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
nib launches an AI-driven symptom checker
nib has launched an AI-driven symptom checker, to help direct kiwis to the appropriate treatment, based on their needs.
nib has launched an AI-driven symptom checker, to help direct kiwis to the appropriate treatment, based on their needs. The symptom checker is available to all nib health policyholders through the my nib app.
Users input their symptoms and the symptom checker gives information on possible conditions as well as when and where to seek care. For a limited time, users advised to book a telehealth GP appointment will be able to get an appointment with Tend’s nationwide online GP service, at no additional cost.
nib New Zealand Chief Executive Officer, Rob Hennin, said
“It’s part of nib’s mission to help Kiwis take a more proactive approach to their health and wellbeing no matter where they are… AI-powered health tools, such as symptom-checkers, can help keep non-urgent medical cases out of hospital emergency departments, relieving some of the pressure on hospitals and emergency department staff, and help ensure people get the right level of medical attention.”
The symptom checker platform was developed by Infermedica and has been used in more than 30 countries, reaching more than 17 million users internationally.
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The ANZIIF Group Life Seminar is on 3 September in Sydney
Level 5 certificate to remain the minimum requirement for advisers
INFINZ seek feedback on 'Shifting the Dial on Diversity' report
New Zealand’s unemployment rate rises to 4.6% in the June quarter
Should more employers be looking at offering more flexible working options?
Increasingly, organisations are seeing the benefits of offering more flexible working options, in terms of productivity output, being able to attract a more diverse range of employees and employee satisfaction.
Increasingly, organisations are seeing the benefits of offering more flexible working options, in terms of productivity output, being able to attract a more diverse range of employees and employee satisfaction.
Stats NZ data shows that in 2023, 81% of organisations offered flexible working hours, up from 57% of organisations in 2018. In 2023, 77% of organisations offered part-time work roles, up from 53% in 2018.
Kiwibank economist, Sabrina Delgado, highlighted flexible work’s impact on the wider economy,
“Whether it’s working around school hours or the location of work, greater work flexibility perhaps has the biggest economic impact on improving the labour market outcomes and productivity.”
Infometrics chief executive and principal economist Brad Olsen said,
“Increasing participation even further can be supported by removing barriers to work for different groups, like parents, while still allowing them to do their parental duties without as much compromise as before.”
Dr Ellen Ford, the creator of #workschoolhours movement, said,
“There are a huge amount of parents who would absolutely love to work in an organisation that provides a school hours framework and they would add immense value to the organisation.”
“One of the economic benefits is that it actually allows organisations to tap into a massively underutilised section of the workforce.”
“If businesses are struggling to attract and retain great talent, one of the ways they can do that is actually offer roles that work within school hours.”
“People on part time contracts are typically the most productive in the workforce. They just get their stuff done in a shorter amount of time.”
It seems like flexible work options are here to stay. An international survey of more than 500 CEO’s around hybrid working, found 91% had adopted hybrid working and 74% said a full-time office return is not a business priority. 73% of CEO’s agreed that hybrid work allows them to attract the best workers and 76% saw improved staff retention since offering flexibility to employees.
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Tony Vidler posits why advisers face fee resistance and how to turn it around
Finalists for the FSC Awards 2024 announced
KiwiSaver investors advised to ignore sharemarket turmoil and stay the course
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.
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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
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.
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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
Poll finds expectation of higher growth in health insurance advice than life insurance advice
A riskinfoNZ poll has found that advisers are expecting to see more growth in health insurance advice than life insurance advice in the near future.
A riskinfoNZ poll has found that advisers are expecting to see more growth in health insurance advice than life insurance advice in the near future. Currently, 41% of respondents expect health insurance to generate the most business, compared to only 23% expecting life insurance to generate the most business. 30% of respondents expect a 50/50 split between health and life insurance advice.
We’d love to hear your thoughts, what do you see the split as being in your organisation over the next 6 – 12 months?
More news:
MAS looking for a Life and Investment Centre Manager
Kiwibank has pleaded guilty to systemic breaches of the Fair Trading Act
Workers are choosing work-life balance over a better salary
NZ’s CPI showed annual inflation fell to 3.3 per cent in the June quarter
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.
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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
Hays publish salary guide
Hays have published their Salary Guide for FY24/25.
Hays have published their Salary Guide for FY24/25. Of note, the extreme skills shortage is lessening yet there is a hesitancy for businesses to take on new hires, due to macro-economic conditions.
Their survey data highlights the importance of brand reputation; diversity, equity and inclusion policies; and environmental, social and governance strategies in attracting talent. Once an employee starts, team culture and job security are the biggest reasons an employee plans to stay with their employer. A huge 82% of employees said that team culture is the most important factor in their decision to stay with their current employer, and 64% said that continued remote or hybrid working was important. More than 77% of employees are currently looking or planning to look for a new job within the next 12 months, with the rising cost of living being the most cited reason (64%).
Currently, 97% of organisations offered a hybrid working model, with 74% not expecting their hybrid work offering to change in the year ahead. This tracks closely with employee wants, with 92% preferring a hybrid mode of working.
86% of organisations are planning on offering pay rises in the year ahead, though the value of the salary increases is dropping, at odds with employee expectations, with 61% of employees expecting an increase of more than 3%. 71% of employees stated that a pay rise was the most important factor to their career in the year ahead but benefits also featured highly in priorities – with learning and developing technical skills (63%) and being able to work flexibly (54%) being important to people.
The survey had 15,324 respondents across Australia and New Zealand, across both employers (6,461) and employees (8,863).
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mySolutions webinar 'nib - Navigating Health Insurance' 10 July
Financial Advice NZ Professional Ethics Workshop 30 July
Aplus Compliance has merged with Strategi Compliance
The Co-operative Bank share $2.5 million with 135,000 of their customers
Westpac offer financial support to customers affected by the extreme weather events
TAP looking for a Group Senior BAS Accountant
Select committee against bill to limit use of KiwiSaver as part of pay package
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