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.
Survey highlights increasing concerns among kiwi workers about their mental and physical health
The 2024 Workplace Wellbeing survey has found that 80% of respondents have been negatively impacted by the current cost-of-living crisis.
The 2024 Workplace Wellbeing survey, conducted by nib New Zealand and the Employers and Manufacturers Association (EMA), has found that 80% of respondents have been negatively impacted by the current cost-of-living crisis.
64% are concerned for the mental health and wellbeing of their family
56% are worried about their own mental health and wellbeing
52% are concerned about the risk of burnout at work
50% said the rising cost of living has negatively impacted their mental health (rising to 63% of 16 – 30 year olds)
In more positive news, 61% said their workplace proactively manages wellbeing, up from 53% in 2022. Fewer employees are being impacted by understaffing (47% down from 64%), poor work-life balance (36%, down from 42%), and the pressure to work long hours (34%, down from 39%).
Kiwis are putting more value on systems that prioritise employee wellbeing, with 60% rating Employee Assistance Programmes (EAP) as important, and 72% valuing wellbeing initiatives and subsidies. The value of employer-provided insurance continues to grow, with 64% considering medical and health insurance a benefit they look for when switching jobs, up from 57% in 2022, 48% valuing income protection illness cover and 43% looking for life insurance benefits.
Rob Hennin, Chief Executive at nib New Zealand, said
“There’s no better time than now for employers to stand up and proactively support their teams’ mental and physical health, empowering them to perform at their best knowing there’s someone in their corner no matter what happens. Fostering this positive workplace culture starts from the top down, so it’s just as important for business leaders to embody these values in their day-to-day.”
The survey collected responses from 1,229 NZ workers this May.
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Quotemonster offers advisers information on KiwiSaver products
Commissioner of Health NZ says reducing treatment delays is his main priority
Southern Cross Health Insurance unveils policy updates
From October 22, Southern Cross Health Insurance (SCHI) is ushering in a series of policy updates.
From October 22, Southern Cross Health Insurance (SCHI) is ushering in a series of policy updates. In addition to adopting plain language in some of it’s policy documents in an effort to improve clarity, the updates include enhanced allowances for breast reduction and breast symmetry; expanding coverage for treatments such as unilateral and bilateral TMJ, periurethral injection for incontinence, cochlear implant receiver/stimulator prosthesis and minimally invasive glaucoma surgery; lifting the excess requirement on certain benefits under plans with an excess e.g., surgical allowances, obstetrics and the GP minor surgery benefit; broadening member access to mental health care; increasing the number of healthcare services that must be accessed through Affiliated Providers.
SCHI is also changing the way it communicates changes to some documents that form part of some policies – listing them on the SCHI website and updating them regularly.
Regan Savage, Chief Sales and Marketing Officer for SCHI says,
“Healthcare is dynamic and fast-changing. Health technology, drugs and healthcare services are constantly being improved, so Southern Cross regularly reviews its policies and the way we engage with members, with an aim to remain sustainable and affordable.”
Our research team are looking at the pack of documents that will be considered together and include sub-limits and eligible procedures in this online document alongside the policy wording in our review of the rating of the product.
More news:
Southern Cross Health Insurance recognised in the 2024 Reader’s Digest Trusted Brand awards
Rob Hennin talks about nib's Toi Ora dedicated iwi programme
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.
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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
UniMed gets approval from RBNZ to take on Accuro’s portfolio
UniMed has received approval from the Reserve Bank of New Zealand to take on the portfolio of insurance co-operative Accuro.
Once Accuro’s 30,000 members have been transferred to UniMed, UniMed will be the third largest health insurance provider in New Zealand, with combined membership of 140,000.
Once the transfer is finalised, members will transition to being part of the UniMed society, though the Accuro brand will remain. Accuro members will continue to have the same policies and healthcare benefits as they do now. Once the transer is complete Accuro will cancel its insurance licence and take steps to dissolve the Accuro Health Insurance Society.
UniMed Chair Peter Tynan says
“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve.”
More daily news:
The FSC publish their Regulatory Outlook for April
nib would welcome Medicines Act review and regulation to get more treatment options approved
AIA launch 2024 CEO Think Tank programme
AIA offer one month's premium free on new eligible policies issued by 17 June 2024
The New Zealand Society of Actuaries appoints Helen Mexted as chief executive
The FSC release report on insights and trends in healthcare
The Financial Services Council (FSC) have released their Insights and Trends report “Health trends: Accessible and affordable healthcare”.
The Financial Services Council (FSC) have released their Insights and Trends report “Health trends: Accessible and affordable healthcare”. Some key insights and trends include:
A looming social healthcare crisis, as aging populations live longer, but not healthier. As life expectancy lengthens, there needs to be a global focus on increasing health span, the time that people live in good health.
