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.
Bigger not necessarily best when it comes to KiwiSaver
Big banks, with their brand recognition and big budgets, have long been an almost default choice for people deciding who to invest their KiwiSaver funds with. That looks like it’s starting to change.
Consumer NZ has taken a look at how KiwiSaver is going. Big banks, with their brand recognition and big budgets, have long been an almost default choice for people deciding who to invest their KiwiSaver funds with. That looks like it’s starting to change. Encouragingly, 29% of new members chose their KiwiSaver scheme independently, and 8% consulted a financial adviser about what their best option would be, though 14% were automatically allocated a default scheme. There is still some reluctance to change providers, with 12% of people feeling it’s too much hassle to change provider, 8% having thought about switching but haven’t gotten around to it and 5% not knowing where to start.
With more than 3.3 million members and more than $111 billion of total funds under management, it’s worth putting in a little effort to see which fund best suits your situation.
While banks in general are big spenders on advertising, ANZ outspends them all. Yet ANZ’s KiwiSaver returns are underwhelming, coming in last (12th) for its management of conservative KiwiSaver funds, 6th (out of 12) for moderate funds, second to last (out of 15) for balanced funds and 10th (out of 12) for growth funds, according to Morningstar’s December 2024 results. Yet ANZ holds the largest share of the KiwiSaver market, with $21.9 billion funds under management.
As of 2021, ANZ and ASB are no longer default KiwiSaver providers, leaving BT Funds (Westpac) and BNZ as the only default big bank providers for new members. It will be interesting to see how this impacts the various banks’ KiwiSaver market share over the next decade or two.
In good news, Consumers NZ’s annual survey on KiwiSaver satisfaction highlights growing satisfaction, with February 2025 results showing 82% were satisfied with their provider.
And what do people most want from their KiwiSaver provider? Good returns with responsible investments came out top (42%), followed by the best returns (37%) and investing responsibly, even if it comes with slightly lower returns (14%)
More news:
Southern Cross Health Society using Patient Feedback to celebrate surgeons
Shaun Phelan is retiring from his role as National Manager of MAS Business Advisory Services
AML Summit 2025 is on 8 - 9 May in Auckland and livestreamed
Fidelity Life offers drought-affected customers premium relief
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief.
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief. Fidelity Life customers who are facing financial hardship as a direct result of the drought in these regions who are eligible can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
Fidelity Life’s Chief Commercial Officer Bronwyn Kirwan said
“We recognise how tough it’s been for these regions as the dry weather continues and we want to show our support in a meaningful way. Our premium relief offer is a way we’re trying to help ease the burden and be there for our customers when they need us most.”
More news:
Collaboration between Retirement Commission and FANZ announced
The FMA to introduce a new newsletter for Financial Advice Providers
mySolutions webinar 'Keeping it as simple as 1..2..3' is on 16 April
Haven announce partnership with Whānau Āwhina Plunket
Partners Life’s new training module ‘Fair Treatment of Customers’
Partners Life have introduced a new training module ‘Fair treatment of Customers’, to help advisers be better prepared for the new Conduct of Financial Institutions (CoFI) regulations coming into effect on 31 March.
Partners Life have introduced a new training module ‘Fair treatment of Customers’, to help advisers be better prepared for the new Conduct of Financial Institutions (CoFI) regulations coming into effect on 31 March. The module is worth approximately 0.5 hours of CPD and is available on the Partners Life Academy.
Partners Life developed two different new eLearn modules on the fair treatment of customers – one for staff and one for independent financial advisers. The staff version focuses on how the fair conduct principle applies to daily work and interactions with clients and advisers. The adviser version includes more information on the shared responsibility for customers that is held between Partners Life as the product provider and the adviser who has a deeper understanding of the client’s personal situation and financial circumstances. Partners Life appreciate that advisers are familiar with the new CoFI legislation, however, they wanted to share their expectations in a format that would be easy to read and included a short quiz to test their understanding.
