Trust matters - it helps that you can talk about independence

Join our research team on the 19th of September for a research deep dive meeting. Subjects for the coming session are:

Exploring the use of independent research in building trust and engagement with your customer

• how to increase the level of trust between you and your customer

• the value of independence in building trust

• our independence is your asset,

• the challenges of comparison,

Finding better insurance through understanding gaps in existing client coverage

• results of our research advisory board meeting consultation on non-Pharmac medicines coverage ratings,

• new head-to-head report designs, and

• the forthcoming IP research review.

We will also have time for your questions. The panel for the session will be Doreen Dutt, Kim Oliver, Sara Alani, and Russell Hutchinson.

Understanding how to use these tools better adds to your capability and conversion rates with customers. The effective use of research should be a net benefit to your business, it helps you comply, sure, but it is not just about compliance.

If your advice style is more technical, or if you just want to do a deep dive to bring yourself up to date with current rating issues, please email info@quotemonster.co.nz

Legal and regulatory update for the life and health insurance sector

29 Aug 2024 - MBIE are seeking feedback on how the Customer and Product Data Bill will apply to the banking and electricity sectors. Consultation on their discussion paper 'open banking regulations and standards under the customer and product data bill' is due by 10 October 2024. https://www.mbie.govt.nz/have-your-say/exploring-a-consumer-data-right-for-the-banking-sector

30 Aug 2024 - The Council of Financial Regulators (CoFR) release their Quarterly Statement for August 2024. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-august-2024.html

3 Sep 2024 - The Financial Markets Authority has filed criminal charges against a former financial adviser. The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship. The FMA alleges that the defendant procured approximately $1.7 million from two sets of clients on the basis that he would invest the funds procured on their behalf. It is alleged the defendant instead used the funds obtained for personal purposes. The alleged offending occurred between 2016 and 2022.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-criminal-charges-against-former-financial-adviser/

4 Sep 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Council 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-services-council-conference-2024/

4 Sep 2024 - The Financial Markets Authority has cancelled Integrity Advisers Insurance Limited’s (Integrity) Financial Advice Provider (FAP) licence for engaging in serious misconduct.
Integrity is a Christchurch-based financial service provider that held a full FAP licence, providing financial advice to approximately 500 retail customer.
Following an investigation, the FMA found that Integrity breached its market services licensee obligations by failing to:
• give priority to client’s interests
• comply with the Code of Professional Conduct for Financial Advice Services
• treat customers fairly
• act with integrity. 
The breaches relate to Integrity’s treatment of clients who wanted to cancel their respective insurance policy between September 2022 and June 2023 (affected clients).  

https://www.fma.govt.nz/news/all-releases/media-releases/fma-cancels-integrity-licence/

5 Sep 2024 - Concerns about inconsistent application and insufficient disclosures of climate-related matters in financial statements has led the International Accounting Standards Board (IASB), in collaboration with the International Sustainability Standards Board (ISSB), to develop an Exposure Draft outlining eight illustrative examples.  https://www.xrb.govt.nz/consultations/accounting-standards-open-for-consultation/reporting-climate-related-and-other-uncertainties-in-financial-statements/

5 Sep 2024 - The Reserve Bank of New Zealand publish Christian Hawkesby's speech at the FSC24 Conference. https://www.rbnz.govt.nz/hub/publications/speech/2024/resilience-as-a-pathway-to-prosperity

Quotemonster Online Roadshow

If you missed us in person, please join us online as we show our cutting-edge insights and tools designed to enhance your business practices.

What’s in it for you?

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.

Click here to register: https://events.teams.microsoft.com/event/f8dbd586-d563-4cc0-aadd-d17e9aebcdc1@2f1f15f2-0d74-4eba-9c8c-31bd5701c8d2

We look forward to seeing you there!

Recent rate changes on Quotemonster

Dear Quotemonster users,

We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 September 2024.

• Southern Cross Wellbeing One and Two (no changes were made to the GP and Prescriptions or Dental and Optical Options)

• Accuro SmartCare and SmartCare+

If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz

Happy Crunching!

Quotemonster Information Security Bulletin – Site SSL Certificate Chain Update

This is our ninth information security bulletin, about a recent update to a Certificate Authority (CA) that we use on www.quotemonster.co.nz.