Kiwis with health insurance has increased by 1.2%, to 1.45 million in 2023.
37% of kiwis reported having health insurance in 2023, up from 32% in 2022.
Mental health is the most concerning health issue, especially for younger generations (with 42% of 18-28 year old respondents and 39% of 29-43 year old respondents highlighting it as their main concern).
The top reason for taking out health or medical insurance was peace of mind, followed by reducing stress if myself/my family were going through a difficult time and it seeming like a financially responsible thing to do.
The main reason given for cancelling health cover was cost of living pressures meaning people can no longer afford it (55%).
More daily news:
Russell Hutchinson discusses assessing clients' financial needs for their entire lifetime
Financial Advice NZ to hold regional town hall meetings in April and May, with members in those regions to be contacted directly
AXA report sheds light on concerning state of mental health and wellbeing at work globally
Axa’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
AXA’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
The research was a collaborative effort between AXA and IPSOS, and surveyed 16,000 people across 16 countries in Europe, Asia and America, with a focus on mental health and wellbeing in the workforce.
The report found three in four employees were grappling with mental health issues attributable to their work environment, with respondents mentioning either tiredness, trouble sleeping or stress. Overall, 23% of employees had taken mental health-related sick leave, jumping to 38% of younger people. The Southern Cross Workplace Wellness Report uncovered similarly concerning findings around increased stress being experienced by workers.
Mental health support offered by employers is a key factor in employees choosing to stay with a company, with 62% of those aged 18 to 44 factoring it into their decision. More than half of respondents said company-driven mental health initiatives and benefits influence their engagement at work.
More daily news:
Asteron Life appoints new Executive Manager Life Distribution
Asteron Life has appointed Tony Arthur to the role of Executive Manager Life Distribution.
Asteron Life has appointed Tony Arthur to the role of Executive Manager Life Distribution. Arthur previously led sales distribution at Partners Life, and before that held senior executive roles at BNZ in the retail, marketing and distribution areas.
Asteron executive general manager Life Grant Willis says
"Tony has a deep understanding of the New Zealand life market and coupled with years of experience in senior executive roles in retail banking distribution and marketing, he has a solid track record in strategic execution and building relationships."
More daily news:
Southern Cross Healthcare has appointed Peter Gudsell as the new Chief Financial Officer
Partners Life provides major funding for a new mental health treatment programme
BusinessNZ says FMA's fair outcomes guide should be shelved
Richard Klipin announced as chief executive of Australia’s National Insurance Brokers Association
Legal and regulatory update for the life and health insurance sector
5 Feb 2024 - The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have jointly released a letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on the Financial Accountability Regime (FAR). https://www.apra.gov.au/news-and-publications/apra-and-asic-release-letter-on-financial-accountability-regime-far-adi
5 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
1 Dec 2023 – MEET: CCCFA Stakeholders Meeting
1 Dec 2023 – MEET: CoFI Stakeholders meeting
1 Dec 2023 – MEET: Commerce Stakeholders Meeting
11 Dec 2023 – MEET: Financial Markets Authority (FMA Staff)
11 Dec 2023 – MEET: MinterEllison lawyers re CCCFA
14 Dec 2023 – MEET: Chair of Banking Ombudsman Scheme (Miriam Dean)
20 Dec 2023 – MEET: Financial Services Federation (Lyn McMorran and Katharine Mcgie)
6 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has published new entries to frequently asked questions on the Australian Accounting Standards Board 17 (AASB17) collections. https://www.apra.gov.au/news-and-publications/apra-publishes-aasb17-update-to-insurance-frequently-asked-questions
12 Feb 2024 - The Commerce Commission has published a statement of preliminary issues relating to an application from Payments NZ Limited (Payments NZ) seeking authorisation to work with API providers and third parties to develop arrangements that, according to Payments NZ, will facilitate a more well-utilised, secure and innovative open banking framework. https://comcom.govt.nz/news-and-media/media-releases/2024/statement-of-preliminary-issues-released-for-payments-nzs-application-seeking-authorisation-to-further-develop-its-open-banking-framework
12 Feb 2024 - Financial Services Council released its Life Insurance Industry Spotlight statistcs for the September 2023 quarter https://blog.fsc.org.nz/life-insurance-industry-spotlight-september-2023
14 Feb 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a first time and referred to the Health Committee. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
15 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
16 Jan 2024 – ZOOM: Financial Markets Authority (Samantha Barrass & Edwin Metson)
23 Jan 2024 – MEET: Financial Advice NZ (Tony Dench & Heather Roy)
23 Jan 2024 – MEET: Fin Cap (Ruth Smithers)
23 Jan 2024 –MEET: CCCFA Round Table (MBIE Officials, Invited guests)
25 Jan 2024 – MEET: CEO Insurance Council (Tim Grafton)
26 Jan 2024 -MEET: Financial Markets Authority Board (FMA Board & Samantha Barrass)
30 Jan 2024 – MEET: Consumer NZ (Jon Duffy, Gemma Rasmussen, Aneleise Gawn)
30 Jan 2024 – MEET: Commerce and Consumer Affairs Officials (MBIE Officials)
31 Jan 2024 –SPEAK: Financial Services Council (Invited Guests)
31 Jan 2024 – MEET: Banking Ombudsman (Nicola Sladden)
31 Jan 2024 – MEET: Commerce Commission (MBIE & ComCom Officials)
31 Jan 2024 –MEET: Chair of Commerce Commission (John Small & Vanessa Horne)
Links between financial and mental wellbeing
Beyond Blue have produced a guide for those who work in the finance and mental health sectors to inform them of the relationship between money and mental health.
