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.
Chubb launches underwriting chat service
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions.
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.
More news:
AIA NZ appoints Aaron Gilmore to the role of Regional Sales Manager – Northern
Asteron Life release their climate-related disclosures
AIA have updated their Change of Ownership forms
Hamish Patel has been elected to the board of Financial Advice NZ
FinTech NZ Hui Taumata is on 11 March 2025 in Auckland
mySolutions webinar 'Managing compliance using Sharepoint' 6 November
More than 7,500 people made early KiwiSaver withdrawals during September
Changes in QPR Database Upgrade 16.1
A summary of the database upgrades made in the shift to version 16.1 on Wednesday 30 October.
Changes in V16.1
New product rated under Mortgage Protection (MPI)
> Partners Life - Household Expenses v19.1 effective 22 April 2024
New documents added:
> Accuro SmartCare and SmartCare Plus June2024 (Policy document update only)
> Southern Cross Wellbeing1&2 Oct2024 (rating changes applied to exclusions)
> Chubb Life Biz&Personal 26 September 2024 (Personal rating changes applied to Child Trauma, Instant Buyback and update to trauma expiry age)
Remediations Personal & Business:
> Medical
* Major review for non-pharmac which includes split into two items:
- non-PHARMAC drugs (cancer specific)
- non-PHARMAC drugs (non-cancer)
> Life cover
* Sub-item review for Conversion Option (renamed to Cover Conversion)
* Sub-item remediation for Terminal Illness (Asteron Life) and Upgrade Policy Wording
> Trauma
* Sub-item remediation for Permanent Loss of Hearing
* Sub-item remediation for Permanent Paralysis
> Specific Injury
* Sub-item remediation for Permanent Paralysis
> Income/Mortgage
* Sub-item remediation for Travel and Transport (Asteron Life)
* Sub-item remediation for Key Person and Business Expenses Partial Disability (Asteron Life)
* Update to income expiry age for 2 and 5 year benefit (Asteron Life)
FSR updates applied to:
* Asteron Life FSR updated from A+ to A
* Accuro FSR rating update from B to A
* SBS FSR rating update from BBB to BBB+
* Booster Assurance update to NR
Legal and regulatory update for the life and health insurance sector
Privacy authorities release statement on additional takeaways for industry; APRA release Life Insurance Claims and Disputes statistics; FMA consult on renewal of class exemptions for DIMS licensees from certain financial reporting requirements; ASIC release audit findings; FSC publish spotlights on Life Insurance and KiwiSaver; Government seeks feedback on information sharing agreement between IRD and MBIE; FMA renews notices.
29 Oct 2024 - Global privacy authorities, including the office of the Privacy Commissioner, have engaged with some of the world’s largest social media companies after issuing a joint statement on data scraping last year. As a result of this engagement, they have now issued a follow-up statement laying out additional takeaways for industry. This follow-up joint statement lays out further expectations, including that organisations:
Comply with privacy and data protection laws when using personal information, including from their own platforms, to develop artificial intelligence (AI) large language models.
Deploy a combination of safeguarding measures and regularly review and update them to keep pace with advances in scraping techniques and technologies.
Ensure that permissible data scraping for commercial or socially beneficial purposes is done lawfully and in accordance with strict contractual terms. https://www.privacy.org.nz/publications/statements-media-releases/global-privacy-authorities-issue-follow-up-joint-statement-on-data-scraping-after-industry-engagement/
29 Oct 2024 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 July 2023 to 30 June 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-9
30 Oct 2024 - The FMA are consulting on renewal of class exemption for DIMS licensees from certain financial reporting requirements, consultation closes 29 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-renewal-of-class-exemption-for-dims-licensees-from-certain-financial-reporting-requirements/
30 Oct 2024 - ASIC has released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-240mr-asic-releases-fy-2023-24-financial-reporting-and-audit-report-and-launches-auditor-independence-surveillance/?altTemplate=betanewsroom
30 Oct 2024 - The FSC has published its KiwiSaver Industry Spotlight September 2024. https://blog.fsc.org.nz/kiwisaver-spotlight-september-2024
30 Oct 2024 - The Government is seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA would allow Inland Revenue and MBIE to share prescribed information with the other agency for the benefits outlined in the discussion document. https://www.taxpolicy.ird.govt.nz/news/2024/consultation-information-sharing-ir-mbie-aisa
31 Oct 2024 - The FMA has decided to renew the Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2019, and the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2019, for a further five years. They are working to finalise new notices to give effect to this decision, which they intend to have in place before the current notices are revoked on the close of 30 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-class-exemption-renewal-for-disclosure/
30 Oct 2024 - The FSC has published its Life Insurance Industry Spotlight September 2024. https://blog.fsc.org.nz/lifeinsurance-spotlight-september-2024
Insurance Pricing Reports
Find out how to get more information on pricing for a specific insurer when generating a research report.
