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.
What advisers think of KiwiSaver
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
To date, the results show that for those advisers who are already offering advice on KiwiSaver investments, the top reasons for offering KiwiSaver are diversifying revenue, building a KiwiSaver book for long term value and adding value to clients. Advisers have told us that performance, ease of withdrawals and alternative fund options are most important to clients when choosing a KiwiSaver provider. And 27% of advisers were interested in additional resources or support related to KiwiSaver advice and independent research.
If you haven’t joined us already, come along to one of our remaining roadshows to find out more – along with info on KiwiSaver we’ll be highlighting some major new research, talking about two new regtech tools to help keep you safe, giving you a sneak peek at Kiwimonster, and much, much more.
More news:
Fidelity Life extend 3 months free until 31 December 2024
Michael Weston talks about key priorities at Partners Life
Jon-Paul Hale highlights the good advisers do
Asteron Life are looking for a Lump Sum Claims Specialist
Study finds three-quarters of respondents have realised the importance of financial knowledge
FAMNZ launch inaugural Adviser Elevate series on 28 August
AIA sponsor the Parliamentary Rugby Team
Charlene Overell is the Financial Advice New Zealand Volunteer of the Year
AIA celebrate 5 years of AIA Vitality
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market.
To date, over 60,000 people have joined AIA Vitality.
On average, an AIA Vitality member in New Zealand completes a health and wellbeing assessment available in the app every 15 minutes.
AIA Vitality members have completed over 18,500 free Vitality Health Checks.
Since becoming AIA Vitality members:
79% have moved to a healthy glucose range from an unhealthy glucose range.
64% have moved to a healthy cholesterol level from an unhealthy level.
49% have moved to a healthy blood pressure range from an unhealthy range.
Less than 50% of New Zealanders meet the recommended guidelines of 2.5 hours of weekly physical activity but 95% of AIA Vitality Silver+ members meet this target.
AIA Vitality members combined have walked the length of New Zealand 1,295 times.
Members have achieved over 86,800 Status Reward vouchers and 976,500 Active Rewards vouchers – a combined worth of $9.1 million in rewards.
To celebrate the anniversary, AIA is giving customers who activate their AIA Vitality membership by 31 October the chance to win one of 20 Woolworths Gift Cards, each worth $500. Existing AIA Vitality members who hit their $5 weekly physical activity target anytime between 5 August and 1 September, go in the draw to win 1 of 5 Apple Store Gift Cards worth $729.
AIA have recently made some improvements to AIA Vitality, with a new AIA Vitality app with enhanced features and functionality being launched in April this year.
More news:
AIA offer clients a chance to win a year's insurance
The FSC runs a Money Month campaign on Money and You website
Partners Life and Banqer launch free financial literacy course
AIA appoint Bianca Bettini as new AIA Vitality Coach
Andrew Bayly says the CCCFA’s director and senior management liability provisions to stay
Westpac connect Volley to their Open Banking platform
Bell Gully put together an overview of the Customer Data Right bill and the CDR framework
Finance Minister says she wants external investors for outside capital for Kiwibank
GP’s having to raise fees after insufficient government funding increase
AIA release 'Claims Compass' report analysing claims data
AIA have released a new report ‘Claims Compass’ analysing their claims data. Cancer was responsible for AIA’s highest number of claims across all insurance categories last year.
AIA have released a new report ‘Claims Compass’ analysing their claims data. Cancer was responsible for AIA’s highest number of claims across all insurance categories last year, with AIA paying out $133.9m for life insurance claims for cancer and $244.1m for cancer claims across all categories. AIA’s top cancer claims in 2023 were breast cancer (33.4%), melanoma and skin cancers (20.3%), bowel cancer (6.5%), prostate cancer (6%) and lung cancer (4.6%). Cancer is the leading cause of death and serious illness in New Zealand, with 71 people diagnosed with cancer every day in New Zealand.
Angela Busby, AIA NZ Chief Customer Officer, said
“Almost every New Zealander will have some experience with cancer throughout their lifetime – whether that’s personally or through a friend, neighbour or loved one…”
“The prevalence of these cancers highlights the critical importance of regular screening and taking preventative measures to manage your health and encouraging loved ones to do the same.”
“Because while developing cancer might appear to be something that is beyond our control, we know that early detection is the best form of protection. Many cancers can be successfully treated if diagnosed early, with an estimated one in three people recovering in New Zealand.”
AIA accepted 92% of all claims for the year ended 31 December 2023, paying out $734.8m. Of the total paid, $263.5m was paid out in life insurance claims and $143.1m was paid in health claims. The image below shows the reasons for claims across AIA’s life, health, trauma, income protection and total permanent disablement categories.
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
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
Fidelity Life announce mortgage cover enhancements
Fidelity Life has announced enhancements to their Monthly mortgage repayment cover and Mortgage Protection Cover.
Fidelity Life has enhanced their Monthly mortgage repayment cover and Mortgage Protection Cover. From 20 June, the insurer is lifting the offsets thresholds for these covers from $5,000 to $7,500, providing greater certainty at claim time for customers with high incomes or large mortgages.
In addition, customers can choose to base their cover on 115% of their rent payments.
