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.
Southern Cross release their Healthy Futures Report
Southern Cross have released the Healthy Futures Report 2024, which surveyed 2,000 New Zealanders about their health and wellbeing behaviours.
Southern Cross have released the Healthy Futures Report 2024, which surveyed 2,000 New Zealanders about their health and wellbeing behaviours. Some of the key findings include:
The biggest concerns for New Zealanders were the cost of living (91%); violence in society (86%); not having access to good, affordable healthcare (84%); and affordable housing, mental health and not having access to cancer treatment services all at 82%.
Health professionals remain the main source of health information (64%), followed by online articles/websites (52%), but social media is increasing in popularity with young people and Pasifika people (up 6% to 27%).
A majority of people seek treatment immediately (12%) or within a day or two (47%), though 10% usually don’t seek professional advice or treatment.
The main barriers to accessing healthcare include cost (35%) and wait times being too long (34%). There has been a jump in people not being able to access healthcare at the time they want (up 4% to 20%).
When it comes to dental treatment, the main barriers are cost (60%) and not being covered by medical treatment (13%).
New Zealander’s define ‘healthy’ as mental wellbeing (70%), avoiding smoking and tobacco (70%), getting enough sleep (67%), eating a balanced diet (67%) and emotional wellbeing (66%).
Physical health concerns include level of fitness (65%), making sure kids eat healthy foods (65%), long term physical health effects (65%) and family health and wellbeing (65%).
The average kiwi exercises for 30 minutes, three times a week – 61% don’t feel they are getting enough exercise. Being too tired (33%) and not having enough time (32%) continue to be the main barriers to exercising.
While 92% of kiwis consider themselves knowledgeable about what healthy food is, 82% consider healthy eating to be expensive and 74% would like to lose weight.
·The top emotional wellbeing concerns are concentrated around family, with kiwis concerned about whether their children will cope with the pressures of life (60%), not having enough money to support myself/my family (55%) and parents/relatives getting elderly and needing care (51%).
Only 44% of New Zealanders consider themselves as getting enough sleep, with those living with kids or living with a disability being more sleep deprived than others. Reasons given for not getting enough sleep included having too much to think about (49%), going to bed too late (41%) and being anxious or stressed (40%).
While 88% consider work life balance to be important, only 33% consider they currently have a good balance. Factors kiwis consider as important to achieving a good work/life balance include having flexible working hours (43%), switching off from work when finished for the day (43%) and sticking to set work hours (34%). Conversely, factors contributing to a negative work/life balance include workload being too high (60%), financial pressures (46%) and not having flexible working hours (40%).
Actions New Zealanders are taking to look after their emotional health and wellbeing include keeping your brain stimulated (60%), spending time outdoors (58%), nurturing and maintaining relationships (54%) and spending more time with family (52%).
More news:
AIA revise launch date for Accidental Injury cover
Partners Life New Adviser Training Course on 21 October
Finger-prick blood test developed to detect the hallmark protein in early Alzheimer’s
Te Whatu Ora and West Coast Health propose closing all after hours GP services
Changes announced to the way police respond to mental health call-outs
Commerce Commission release banking competitiveness study
The Commerce Commission have released the Final Report on personal banking competitiveness.
The Commerce Commission have released the Final Report on personal banking competitiveness. The 14-month market study found
“a stable, highly profitable, two-tier oligopoly with no disruptive maverick and a lack of obvious or aggressive price competition.”
The study found little strategic differentiation between the major banks and found their growth targets focus on maintaining market share and protecting margins and profitability, limiting competitiveness and innovation.
The Commission’s recommendations to Government can be grouped into four key areas and broadly speaking involve making Kiwibank a more disruptive competitor, accelerating progress on open banking, ensuring the regulatory environment better supports competition and empowering consumers.
While both the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) and Financial Advice New Zealand (FANZ) have welcomed the report, after criticising the draft report which was released in March. Since then, the Commerce Commission has engaged with both associations as well as other representatives from the mortgage industry to better understand the role advisers work.
Leigh Hodgetts, country manager of FAMNZ, has called out the Commerce Commission’s statement that advisers should put more emphasis on price, saying that there are many factors around individual circumstances that must be considered when a consumer takes a loan.
Financial Advice New Zealand said it would be seeking clarity on the recommendations, in an effort to determine any unintended consequences.
More news:
Tony Vidler recommends advisers can evidence why their advice was suitable at the time
mySolutions webinar 'The meeting before the meeting' 28 August
Asteron Life sale should be completed by the end of January 2025
Asteron Life profit after tax fell by 27% to $19m
Financial Advice NZ Central Branch Meeting 27 August
Southern Cross Health Insurance opens nominations for Wayfinder Awards
ASB CEO Vittoria Shortt would like to see KiwiSaver policy changes
The FMA publish the latest 'Money with Mary'
IFSO needs to incorporate as a limited liability company for merger
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
Partners Life appoints new Chief Risk Officer
Partners Life has appointed James Greig as Chief Risk Officer.
