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.
FSC Conference 2024 – special discount offer
The Financial Service Council’s 2024 conference has a focus on life and health insurance, with leaders from the financial, academic and healthcare sectors coming together to foster collaboration and discuss top issues.
The Financial Service Council’s 2024 conference has a focus on life and health insurance, with leaders from the financial, academic and healthcare sectors coming together to foster collaboration and discuss top issues. FSC24 will be held The Cordis Hotel, Auckland, on 15-17 August 2023.
Our very own Russell Hutchinson is the facilitator of the breakout session ‘Genetics, how far have we come?’, which looks at the future of genetics and insurance in NZ. There’s a range of other life and health insurance focused sessions, including ‘Policy Masterclass 2: Looking forward to 2030 - A brave new world?’, ‘Breakout Session: Lifespan versus Healthspan: How technology can help drive healthier living in older age’ and ‘Breakout Session: CEO Strategy: a view from the top’.
LIMITED SPECIAL DISCOUNT OFFER
Quotemonster has negotiated a special discounted rate for Financial Advisers* to join the flagship Financial Services Conference in New Zealand, saving up to $400 for access to all conference sessions.
This limited offer is available to the first 50 Financial Advisers* that register using this link before the 9th of August. Please note to get the discount you must enter the access code FSC24QPR to reveal the hidden tickets as per the screenshot below.
For a full conference pass including Gala Dinner Special we have secured a rate of $1,330 (current ticket price $1,700, saving $370) or a Day Pass Special Rate for Wednesday 4th of September only at $700 (currently ticket price $780, saving $80), as a value add for Quotemonster users.
*To qualify for this special offer, you must be a Financial Adviser listed on the New Zealand Financial Service Providers Register (FSPR). This limited offer is available to the first 50 Financial Advisers that complete registration using this link by 9 August 2024.
More news:
A range of new courses added to Partners Life Academy
BNZ is proceeding with plans to outsource jobs to India
August is Sorted Money Month, with the theme ‘Pause. Get sorted.’
Report lists seven megatrends that could change the future of financial advice
Cost of living for average NZ household climbed 5.4% in June quarter
Upgrading your Quotemonster Account
Upgrading to a paid subscription for your Quotemonster account is super easy to do and unlocks a range of features that will help you supercharge your advice recommendations.
Upgrading to a paid subscription for your Quotemonster account is super easy to do and unlocks a range of features that will help you supercharge your advice recommendations.
Michael Weston talks about how he wants to take Partners Life forward
In an interview on Good Returns TV, Michael Weston, new CEO at Partners Life, talks about how he wants to move Partners Life forward.
Good Returns TV has an interview with Michael Weston, Partners Life CEO. Weston says in the four months he’s been in the role, he’s been spending a lot of time with our advisers, getting to know the regulators and key business partners.
Weston talks about how he’s working to continue the values and the culture of the brand and as he goes forward he’s concentrating on what the next stage of growth for the company will look like, looking to spot unserved needs and ensure Partners Life has the right capabilities in place. He wants to keep focusing on innovation and in terms of the business environment currently, looking at making their solutions simpler and more accessible to a wider range of New Zealanders.
More news:
mySolutions webinar 'New mySolutions Member Benefit - myGrowth Platform' 31 July
Fidelity Life roll out enhanced GP lookup feature for their new E-App
Last week for Fidelity Life's customer engagement initiative
nib offer customers 3 months free on Easy Health, Ultimate Health or Ultimate Health Max policies
Partners Life partner with Banqer for annual Money Month Challenge
David Carney talks about the role of AI in financial advice
The Financial Services Federation signs up mortgage advisers as affiliate members
Kiwibank creates content series focusing on first homeownership
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.
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
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
Steve Wright identifies areas where FAPs and advisers need to improve
Steve Wright has examined the FMA’s FAP monitoring report and gone through the findings to highlight areas advisers and FAPs need to keep their eyes on.
While the FMA was for the most part happy with the results of their monitoring visits to around 60 FAPs, they did highlight a number of gaps where improvement is needed. In particular, the FMA identified ‘tick-box’ approaches to compliance as a root cause of some of these gaps.
Some areas that were identified as needing improvement were proper oversight of advice; identifying and working to close knowledge gaps; a considered approach to continuing professional development (CPD) with the identified learning achieved and recorded; some situations where the advice given was ‘unsatisfactory’; consideration of clients’ future needs.
More daily news:
mySolutions webinar 'Camilla Tumai, Bizcap Offering' 26 June
Pinnacle Life has been shortlisted for the 2024 Best Places to Work Awards
Southern Cross Healthcare supports Bowel Cancer New Zealand’s awareness campaign
Southern Cross Healthcare organises volunteer beach cleanups
Tony Vidler discusses the importance of an individual brand
TAP introduce the TAP Adviser Steering Committee
The US surgeon general seeks tobacco-like warning labels on social media platforms
AIA releases data on claims by age bracket
AIA has released information on claims by age bracket – counter to what is often seen in the media about elderly people having the highest health costs, the age bracket that had the most claims in 2023 was those aged 50 – 59.
AIA has released information on claims by age bracket – counter to what is often seen in the media about elderly people having the highest health costs, the age bracket that had the most claims in 2023 was those aged 50 – 59. This age group was paid out more than $197 million in 2023 out of $734.8 million in total claims.
Those aged 60 – 69, while still making up a large proportion of total claims, had a total of more than $139 million in claims paid out, with $65.55 million being on life policies, while those aged 70 and over claimed just $71 million, with $50.52 million being against life policies. The lower level of claims of those aged over 70 could be due to people reducing or dropping their cover as they get older and no longer have dependants to consider or mortgages to pay off.
It comes as no surprise that those aged 20 – 29 had a low level of claims, with only $2.6 million paid in claims against life policies and $7.7 million paid on health policies in this age bracket.
More daily news:
Insurance Business Mag highlights ways AI can impact health insurance
MAS asks Members to vote on a special resolution at the AGM
mySolutions webinar 'Gregor Mansfield, FINLIFE' 19 June
Partners Life webinar 'licensing and advice obligations' 18 & 19 June
The FSC is holding a CRD Series session on 19 June
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