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.
Legal and regulatory update for the life and health insurance sector
Upcoming XRB events; FMA appoints new Executive Director Transformation and Operational Delivery; NZFIU release latest CASH report.
3 October 2024 - The External Reporting Board is hosting two events on 8 November: IASB Work Programme for Company Directors and IFRS 18 Insights. https://www.xrb.govt.nz/news/pitopito-korero/
3 October 2024 - FMA appoints Kari Jones as Executive Director Transformation and Operational Delivery. https://www.fma.govt.nz/news/all-releases/media-releases/fma-appoints-kari-jones/
3 October 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for September 2024. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-sep2024.pdf
How to set client scope and priorities
Watch our video to find out how easy it is to set client scope and priorities on Advicemonster.
Watch our video to find out how easy it is to set client scope and priorities on Advicemonster.
Website upgrades: what you need to know – v4.6.2
Our IT Development team have been working hard to improve the services that we offer our advisers as well as improving user experience.
Our IT Development team have been working hard to improve the services that we offer our advisers as well as improving user experience.
If you’ve noticed we’re running a bit slower than usual, please refresh your page and scroll down to ensure that you’re on our latest version – QUOTE ENGINE V.3.0 B1 | QPR V.16.0| WEB V.4.6.2
Here are the changes that we’ve made:
Researchmonster updates:
Pricing and research for Chubb Life’s Continuous Trauma option is now available, the benefit allows customers to retain their Trauma Cover post-claim, providing continuous coverage up to a maximum of 4 times the Trauma Cover sum insured. This supports customers to retain their Trauma Cover for future unrelated conditions they may get, providing financial support for treatment and other costs.
To select this option on Quotemonster, click Instant Trauma Buyback in your Advanced Options.
Chubb Life also has also released a range of enhancements effective Thursday, 26 September which we are working to release over the next few weeks, from an early review by our research team, these enhancements will have low impact on weighting, to learn more, click here.
Expiry Age is now included in our policy wording reports, to include these in your presentation to clients.
- Click through to Research
- Select a Benefit (e.g. Trauma Standalone)
- Select an item (e.g. Heart Attack) which generates a pop up with the policy wording for each insurer
- Click Print, then Download to generate a PDF copy, which now includes Expiry Age
Advicemonster updates:
Advicemonster users will notice two logos at the top left of their screen, one labelled Quotemonster and the other, Businessmonster (how snazzy does Crunchy look with his tie and briefcase!). Quotemonster brings your recently saved personal quotes to hand, while Businessmonster shows business quotes, simply click to change between them as required.
Training sessions:
We are hosting online training sessions on Researchmonster and Advicemonster on a regular basis and invite you and your team to join us if you’re interested in learning more about these new features.
Our next sessions will be:
Introduction to Quotemonster – Wednesday, 16 October 2024 9:30 am-10:30 am
In this session, we will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.
Demystifying Advicemonster - Wednesday, 16 October 2024 11:00 am-12:00 pm
In this session Aneel Ravji, our AdviceTech Lead, will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
Business Risk Research and SOAs with Quotemonster – Thursday, 17 October 2024 9:30 am-10:15 am
In this session, Aneel will demonstrate how to use our business risk pricing, research, and SOA functionality.
If you would like to join any of these sessions, please email your request to info@quotemonster.co.nz
Happy Crunching!
Southern Cross has new Chief Communications & Brand Officer
Tony Reid has joined Southern Cross as its new chief communications & brand officer.
Tony Reid has joined Southern Cross as its new chief communications & brand officer. Reid started the role in September and his remit is to enhance the organisation’s communications strategy and brand presence across health insurance and healthcare services. Reid has previously held leadership positions at Kiwibank, Suncorp New Zealand and the Financial Markets Authority.
More news:
Advisers can update client contact details through a new self-service request form in AIAHub
RiskInfoNZ poll finds 60% agree that life insurance is too expensive for the average Kiwi
nib rates are now live!
We are pleased to confirm that the premium changes for nib, effective 1 October 2024 are live on Quotemonster.
We are pleased to confirm that the premium changes for nib, effective 1 October 2024 are live on Quotemonster.
There was a rate increase for Ultimate Health, Ultimate Health Max and the Specialist option, no changes to GP or Dental, Optical, and Therapeutic options.
Happy Crunching!
Southern Cross Health Society Group annual results released
Southern Medical Care Society Group has shared their annual results for the year ended 30 June 2024.
Southern Medical Care Society Group has shared their annual results for the year ended 30 June 2024. By the numbers:
Group deficit of $88.2 million after tax. $43.1 million of the deficit is attributable to a change in international financial reporting standards introduced this financial year. The balance of the deficit is driven by higher claims costs from a high inflationary environment combined with high member demand for private health services, particularly in the second half of the financial year.
Group reserves of $470.7 million.
Claims paid at a rate of $6 million per business day (up from $5.2 million in FY23).
15,196 net new members, with total membership now at 955,301.
This represents 60% of the New Zealand health insurance market by customer numbers but 71% per cent of the value of all health insurance claims paid.
99% of claims were submitted electronically.
Southern Cross Health Insurance
Reported a deficit of $99.1 million.