Beyond Blue have produced a guide for those who work in the finance and mental health sectors to inform them of the relationship between money and mental health. The guide was produced as the ‘Money and Mental Health: Social Research Report’ – a collaboration between Beyond Blue and the Australian Securities and Investments Commission (ASIC) – found people experiencing financial challenges are at least twice as likely to encounter mental health issues than those who aren’t. While the guide has information on what services are available in Australia, we’ve pulled out some insights that are likely to correspond to the New Zealand market.
In 2023, 37% of people living in Australia reported that cost of living pressure was the issue having the greatest negative impact on their mental health. The productivity commission found that poor mental health is currently costing Australia up to A$70 billion a year. Small businesses accounted for over 97% of the 2.6 million Australian businesses in 2021-22 (similarly, 97% of all NZ businesses have fewer than 20 employees). In Australia, 22% of small business owners were diagnosed with a mental health condition.
One of the key takeouts is that financial challenges can cause a decline in mental health, and mental health challenges can cause a decline in financial wellbeing. The guide illustrates how people struggling can get into downward spirals that can progress faster than those experiencing them anticipate, and it can be hard to stop or reverse them.
While anyone can be affected by money and mental health issues, there are several population groups who experience disproportionate risk, including young people, first nations people, women, culturally diverse communities and small business owners. Those who fall into multiple groups are even more susceptible to financial and mental health challenges. The guide covers some of the key reasons why these population groups are at higher risk.
They give examples of ‘turning points’ – interventions or experiences that have led to improvements in people’s financial wellbeing and/or mental health. They showcase a major Australian bank that refocused their collections department on providing solutions that respond to root causes of mental and financial hardship and the turnaround was dramatic. Within 90 days of starting the program, 97% of customers were back on track with financial commitments, employee engagement soared by more than 25% points, and they had an AUD$70 million reduction in costs associated with loan defaults and operational efficiencies.
Beyond Blue have developed a continuum that can help you evaluate a person’s financial and mental wellbeing and suggestions on what you can do support them to move towards a more mentally and financially healthy future. If you or someone you know needs mental health support or is experiencing financial challenges, there are a range of organisations and resources available to help in New Zealand, you can find out more here and here.
Eating for gut health
Our understanding of how our gut microbiome works is still growing, but we know now that it can influence so many factors that impact our health - everything from weight, cholesterol and mental health to sleep and chronic diseases.
It seems every time you read the newspaper these days there’s something new about gut health. Our understanding of how our gut microbiome works is still growing, but we know now that it can influence so many factors that impact our health - everything from weight, cholesterol and mental health to sleep and chronic diseases. The gut microbiome’s resume includes making vitamins, hormones, chemical messengers and amino acids, not to mention communicating with other vital organs including your brain, liver and heart. It’s so important that it’s earned the nickname the ‘second brain’. What we eat directly influences the composition of micro-organisms inside our gut. So, what should we be feeding it?
Dr Saliha Mahmood-Ahmed, a gastroenterologist in the UK, gives us tips on how to eat for gut health, including lots of prebiotics (fruits, vegetables, nuts, seeds, wholegrains, legumes and pulses, spices) and probiotics (fermented foods like live yoghurt, kombucha, sauerkraut). As Michael Pollen has said, “Eat food. Not too much. Mostly plants.” Dr Mahmood-Ahmed would like to see fruit and vegetables being prescribed to patients, as “long-term, that is going to be cheaper than a lot of the medication we are prescribing people.”
As an example of a gut nourishing diet, Professor Barbara Ryan, a consultant gastroenterologist, has written about what she eats in a typical day to keep her gut healthy.
In New Zealand, researchers have recently published findings that suggest how compounds derived from fruit and vegetables can positively influence gut health.