By the end of March, a customer-friendly version of their fair conduct programme and information on how Partners Life apply the fair conduct principle will be available on their website.
More news:
Southern Cross Health Insurance funds pilot for access to The Prostate Clinic
Momentum Life offer customers 20% off online wills in partnership with Public Trust
FMA ad campaign educating consumers about Fair Conduct Programme to launch soon
Experts advocate raising KiwiSaver minimum contributions to 4% from both employees and employers
Monsters in March off to a great start
We’ve kicked off our Monsters in March event series, thanks to the attendees, sponsors and speakers for making it happen.
We’ve kicked off our Monsters in March event series, holding the first session in Remuera on 18 March and the second session in Christchurch on 20 March. Thanks to the 150+ advisers that showed up to hear about personal insurance, business insurance or KiwiSaver advice. And thank you to all of our sponsors and speakers for making it happen.
Here’s a few photos from the events so far.
We’ll be holding a last on the North Shore in Auckland on 25 March – hope to see you there!
More news:
Fidelity Life will host a workshop at FANZ conference
mySolutions Member Benefits day is on 19 March
mySolutions webinar 'Artificial Intelligence: is it for you?' 26 March
Southern Cross Health Insurance appoint Russell Simpson Chief of Healthcare Partnerships
Registrations open for the Million Dollar Round Table’s Annual Meeting in Miami in June
Advisers originate about 70% of Kiwibank’s mortgages by volume
FSC release latest research report ‘Women and Finance in New Zealand’
The Financial Services Council (FSC) have released their ‘Insights and Trends: Women and finance in New Zealand’ 2025 report. With International Women’s Day being celebrated this month, the report aims to better understand how women and finances interact.
The Financial Services Council (FSC) have released their ‘Insights and Trends: Women and finance in New Zealand’ 2025 report. With International Women’s Day being celebrated this month, the report aims to better understand how women and finances interact. Some of the key findings include:
FSC research from December 2021 found that over 80% of female respondents considered their financial wellbeing as moderate to very low, with just under 64% of respondents reporting they worried about money at least monthly. By 2024, 70% of women were reporting worrying about money on a daily or weekly (in comparison, 51% of men reported worrying about money on a daily or weekly basis in 2024).
Despite reported underconfidence, FSC research has found that women are more financially literate than men overall, with 66% of women answering at least 75% of financial trivia questions correct, compared to 57% of men.
Women (61%) are more likely to be in debt than men (43%).
Women are more likely to be working part-time, have full-time home duties or be unemployed (43%) than the equivalent for men (14%).
58% of women say they are not particularly financially prepared or not financially prepared at all for retirement.
Last Year, Te Ara Ahunga Ora Retirement Commission found that the retirement gap between men and women has not improved, remaining fixed at a 25% difference since 2023. FSC CEO Kirk Hope said
"The current KiwiSaver settings disadvantages those who take career breaks, disproportionately affecting women who pause their earnings to care for or start their families.
It’s encouraging to see the Government make steps to start to address this, with those receiving paid parental leave from July 2024 being able to choose to make KiwiSaver contributions, and Inland Revenue making employer contributions of 3%.”
More news:
nib release their top 5 health claims for January 2025
nib announce nib Balance – a new health tool integrated into the my nib app
Arthur J. Gallagher & Co. has acquired RMA General Limited
Shaw Financial Insurance & Investments is merging with Apex Advice
AMP are looking for a Product Lead to join their Retail team
Chubb Life New Zealand appoints new Chief Executive Officer
Paula ter Brake has been appointed Chief Executive Officer of Chubb Life New Zealand, effective 5 May, subject to regulatory approvals.
Paula ter Brake has been appointed Chief Executive Officer of Chubb Life New Zealand, effective 5 May, subject to regulatory approvals. Paula has 30 years of experience and the retail banking and insurance industries and was most recently Executive General Manager, Consumer Brands for IAG New Zealand.