Chief Commercial Officer Bronwyn Kirwan says
“These enhancements deliver more support and security for customers, whether that’s through keeping more money in their pockets before offsets start to apply, or offering greater support for renters. By providing more options, we aim to help more New Zealanders get the cover that works for them.”
More news:
AIA webinar 'Selling Offer of Terms' 26 June
Finance Minister confirms new Pharmac funding policy will be announced soon
Jon-Paul Hale critiques insurers' use of “MedSafe indicated” wording in policies
Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans.
Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans to ensure that coverage extends to the use of the medicine.
In policy wordings, “MedSafe indicated” can significantly limit access to treatment; where MedSafe guidelines include "indicated first-line treatment", this means the medication is only authorised for use as the first treatment. Hale suggests that clients consider any mediations with ‘first-line’ indications may wish to be treated with these medications first, as insurers are unlikely to approve them for later use.
What may surprise you is that many, many, medicines are prescribed that are outside Medsafe indications. Some are prescribed even though the medicine is unapproved for any purpose in New Zealand. Several insurers will not cover medicines that are unapproved. Obtaining a Medsafe approval for the use of a medicine can be time consuming and expensive. We are a small market and some disorders are rare. That means that while it may be economically viable to gain approvals in the United States and Europe, sometimes the New Zealand market may be too small for these companies to consider seeking approval economically viable, especially when some medical professionals will still prescribe an unapproved medicine.
At Quality Product Research Limited we are committed to ensuring that research scores are descriptive of these differences, which are increasingly important. There is a review of the non-PHARMAC coverage item in our health / medical insurance research which is being consulted on right now. If you would like to participate in the review please contact us. Results of the review will be announced at our forthcoming national roadshow which runs from 23 July to 29 August. Register for the roadshow, at a venue near you, here.
References:
Medsafe – about and role: https://www.medsafe.govt.nz/other/about.asp
Medsafe – use of Unapproved Medicines and Unapproved Use of Medicines: https://medsafe.govt.nz/profs/riss/unapp.asp#need
More daily news:
Partners Life campaign top in the 2023 Global Effie Rankings - insurance category
AIA recognised as one of the most diverse insurance companies
AM Best withdraws ratings for Accuro
Philip Macalister discusses research on areas advisers can improve in
Retirement Commissioner proposes 15 recommendations aimed at enhancing KiwiSaver
The FSC continues to call for review into KiwiSaver settings
Health New Zealand orders hiring freeze on all non-frontline roles
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
Fidelity Life announce the recipients of its 2024 Career connect scholarships
Fidelity Life has announced the seven recipients of its 2024 Career connect scholarships. The adviser training scholarships, worth up to $5,000 each, are awarded to new-to-the-industry applicants from underrepresented groups in the financial services sector.
Fidelity Life has announced the seven recipients of its 2024 Career connect scholarships. The adviser training scholarships, worth up to $5,000 each, are awarded to new-to-the-industry applicants from underrepresented groups in the financial services sector.
Pounamu scholarship – for an outstanding Māori applicant: Awhina Scott - Awhina is dedicated to improving the financial (and overall) wellbeing of Māori communities through better access to quality financial advice.
Kōwhai scholarship – for an exceptional Pasifika applicant: Jenny Silva - Jenny is passionate about empowering others to make informed financial decisions and contributing to the future financial stability of individuals and families within Pasifika communities.
Rural scholarship brought to you by FMG: Grace McIntyre - Coming from a rural community herself, Grace is passionate about raising awareness of the importance of advice and insurance in safeguarding rural livelihoods.
Women in Finance scholarship brought to you by Kaplan Professional: Anna Devereux - With a background in finance, Anna understands the need for people to receive advice from someone they trust. She looks forward to helping more New Zealanders achieve financial literacy and security.
Paua scholarship – for applicants who demonstrate excellence: Marna Breetzke - Marna is passionate about helping others and looks forward to being able to educate more New Zealanders on the importance of financial advice.
Toe Toe scholarship – for outstanding young applicants: Sydnee Taylor – Sydnee's background in the health and fitness industry ignited her passion for enhancing others' wellbeing and building strong relationships. She hopes to now leverage these skills to help others make informed financial decisions, resulting in financial wellbeing and security.
Rangi Po scholarship – for underrepresented identities in our industry: Taylah Marr – Passionate about supporting others, Taylah wants to help more New Zealanders get ahead financially and gain peace of mind over their financial futures.
Craig Stobo appointed as chair of FMA
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA).
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA). Stobo has been appointed for a five-year term and takes over from Mark Todd, whose term expired at the end of April.
Commerce and Consumer Affairs Minister Andrew Bayly said
“Mr Stobo brings a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive.
The FMA will benefit from Mr Stobo’s understanding of market issues and regulation, as well as the importance of informed participation from businesses and investors.”
More daily news:
The FSC brings the industry together to respond to the Contracts of Insurance Bill
Anna Schubert discusses ways AIA help advisers manage stress
AIA launch a Neurodiversity Toolkit
Southern Cross Healthcare have joined the New Zealand Disability Employers' Network
MAS is a finalist in the Ethical and Impact Investment Awards
Submissions open for the ANZIIF industry awards
Kiwibank welcome Anne Haira to the Kiwibank board
Westpac won the Corporate ESG award at the INFINZ awards
ASB has joined the Hidden Disabilities Sunflower programme
People seeking help from financial mentors jumps 40% in a year