One of the certificate authorities, Let’s Encrypt, who we use on Quotemonster has announced a series of changes in its chain of trust over the coming weeks. Realistically, this will only affect some of the older devices, users of Android 7.0 or earlier. As of December 2022, only 4% of devices ran on Android 7.0 or earlier, this is likely to have reduced even more over the last few years, so we are confident that most of our users will not experience any disruptions when trying to access Quotemonster via a mobile device. However, some may still use these devices, and an easy way to resolve any error messages that you receive regarding Trusted Settings is to install and use Firefox Mobile.

Please click here to download Firefox for Android.

We appreciate your understanding and support, both now and in the years to come as we provide safe and secure communication to everyone who uses Quotemonster.

Want to know more?

We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.

Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.

ISB 09-202409

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. 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

Simon Papa on what the Commerce Commission’s Banking report could mean for advisers

Simon Papa has written an excellent analysis of what the Commerce Commission’s final report on competition in the personal banking services sector could mean for mortgage advisers on Good Returns.

Simon summarises the recommendations likely to impact mortgage advisers, cautions that some of the recommendations may look different once implemented and acknowledges the Commission’s engagement with the advice sector after they released their March 2024 draft report. Simon posits that the recommendation that advisers make more applications to multiple banks is likely to result in more work for advisers, though this may be offset by banks improving application systems and making offers more comparable (and we’d love to hear what you think will end up happening!). Simon also discusses what a best interests duty could mean for advisers. It's a great read and we suggest you check it out.

We reached out to Simon around what advisers could do in light of these recommendations and he advised,

“Changes to law are required to implement most of the Commission’s recommendations. So advisers will have an opportunity to make submissions on the law changes. They can also try to engage with MPs and officials. Professional bodies will also get involved, so advisers can talk to them about adviser concerns.”

More news:

TSB to pay $2.47m penalty for CCCFA breaches

BNZ has implemented the Payments NZ Account Information API v2.1 standards

Relationship Charter Survey finds strong relationships between RBNZ and firms

FSF Conference 2024 is on 22 October

Two KiwiSaver schemes – Sharesies and Koura Wealth report larger losses but make revenue gains

Wait lists for cancer patients reducing survival chances

Premium Comparison Database Upgrade v125

For institutional subscribers we have just distributed a new version of the Premium Comparison database v125.  

Changes in V125:

• Partners Life IP and MP Prices have been updated to reflect changes to add-on options
  We are now showing two sets of prices for Partners Life IP and MP: a basic option with no add-ons, and a Premium option which includes Critical Illness and Specific Injury add-ons. This now aligns with prices quoted on Quotemonster.
  Please see our Product Definitions files for details.

• Asteron IP LOE Plus premiums have been adjusted to reflect changes to Specific Injury add-on prices

• Fidelity Life policy fee has been reinstated (policy fee waiver promotion has ended)

• Chubb Life Direct premium have been removed - the LifeOne product is no longer on sale. We will add the new Life & Living range in due course.

 Note: This version does not contain any changes to underlying rates, just some adjustments to the way we are calculating some of the premiums

Research Deep Dive

Join our research team on the 19th of September for a research deep dive meeting. Subjects for the coming session are:

• the challenges of comparison,

• results of our research advisory board meeting consultation on non-Pharmac medicines coverage ratings,

• new head-to-head report designs, and

• the forthcoming IP research review.

We will also have time for your questions. The panel for the session will be Doreen Dutt, Kim Oliver, Sara Alani, and me. If your advice style is more technical, or if you just want to do a deep dive to bring yourself up to date with current rating issues, please email info@quotemonster.co.nz

Asteron Life rating downgraded

S&P have lowered Asteron Life's financial strength and issuer credit ratings to 'A' from 'A+'. After a review, S&P has given Asteron Life Ltd a stand-alone credit profile (SACP), which reflects the insurer's satisfactory business risk profile, of 'a-'.

The reason given for the downgrade is an expectation of reduced support from Suncorp Group Ltd in the leadup to the sale of Asteron Life, due to be completed at the end of January 2025. S&P have stated that the ratings on Asteron are on CreditWatch because they believe they will likely lower the ratings if the sale proceeds, with a likely outcome of a one notch ratings downgrade.

More news:

NZFSG introduce several changes within their distribution team, including appointing new Regional Manager Zane Low

Incentives for those advising consumer clients set to change on 31 March 2025

mySolutions webinar 'Asteron ConnectedCare' 4 September

UniMed Breakfast Series 'with Conrad Goodhew 8 October

Fidelity Life release details of their customer engagement forum

Fidelity Life announce Apollo enhancement

Financial Advice NZ Professional Ethics Workshop 26 September

Apex Advice looking for an experienced Marketing & Communications Specialist