New Active Benefits are now available to Accuro policyholders

Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership. While policy cover remains the same since the transfer of Accuro’s insurance portfolio to UniMed on 31 May, Accuro members can now access a range of UniMed member benefits. Benefits include:

• 20% off sitewide Parachute first aid (available until 31 Oct 2024)

• 15% Off Allianz Travel Insurance

• 20% Off MoleMap Checkups

• 30 days free at Snap Fitness

• Get an intro to 9Round Fitness

• Free Hearing Health Checkups

• Discounts at Specsavers Optometrists

More news:

mySolutions webinar 'Creating strong customer engagement through Booster's client and adviser facing tools' 2 October

FSC webinar 'Cultivating mental wellness at work' 10 October

ANZIIF offer an Insurance Risk Management Study Course

TSB are looking for a Head of Customer Operations

Entries to the Southern Cross Wayfinder Awards close 30 September

Terry Ball says Robo-advice has a long way to go

KiwiSaver passes milestone of $100 billion of funds under management

Westpac-McDermott Miller Employment Confidence Index fell by 2.2 points to 89.2 in the September quarter

The Banking Ombudsman Scheme saw a record number of cases

Calls for a public education campaign around consumer data right (CDR) regime

This week is Mental Health Awareness week

AIA launch new campaign offering customers up to three months off their premiums

AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.

• First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.

• Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.

• Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.

• Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.

More news:

The Adviser Platform is offering its CRM system free of charge

Kirk Hope has started his appointment as Chief Executive Officer at FSC

Financial Advice NZ's partnership with Massey University’s Financial Education and Research Centre extended for three years

The Adviser Platform Conference 2024 is on 18 October

Australian life insurance customers who stay loyal to their insurer likely to be paying higher premiums than new customers

Of the roughly 14,000 known chemicals in food packaging, around 25% have been found in the human body

Legal and regulatory update for the life and health insurance sector

18 Sep 2024 - The Reserve Bank of New Zealand has refreshed its chart pack of Financial Stability Indicators that help to inform its assessment of financial stability risks. The updated indicators feature data on: 
• Households;
• The housing market;
• Businesses and agriculture;
• The resilience of Banks and Non-Bank Deposit Takers; and
• Liquidity, funding and financial markets.

https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-updated-financial-stability-indicators

19 Sep 2024 - The Reserve Bank of New Zealand have given a development update on the Tara-ā-Umanga Business Expectations Survey. They plan to run two more pilots (in October 2024 and January 2025) before expecting to commence regular publication of the April 2025 survey in May 2025.

19 Sep 2024 - The Financial Dispute Resolution Service's Members' Forum and Annual General Meeting is on 22 October 2024, 3.30 pm. https://fdrs.org.nz/resources/news/fdrs-members-forum-and-annual-general-meeting-2024/

19 Sep 2024 - ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system.  The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 strengthens the existing regulatory regime, ensuring ASIC and the Reserve Bank of Australia (RBA) (together, the Regulators) have strong and dependable powers to monitor, manage and respond to risks related to FMIs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-208mr-asic-receives-new-powers-under-financial-market-infrastructure-reforms/?altTemplate=betanewsroom

23 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to its July 2024 consultation on the remaking of Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book (Advanced ADIs), which is due to sunset on 1 April 2025. https://www.apra.gov.au/news-and-publications/apra-remakes-prudential-standard-aps-117-capital-adequacy-interest-rate-risk

IFSO reminds kiwis to review their insurance policies

The Insurance & Financial Services Ombudsman (IFSO) Scheme is reminding New Zealanders to thoroughly review their insurance policies. Karen Stevens, the Insurance & Financial Services Ombudsman, has noted that some policyholders are unaware of specific limitations which can leave them without cover for something they thought was included. Stevens has cautioned kiwis of the need to familiarise themselves with their policy terms and conditions, paying particular attention to exclusions, as it is the consumer’s responsibility to understand the terms laid out in the policy.

More news:

Mark Banicevich believes new FAP regime creates opportunities for advisers

The FSC publish Life Insurance Industry Spotlight June 2024

Southern Cross Healthcare is looking for a Head of Enterprise Risk & Assurance

Rachel Wilson joins Fidelity Life as Business Manager Wellington region

Southern Cross release new online mindfulness practice available free to all New Zealanders

Southern Cross Healthcare  sponsors Round the Bays fun runs, including Christchurch

Kiwibank launch a new podcast

The Government has introduced The Smokefree Environments and Regulated Products Amendment Bill (No 2), aimed at preventing youth vaping

The General Practice Owners Association has laid a complaint with the Commerce Commission over “unfair” and “illegal” contracts

Website upgrade: Southern Cross Healthy Lifestyle Reward

Another upgrade we’ve recently made to Quotemonster is how users can select Southern Cross’s Healthy Lifestyle Reward. This was reviewed following adviser feedback and shows how important it is to let us know if there is something we can do to increase your user experience. 

What is the Healthy Lifestyle (HLR) Reward?

The Healthy Lifestyle Reward is a 10% discount on premium for new members who meet certain healthy lifestyle criteria and applies for up to two years.

(i) To qualify the client must be aged 21 or older and answer yes to:

• Are you a non-smoker?

• Do you eat at least five servings of fruit and vegetables a day?

• Do you do 30 minutes of moderate physical activity on most of the days of the week?

• Women: do you drink 2 or less glasses of alcohol a day?

• Men: do you drink 3 or less glasses of alcohol a day?