Paid $1.498 billion in claims from $1.605 billion received in premiums.
Claims costs increased 15% on FY23 (up 13.9% when adjusted for member growth).
Premiums increased 9% on FY23 (up 6.6% when adjusted for member growth).
93.4 cents paid in claims from every dollar received in premiums (compared to an industry average excluding Southern Cross) of 73 cents.
Operating costs grew by 4%, less than inflation.
3.2 million claims in FY24
50% of members claimed over the financial year.
39,326 virtual GP consultations with Care HQ.
4,635 annual health check-ups with MedPro.
4,016 online mental health sessions with Raise.
Net promoter score of 53.7%.
Nick Astwick, Chief Executive for Southern Cross Health Society said
“We have never been in more demand by our members as they prioritise their health needs, largely in the private system. In 2019 33% of our membership claimed, last year it was 50%.”
“The cost of claims in 2024 was steep and rapid, driven by a combination of price, volume, and the mix of claims. The growth in the volume of claims results from an increase in the number of members claiming, the frequency, and claims being made for more expensive procedures.”
More news:
Asteron Life announce MDRT Grant Programme recipients
NZFSG named as one of the Most Innovative Insurance Companies
Fidelity Life working to implement a data governance strategy
ANZ add BlinkPay to their approved third party payment providers
2024 Haven award winners announced
Committee recommended changes to the Contracts of Insurance Bill
Travis Hamilton says Total and permanent disability (TPD) cover is being underestimated
Jon-Paul Hale suggests ways insurers can improve systems for advisers
Tony Vidler recommends how advisers can value themselves appropriately
The Government has completed a cost-benefit analysis for potential third medical school
Wayne Langford appointed to the Board of the Mental Health and Wellbeing Commission
Legal and regulatory update for the life and health insurance sector
ASIC announce extension of Consultation Agreement; ASIC Annual Forum speakers and sessions announced; FMA publish submission on banking competition inquiry; COFR release updated Regulatory Initiatives Calendar.
26 Sep 2024 - ASIC announced the two-year extension of its Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to 25 September 2026. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-consultation-agreement-with-financial-markets-standards-board/?altTemplate=betanewsroom
26 Sep 2024 - Speakers and sessions have been announced for the ASIC Annual Forum, 14–15 November 2024. https://asic.gov.au/about-asic/news-centre/news-items/asic-annual-forum-2024-speakers-and-sessions-announced/?altTemplate=betanewsroom
27 Sep 2024 - The FMA publish their submission on the Finance and Expenditure Committee’s inquiry into banking competition. https://www.fma.govt.nz/assets/Consultations/FMA-submission-on-the-Finance-and-Expenditure-Committees-inquiry-into-banking-competition.pdf
30 Sep 2024 - The Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector for Q3 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html
FSC sees opportunities for increased contributions to KiwiSaver
KiwiSaver has been in the news recently with the FMA releasing their KiwiSaver Annual Report 2024. The FSC have welcomed the insights from the FMA report and said they see opportunities for increased contributions.
KiwiSaver has been in the news recently with funds under management surpassing the $100b mark and the Financial Markets Authority (FMA) releasing their KiwiSaver Annual Report 2024. The Financial Services Council (FSC) have welcomed the insights from the FMA report and said they see opportunities for increased contributions. Kirk Hope, CEO of the FSC said,
“With KiwiSaver funds under management surpassing the $100bn mark, this is a great opportunity to look at KiwiSaver contribution settings and how we can make it affordable over time so that New Zealanders can have dignity in retirement.”
“Increasing contribution levels, in combination with financial literacy that helps New Zealanders understand the benefits and mechanisms of KiwiSaver, are key to driving better retirement outcomes,”
More news:
nib join the Sustainable Business Council NZ
Asteron Life, Chubb Life & Fidelity Life are finalists at the New Zealand Insurance Industry Awards
Fidelity Life employees have unlimited access to LinkedIn’s library of courses
IFSO take their first enforcement proceeding against a Participant
Jon-Paul Hale recommends advisers are clear in explaining unfunded medicines
Workplace Savings End of Year Function 2024 on 4 November
Fidelity Life offer advisers opportunity to go on professional development course
FinTech NZ Annual Meeting on 6 November
Mental Health Minister announces Child and Youth Mental Health and Addiction Prevalence Survey
Legal and regulatory update for the life and health insurance sector
XRB to publish consultation on climate; FMA report on KiwiSaver; RBNZ submit on banking competition.
24 Sep 2024 - The External Reporting Board (XRB) has announced that within the month they will publish a consultation document exploring options for transitional adjustments to the Aotearoa New Zealand Climate Standards. https://www.xrb.govt.nz/news/latest-news/
24 Sep 2024 - The Financial Markets Authority have published their KiwiSaver Annual Report 2024. https://www.fma.govt.nz/library/reports-and-papers/kiwisaver-report/
26 Sep 2024 - The RBNZ have published their submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition, which outlines the RBNZ’s financial stability mandate, and highlights areas where they can support competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-banking-competition-select-committee-submission
Objectives Settings in Advicemonster
This quick tutorial takes you through how to set the client’s objectives in Advicemonster.
This quick tutorial takes you through how to set the client’s objectives in Advicemonster.