letele discussed the health burden in society and the important role that preventative health plays in relieving this burden.
Raelene Castle, Group Chief Executive at Sport New Zealand and High Performance Sport New Zealand, shared her practical and unique methods for achieving growth.
Craig Deats, Global Sales and Distribution Executive at Vitality Global, spoke about AIA Vitality, a science-backed health and wellbeing programme, and how it is delivering value for advisers. This session was followed by an AIA Vitality Q&A, where Craig shared insights on the global programme and engaged with attendees.
Dame Valerie Adams, a shotput World Champion, Olympian and AIA Vitality ambassador, discussed the ‘For Myself’ pillar and what that meant to her.
More news:
Agenda try to persuade Government to ban insurers from using genetic testing information
AIA announce the winners of the Supreme Aspire Awards
Chubb Life launch new marketing campaign called Mission Insurable
Chubb Life implement email automation technology
Steve Wrights questions whether today's trauma products are fit-for-purpose
Accuro offer discount on insulated jackets at Kathmandu
Gallagher are giving away native trees in Napier
FMA publish the latest 'Money with Mary' article
Budget cuts at the Retirement Commission could impact Sorted website and other programmes of work
Financial Advice NZ’s Connect Tour 2024
Financial Advice New Zealand’s Connect Tour 2024 runs across July and August, with 6 sessions across the country.
Financial Advice New Zealand’s Connect Tour 2024 runs across July and August, with 6 sessions across the country. The programme features:
Bronwyn Kirwan, Chief Commercial Officer at Fidelity Life, speaking about New Zealanders’ attitudes towards financial advice;
a fireside chat with Angus Dale-Jones, Chair of the Financial Advice Code Committee;
Michelle Forster, Director Principal at Heathcote Investment Partners giving observations from the frontline;
a session on adviser excellence featuring William Tieu, Mortgage Adviser at Your Financial Engineer and Tim Fairbrother CFP, Financial Adviser at Rival Wealth;
and Nick Hakes, Chief Executive Officer and Cecilia Farrow, Head of Professional Development at Financial Advice New Zealand sharing the outcomes of member value research.
Dates and locations below:
23 July – Dunedin
24 July – Christchurch
25 July – Palmerston North
6 August – Wellington
7 August – Cambridge
8 August - Auckland
Tickets cost $60 +gst for members or $160 + gst for non-members.
More news:
Financial Advice NZ webinar 'CCCFA Affordability Assessment Regulation Changes' 31 July
mySolutions webinar 'How to introduce and grow fees in your business' 17 July
Gallagher Insurance becomes the new naming sponsor of Challenge Wānaka
ANZIIF has moved to bolster its relationships and enhance opportunities in Southeast Asia