How to include the HLR on Quotemonster

Add in your client and health benefit details as normal, then click the company’s logo in your Result window, ensure Healthy Lifestyle Reward is selected, click Re-Crunch and your premium for Southern Cross will now include the 10% discount.

If you have any questions or feedback on this updated feature, please reach out to us on info@quotemonster.co.nz

Happy Crunching!

If you have an adviser – you tend to get better claim outcomes

Regulatory reviews in Australia have found the claims acceptance rates for the life insurance industry between distribution channels. The difference is marked – claims acceptance rates for advised retail policies was 92.1% compared to 87.8% for direct policies. For a good review check out Jack Howitt’s article here. 

Jon-Paul Hale emphasises the importance of advisers at claim time, which perhaps provides an explanation for part of the gap: Hale has questioned the use of automated portals when it comes to claims time. From his experience, there are plenty of claims where, had the clients claimed through the portals without his involvement, the clients wouldn’t have had such good outcomes. He gives a range of examples and cautions that clients can forget what cover they have and how it works – all at a time when they may be feeling overwhelmed from the medical situation they are facing. 

On the other hand, the difference between group and retail policies in Australia leans back the other way – more towards how the policy was underwritten as a potential cause for the difference in outcomes. Group insurance policies have some of the highest claims acceptance rates at just over 95%. Howitt’s explanation is compelling:

“This is likely due to the fact that group life insurance policies are typically underwritten on a group basis, which means that insurers have less risk associated with each individual policy. Retail advised policies may have lower claims acceptance rates due to the fact that they are typically more complex and may involve higher risk individuals. Direct policies may have lower claims acceptance rates due to the fact that insurers have less information about policyholders.”

More news:

Adviser to pay former clients compensation after he breached their privacy and caused them stress

Stats NZ report finds Māori businesses lead in employee wellbeing and flexibility

Survey finds 90% of family doctor clinics plan to increase their fees

Setting up Commissions structure in Advicemonster

You can easily set up your commission rates and structure in Advicemonster so it automatically flows through to your Statement of Advice.

Organisational changes afoot at nib

In the lead up to nib launching their Life and Living Benefits suite of products early next year, the health insurer has made some organisational changes. A new distribution leadership team has been created, with the three key distribution role reporting to Chief Executive Rob Hennin.

Chris Carnall, Head of Distribution, is moving to the role of General Manager – Adviser Life and Living, leading the development of nib's new Life and Living Benefits suite for advisers.

Amanda Savill is joining nib to lead the adviser distribution team, where she will create a strategic and operational plan to deliver on service and growth for their advisers.

Pippa Leydon takes on the role of National Manager - Group, with responsibility for the strategy and growth of nib’s Group business, developing commercial and strategic relationships.

More news:

Shamubeel Eaqub notes the average Kiwi is unable to afford life insurance

Financial Advice NZ webinar 'Learnings from a FMA Monitoring Visit' 2 October

Financial Advice NZ Canterbury Branch Meeting 22 October

Setting Up for Success - How to Build a Great Mentor Relationship'  webinar 15 Oct

mySolutions webinar 'Interviewing techniques: how to get people to open up' 18 Sep

mySolutions webinar 'Added benefits of mySolutions membership' 25 Sep

Resolution Life has appointed Moses Ojeisekhoba as its new President

Legal experts discuss Select Committee’s endorsement of the Contracts of Insurance Bill

Emma Moran and Rachel Taylor from DLA Piper have commentated on what the changes the Select Committee endorsed to the Contracts of Insurance Bill. Moran said

“The Committee’s [Finance and Expenditure Committee’s] report on the Bill is good news for brokers because it recognises the often complex role that brokers play.”

Moran highlights that the report on the bill recognises that brokers can have tricky competing duties to their clients and insurers; that it upholds liability caps agreed between insurers and brokers; and allows insurers and brokers to retain existing agreed periods for payment of premiums.  

Dentons also has a review of the Contracts of Insurance Bill.

Read more about the proposal to create some regulation of the use of genetic tests in underwriting here.

More news:               

Jon-Paul Hale discusses issues with income protection structures

The number of NZers affected by asthma or serious lung disease grows by more than 40% in three years

Legal and regulatory update for the life and health insurance sector

11 Sep 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history

13 Sep 2024 - The Financial Markets Authority has officially joined the Global Financial Innovation Network (GFIN). GFIN is designed to facilitate cooperation between financial regulators worldwide, providing a platform to exchange experiences and strategies related to financial innovation. https://www.mpamag.com/nz/news/general/fma-joins-global-innovation-network/505407

16 Sep 2024 - The Reserve Bank of New Zealand has published an Analytical Note which shows monetary policy decisions that are not fully anticipated by financial markets  lead to changes in interest rates and the New Zealand dollar exchange rate. https://www.rbnz.govt.nz/hub/news/2024/09/financial-market-reaction-to-monetary-policy-surprises

16 Sep 2024 - The Financial Markets Authority is consulting on regulatory returns for financial institution licensees. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-regulatory-returns-for-financial-institution-licensees/

17 Sep 2024 - ASIC has released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event. The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017. https://asic.gov.au/about-asic/news-centre/news-items/asic-expands-operational-resilience-guidance-for-market-participants/?altTemplate=betanewsroom

17 Sep 2024 - The Office of the Privacy Commissioner has had privacy concerns raised from members of the public about IRD’s use of taxpayers’ personal information and hashing. OPC has contacted IRD for information so they can assess if this practice raises issues under the Privacy Act. https://privacy.org.nz/publications/statements-media-releases/care-is-needed-with-data-anonymisation/