Legal and regulatory update for the life and health insurance sector
The FMA publish their annual report and ease of doing business report; APRA & ASIC publish opening statements to the House of Representatives Standing Committee on Economics; Select Committee publish final report on Privacy Amendment Bill; Takeovers panel Christmas hours released; APRA publish Deputy Chair Margaret Cole's speech; ASIC urge financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of AI.
24 Oct 2024 - The FMA published its annual report for the year to 30 June 2024. The report details the FMA’s core focus areas: monitoring and supervision of market participants, implementation of new legislation, enforcement action and providing resources for investors and consumers. The FMA also released its annual ‘Ease of doing business’ report, which surveys stakeholders and industry participants to understand the effectiveness of their interactions with the FMA, and their views on FMA’s overall effectiveness in delivering its mandate. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-2024-annual-report/
25 Oct 2024 - APRA publish their opening statement to the House of Representatives Standing Committee on Economics - October 2024. https://www.apra.gov.au/news-and-publications/opening-statement-to-house-of-representatives-standing-committee-on-6
25 Oct 2024 - ASIC publish the opening statement by ASIC Chair Joe Longo at the House of Representatives Standing Committee on Economics. https://asic.gov.au/about-asic/news-centre/speeches/house-of-representatives-standing-committee-on-economics-opening-statement-25-october-2024/?altTemplate=betanewsroom
25 Oct 2024 - The Justice Select Committee have published their final report on the Privacy Amendment Bill. https://selectcommittees.parliament.nz/view/SelectCommitteeReport/5f2d852a-1aba-4b8b-2620-08dcf48e13aa
25 Oct 2024 - The Takeovers Panel offices will close from the end of the day on Monday, 23 December 2023, and reopen on Monday, 6 January 2024. https://www.takeovers.govt.nz/guidance/codeword/issue-57/panel-christmas-close-down-period
27 Oct 2024 - The FMA's annual report shows they turned in a more than $2.8 million surplus during the 12 months to June 30. The FMA reported revenue of almost $80.7 million while expenses hit a record high of $77.8 million.The FMA completed investigations into 1,118 ‘misconduct cases’, of which 993 were dealt with in the ‘compliant’ timeframe. https://investmentnews.co.nz/investment-news/fma-over-spends-books-surplus-on-legal-winnings/
29 Oct 2024 - APRA publish Deputy Chair Margaret Cole's speech to the AFR Super & Wealth Summit 2024. https://www.apra.gov.au/news-and-publications/apra-deputy-chair-margaret-cole-speech-to-afr-super-wealth-summit-2024
29 Oct 2024 - ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC’s first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite current AI use being relatively cautious. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-238mr-asic-warns-governance-gap-could-emerge-in-first-report-on-ai-adoption-by-licensees/?altTemplate=betanewsroom
Partners Life release claims statistics
Partners Life have released historical and current claims statistics.
Some interesting statistics have been released by Partners Life around claims. Since Partners Life launched in 2011:
Partners Life have paid out more than 70,000 claims worth more than $1.25 billion.
Their biggest monthly disability claim paid was for $1,617,691
The longest running claim paid for monthly disability cover was 4,068 days and the average claim length was 293 days
Partners Life paid 13,379 monthly disability cover claims totalling $225,954,755
Their biggest life cover claim paid was for $2,964,706
Partners Life paid 1422 life cover claims totalling $334,281,111
Partners Life paid 51,827 private medical cover claims totalling $353,468,683
Their biggest private medical cover claim paid was for $982,800
Partners Life paid 3,948 trauma cover claims totalling $357,357,574
Their biggest trauma cover claim paid was for $3,218,899
For the year ended 31 March 2024, Partners Life
paid 93% of claims
paid $51,020,381 of monthly disability cover claims cost across 3,332 claims paid
paid $61,130,350 of life cover claims across 208 claims paid
paid $71,705,905 of private medical cover claims across 12,891 claims paid
paid $66,106,600 of trauma cover claims across 655 claims paid
More daily news:
ASB looks for Chief Investment Officer
BNZ survey finds 87% of New Zealanders were targeted by scams in the past 12 months
Possible changes to probate threshold
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration.
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration. The probate threshold of $15,000 (per asset) was last updated in 2009 and is set in the Administration (Prescribed Amounts) Regulations 2009. KiwiSaver was only in its infancy the last time the threshold was updated, and it has not been adjusted for inflation since.
The Ministry are seeking feedback on: how many payments are made without the need for probate; data on the average size of assets people hold when they die; how easy or difficult the current situation is to navigate when deciding whether to pay out; if there are any situations where account above $15,000 are unclaimed; what an appropriate new threshold would be.
Members of the FSC can contact the FSC if they want to contribute to the FSC’s submission.
More news:
Financial Advice NZ webinar 'Are you Cyber Savvy enough?' 13 November
Southern Cross covers cochlear implants
Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members.
Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members. SCHI will cover one internal cochlear implant (excluding the external sound processor) for members who meet specific criteria which include:
· being at least 18 years old
· having severe to profound sensorineural hearing loss in one ear
· having moderate or worse hearing loss in the other ear
· having a hearing aid fitted for the ear scheduled for the implant
Those an audiologist deems likely to develop this level of hearing loss within 24 months may also qualify.
More news:
Fidelity Life release average turnaround times for September 2024
Fidelity Life share key takeaways from customer engagement forum
Westpac and nib called out for poor customer satisfaction scores at the Consumer NZ Yeah, Nah awards
NZFSG launch ‘MyInduction’ Programme
mySolutions webinar 'Premium structures' 30 October
The Co-operative Bank is a finalist in the 2024 LearnX Awards
Legal and regulatory update for the life and health insurance sector
The FMA publish Samantha Barrass’ speech; RBNZ publish Karen Silk’s speech; ASIC release annual report; Chief Ombudsman publishes annual report; Government to overhaul AML/CFT system; FMA publish monitoring report of the DIMS sector; Consultation on raising thresholds for asset distribution after death without the need for probate; Mental Health Bill referred to Select Committee; RBNZ publish speech by Adrian Orr; ASIC publish keynote addresss by Kate O’Rourke; Police FIU to run sessions on goAML.
22 Oct 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Federation Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/samantha-barrass-speaks-at-fsf-conference/
22 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Liquidity management: Principles for liquidity provision and the end of an abundant era'. https://www.rbnz.govt.nz/hub/news/2024/10/liquidity-management
22 Oct 2024 - ASIC release 2023–24 annual report. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-232mr-asic-annual-report-underscores-transformation/?altTemplate=betanewsroom
22 Oct 2024 - The Chief Ombudsman Peter Boshier has published his 2023/2024 Annual Report. https://www.ombudsman.parliament.nz/news/more-and-more-people-are-turning-ombudsman-help
23 Oct 2024 - The Government will introduce a single supervisor and a new funding model in a major overhaul of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-overhaul-anti-money-laundering-regime
23 Oct 2024 - The FMA has published its first monitoring report of the Discretionary Investment Management Services (DIMS) sector. The report found that while DIMS providers strive for positive investor outcomes, there is room for improvement in their processes and controls. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-first-insights-report-into-dims-sector/
23 Oct 2024 - The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate and are seeking feedback on new thresholds. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/Member-only%20content/Submissions%20(Member%20Only)/Factsheet_probate%20threshold%20-%20financial%20services%20providers.pdf?utm_medium=email&_hsenc=p2ANqtz--CGtLdOXH2FnKUPM5kSzkDwUAdlMpihtK7dVxIe9c5_pIwlG4VqCwmsdMaof2Nep6ADSH_0AO6uGXorGoFn-IMWIe460-RneqZDNXuccz1V8aMMv8&_hsmi=330379053&utm_content=330379053&utm_source=hs_email
23 Oct 2024 - The Mental Health Bill has been referred to Select Committee. https://bills.parliament.nz/v/6/538751b7-fea5-4dcc-cce2-08dce18e31b4?Tab=history
24 Oct 2024 - RBNZ have published a speech by RBNZ Governor Adrian Orr, 'Navigating monetary policy through the unknown'. https://www.rbnz.govt.nz/hub/news/2024/10/navigating-monetary-policy-through-the-unknown
24 Oct 2024 - ASIC publish keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference. https://asic.gov.au/about-asic/news-centre/speeches/asic-2024-update/?altTemplate=betanewsroom
24 Oct 2024 - The Police FIU are running a series of two-hour sessions in Auckland, Christchurch, Hamilton and Wellington that will cover an overview of the goAML system, along with how to submit Suspicious Activity and Prescribed Transaction Reports. https://createsend.com/t/j-18E3D1447129F4092540EF23F30FEDED
nib launches nib meno care
nib NZ has launched a new health management initiative, nib meno care, aimed at supporting women through the stages of perimenopause and menopause.
nib NZ has launched a new health management initiative, nib meno care, aimed at supporting women through the stages of perimenopause and menopause. The programme has been developed in collaboration with Dr Linda Dear, a specialist in menopause care.
nib members will be able to access expert advice on managing menopause symptoms – covering topics from lifestyle adjustments, to natural remedies and available medical treatments.
A 2023 survey Dear conducted found 64% of NZ women were unaware their symptoms, such as sleep disturbances and weight gain, were linked to menopause.
nib’s chief medical officer, Dr Rob McGrath, said
“Menopause is a personal journey, and no two women experience it the same way. That’s why we wanted to develop a tool to help women manage their symptoms on their own terms by making expert support easy to access and apply.”
More news:
ANZIIF welcomes Scott Hawkins as board member
The Adviser Platform rebrand and launch new website
NZFSG webinar 'Under the hoodie: Revealing the hackers' secrets' 22 October
FSC end of year celebrations dates announced: Auckland 26 Nov, Wellington 27 Nov
ACC’s latest annual report details an increase in claims and financial challenges