Paul Brock, Board Chair at Chubb Life, said
“Paula’s proven track record in driving growth along with transforming large businesses will bring real value to our customers, partners and our people. She is recognised for her dynamic leadership style and success in driving strategic initiatives and will play a key role as we continue the growth and success of our business.”
More news:
Russell Hutchinson's outlook on the life and health market for 2025
mySolutions webinar 'Case Study - Client engagement and fact-finding process ' 12 March
Sophie Sargent joins Apex Advice as Operations Manager
The FMA is looking for a Senior Adviser, Media Relations
Paul Brownsey says there should be more downward pressure on KiwiSaver fees
Amy Florian says advisers’ relationships skills are more important than money management skills
Chubb Life NZ appoints new Head of Claims
Chubb Life NZ has announced that Reeta Anthony has been appointed as its new Head of Claims, effective immediately.
Chubb Life NZ has announced that Reeta Anthony has been appointed as its new Head of Claims, effective immediately. Anthony will report to Debbie Eyre, Chief Operating Officer, and will be responsible for the strategic delivery of the claims proposition. Anthony has over 25 years of financial services experience and expertise and was most recently Head of Claims at Fidelity Life.
More news:
Kate Jorgensen has been appointed to the Board of Southern Cross Medical Care Society.
ASB's NPAT for the six months to December 2024 was $763 million
Pharmac announces decision to fund medicines for a further five health conditions
Super Early Bird tickets to the FSC 2025 Conference available now
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland.
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland. While details of the speakers and sessions are still to be released, the FSC has said that FSC25 Conference: Transforming for Tomorrow “…aims to inspire attendees to move beyond the present and envision a future where financial services not only meet immediate needs but also anticipate and address challenges for generations to come.”
Super Early Bird tickets are on sale now, which includes the FSC Awards Dinner.
More news:
Nicola Willis will deliver a keynote address at National Adviser Conference
Jon-Paul Hale questions whether we should commoditise life insurance
The gender pay gap is a key focus of the FSC's Empower Women workplan
Survey finds kiwis have experienced a decline in their overall satisfaction of their quality of life
Report delves into implications for insurers from emerging medical trends
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers, with the Artificial Intelligence in Healthcare and Improving Cancer Outcomes chapters released to date.
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers. The report is split into five sections which analyses different topics: Artificial Intelligence in Healthcare (released); Improving Cancer Outcomes (released); Prevention (releasing 18 February); Obesity (releasing 4 March); and Climate Change (releasing 18 March).
Insurance Business Mag ran an article where Dr. Brad Heltemes, VP & medical director of R&D at Munich Re, discusses the Improving Cancer Outcomes chapter. In particular, Heltemes highlights how identification of various gene alterations the drive the development of a cancer can be significantly different between two cancers that appear to be alike in location and appearance, giving as one example “…the multiple different gene signatures seen with non-small cell lung cancers, each which responds to a different targeted treatment and each having a different prognosis.”
New diagnostic tests and innovative treatments are also leading to improving cancer outcomes, with many cancers that used to be terminal now being able to be managed as chronic diseases. With patients leading longer, healthier lives (which is great news!), longevity models and expected treatment costs need to be re-examined.
More news:
The unemployment rate reached 5.1% in the December 2024 quarter
New Zealand Society of Actuaries suggests retirement savings targets could be overstated
KiwiSaver funds under management reached $121 billion in the December 2024 quarter
AM Best reaffirms Partners Life ratings
AM Best has reaffirmed the financial strength rating and the long-term issuer credit rating for Partners Life.
AM Best has reaffirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Partners Life Limited, with the outlook for both remaining stable. AM Best categorises Partners Life’s balance sheet position as very strong.
More news:
TAP has launched a new AI Document Reader
Financial Advice NZ’s National Adviser Conference introduces sessions for new advisers
FSC Empower Women Networking Events 6 & 11 March
The Adviser Platform launch Insider Insights video series
68% of Australians are worried about paying for life insurance
Update to New Zealand Retirement Expenditure Guidelines released