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.
Executive Team changes at Partners Life
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan is now Chief Distribution Officer and Kate Dron is now Chief Customer Solutions Officer.
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan, previously Chief of Adviser Distribution, will be Chief Distribution Officer. Kate Dron, previously Chief and Appointed Actuary, will be Chief Customer Solutions Officer.
Van Graan’s new role will focus on strengthening partnerships with independent financial advisers and working to amplify Partners Life’s customer referral partnership with BNZ.
Dron’s new role will focus on ensuring that Partners Life’s solutions service a wide range of customer needs with a particular focus on enhanced simplicity and accessibility and includes establishing a establishing a business led data, analytics, and insights team.
More news:
nib extends three months free offer until 31 October 2024
mySolutions webinar 'KiwiMonster' 9 October
Financial Advice NZ webinar 'Understanding artificial intelligence in financial services' 16 October
Legal and regulatory update for the life and health insurance sector
FMA addresses feedback on liquidity guide; XRB appoint incoming CE; AA ordered to pay a penalty; RBNZ consulting on a revised access policy as part of review of ESAS; RBNZ publish Annual Report; XRB consults on amendments to Climate and Assurance Standards; FMA file proceedings against ASB for allegedly making false or misleading representations in relation to insurance products and banking services.
6 Oct 2024 - FMA sent a letter to licensed fund managers acknowledging the regulator had received feedback that the liquidity guide, as updated this April, is “preventing or disincentivising investment in private assets” and has been engaging with fund managers on the issue. https://investmentnews.co.nz/investment-news/fma-chief-hoses-down-fund-liquidity-guide-concerns-for-private-assets-cofi-entities-get-licensing-hurry-up/
7 Oct 2024 - The External Reporting Board today announced the appointment of Wendy Venter as its incoming Chief Executive, commencing 15 January 2025. Ms Venter will replace April Mackenzie, who announced in August her intention to step down at the end of a five-year term. https://www.xrb.govt.nz/news/latest-news/
7 Oct 2024 - AA Insurance New Zealand Limited (AAI) has been ordered to pay a penalty of $6.175 million for failing to apply multi-policy and membership discounts, as well as guaranteed no claims bonuses. AAI also misled customers about its multi policy discount offer in marketing material and misrepresented that certain eligible customers would receive its guaranteed no claims bonus for life. The High Court judgment follows proceedings brought by the FMA. https://www.fma.govt.nz/news/all-releases/media-releases/aa-insurance-to-pay-6-175-million-penalty/
7 Oct 2024 - The Reserve Bank of New Zealand is consulting on a revised access policy, as part of its ongoing review of the Exchange Settlement Account System (ESAS), a payments and settlement system used by banks. https://www.rbnz.govt.nz/hub/news/2024/10/esas-access-review-is-open-for-second-consultation
8 oct 2024 - The Reserve Bank of New Zealand has published its Annual Report covering the year from 1 July 2023 to 30 June 2024. https://www.rbnz.govt.nz/hub/news/2024/10/rbnz-releases-annual-report-2024
8 Oct 2024 - The XRB has published a consultation document on proposed 2024 amendments to Climate and Assurance Standards. The XRB is proposing providing relief by amending:
• NZ CS 2 Adoption of Aotearoa New Zealand Climate Standards
• NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures. Consultation closes 30 October 2024.
8 Oct 2024 - The FMA has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations in relation to insurance products and banking services.
The FMA’s proceedings have two causes of action. The first relates to the failure to apply multi policy discounts on ASB-branded insurance products. The FMA alleges that the misapplication of the multi policy discount arose through errors in the manual process undertaken by ASB staff at the point of sale for insurance products. A sub-issue involved ASB staff misinforming customers with policies of insurance for caravans and trailers that they were eligible for the multi policy discount, despite those policies being ineligible.
The second cause of action is in respect of ASB’s failure to consistently apply fee exemptions to certain customer accounts with access to ASB’s Fastnet Banking service, specifically: Society Cheque, Education Administration, and Business Focus accounts. As with the multi policy discount issue, the FMA alleges the failures arose through errors in the manual process undertaken by ASB staff. ASB did not have adequate systems in place to check that the fee exemptions were being applied correctly.
Using financial details to provide personalised risk recommendations on Advicemonster
Find out how to enter financial details to provide a recommendation for your clients' personal risk needs.
Find out how to enter financial details to provide a recommendation for your clients’ personal risk needs.
Health / Medical Insurance Premium Comparison Database Update
For subscribers to the medical price comparison database we have just distributed a new version. These rates have been implemented on Quotemonster already, this is the large format comparison database upgrade.
Changes in V111
Updated nib rates (including new policy fee) effective 1st October 2024
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