Partners Life has appointed James Greig as Chief Risk Officer. Greig joins from Southern Cross Health Society, where he is the Head of Risk. Greig has more than 20 years’ experience across insurance and business roles in both New Zealand and Australia. He has held senior positions across strategy, operations, technology and risk roles, including six years as Director of Supervision at the Financial Markets Authority.
More news:
Nominations open for Kiwibank New Zealander of the Year Awards
NZUAC's 2024 Auckland Expo is on August 27
ANZ is being investigated by ASIC over allegations it manipulated Australian government bond sales
The Government hints they’re open to selling Kiwibank to enable it to grow
Lending and investment company Squirrel has been the target of a cyber attack
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!
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
Southern Cross Health Insurance CMO talks about biggest challenges and opportunities
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Savage calls out high inflation, the cost-of-living crisis and proving the value of premiums even when people aren’t claiming as the three biggest marketing challenges right now. In terms of opportunities, Savage mentions investing in newer, more capable communications platforms, how they are proactively offering members options to manage premiums as their needs change, and looking for opportunities to utilise AI to automate repetitive tasks.
More daily news:
Pinnacle Life are looking for a Head of Finance
The new Fidelity Life E-App is up and running
mySolutions webinar 'The Thousandth Client' 5 June
Southern Cross recognised at the 2024 Reader’s Digest Trusted Brand awards
Jon-Paul Hale says it's time to review how commission is paid when clients move to a new adviser
The Brand Experience Gap Study found insurers were among worst performers in NZ
Financial Advice NZ webinar 'Post Budget Webinar - Economic and Consumer Impacts 5 Jun
MAS is calling for nominations for the role of Practitioner Trustee of MAS Members’ Trust
Bell Gully summarise the Customer and Product Data Bill that has been introduced to Parliament
New Zealand is 485 GPs short, with this number expected to grow
Zurich develops AI systems to streamline life insurance applications
UniMed give followers a chance to win a double pass to the Crusaders game this Friday
MAS publish their latest Member-exclusive quarterly magazine, OnMAS
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
NZFSG announce new non-executive director
The NZ Financial Services Group (NZFSG) has appointed Thérèse Singleton as a non-executive director.
The NZ Financial Services Group (NZFSG) has appointed Thérèse Singleton as a non-executive director, with the aim of enhancing NZFSG’s support for advisers by improving compliance, risk management and strategic operations. Singleton is currently the chief operating officer at insurance company Ando and is a member of the NZ Financial Advice Code committee.
Brendon Smith, board chair of NZFSG said
“Thérèse's extensive knowledge and exceptional track record in both the financial and insurance sectors make her an invaluable addition to our board.
Her insights will be pivotal as we continue to navigate through evolving regulatory environments and strive to set new standards in adviser services.”
More daily news:
MAS looking for a Head of Growth Markets
Jon-Paul Hale discusses complexities of policy replacement and servicing commissions
RiskInfoNZ Poll finds 85% of respondents' clients are reducing or cancelling their insurance cover
Financial Advice NZ webinars Professional Ethics Workshop 20 June
Kumeu Rugby Club won the nib Little Legends $10K Relay
Southern Cross Healthcare introduces new operating theatre training programme, Periop 101
AIA NZ women won the AIA Global football champs in London
Kiwibank win at the 2024 Genesys Customer Innovation Awards
The FMA publish May's 'Money with Mary'
61% of advice practices in Australian are one-person bands
Interest.co.nz estimate mortgage broker earnings
Access to life-changing MS drug delayed due to staff shortages
Financial Advice New Zealand appoints new Head of Professional Development
Financial Advice New Zealand has appointed Cecilia Farrow to the newly created role of Head of Professional Development.
Financial Advice New Zealand has appointed Cecilia Farrow to the new role of Head of Professional Development. Farrow was a former director on the Board of Financial Advice New Zealand.
Farrow says
“Throughout my 27 years in financial services, I have been passionate about contributing to lifting financial advice to a professional status. The settings are in place now for all financial advisers, irrespective of the scope of advice they specialise in, to be recognised as a professional. We know this will increase trust by consumers and reduce barriers to kiwi’s seeking out quality financial advice. It’s exciting to have the opportunity to spearhead the Financial Advice New Zealand professional development programme and professional designations pathways to support our members to reach the pinnacle of their chosen career.”
Following Cecila running a powerful workshop on the subject of professional designation for insurance advisers at the recent Financial Advice New Zealand conference in Wellington, this appointment makes a great deal of sense. We wish Cecilia all the best with this important portfolio, and we intend to amplify messages around the value of a good industry-based practitioner’s qualification, and lend a hand where we can.
More daily news:
nib adviser health promotions are available for Advisers to access via Fidelity Life’s E-App
FSC event 'New Zealand and Climate Change: Where are we now?' 12 June
Real Mortgages merges with adviceHQ
Southern Cross Healthcare hospitals partner with Baxter Healthcare to recycle PVC IV bags
Public health experts warn low immunisation rates put New Zealand at risk of large measles epidemic
New Zealand’s unemployment rate rises to 4.3%
KiwiSaver financial hardship withdrawals hit an all-time high of $29.3 million in March