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.

Kelly O Kelly O

How to set up Occupation Class Settings

Watch our video on how to set up occupations class settings on Quotemonster.

Our video will take you through how to set up occupations class settings on Quotemonster.

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Doreen Dutt Doreen Dutt

Website and research upgrades: what you need to know – website version v4.6.3 / QPR v16.2

Here are the changes that we’ve recently made on Quotemonster.

Here are the changes that we’ve recently made on Quotemonster:   

Researchmonster updates:

- Pricing and research for Fidelity Life’s Specific Injury is now available.

Specific injury cover pays a lump sum when you suffer from one of the 30 defined specific injuries as a result of an accident.

These injuries include certain fractures, burns, loss of sight, loss of hearing, loss of use of one limb and more, where the required definition is met. Where your injury is covered, the payout will depend on how severe the specific injury is. To learn more, click here.

To select this option on Quotemonster, ensure you have included qualifying covers (e.g. Life, Trauma or Income) in your quote.

Fidelity Life has also released a range of enhancements to Life, Trauma and Multi Trauma, effective 20 November 2024. These changes are reflected in our product ratings on Quotemonster. To learn more, click here.

- Updated pricing and research for Pinnacle Life enhancements now available.

Pinnacle Life have updated their definitions for cancer, heart attack, stroke, and bypass surgery, along with the addition of 16 covered conditions such as Cardiac Arrest, Major Head Trauma, Meningitis / Meningococcal Disease, Rheumatoid Arthritis and more effective 7 October 2024.

Quotemonster provides research for Pinnacle Life’s Life, Trauma Accelerated, TPD Any Occ Accelerated and Income Products, plus pricing for Life and Trauma in the ‘Estimates’ section. To learn more, click here.

- Research for AIA Specified Accidental Injury is now available.

AIA have completed Phase two of their planned changes to accidental injury.
Quoting and research is now available for this version, which was released on 1 November 2024. To learn more, click here.

Noteworthy mentions regarding updates above: 

Research on previous policy document versions (if applicable) can be found in our Standalone Head to Head.

The following infographics have also been updated:

·        Personal Product Rating Map

·        Standalone Head to Head Product Map

·        Health Benefit Maximums

·        Insurer Pass Backs and Policy Terms

Training sessions:

Our team hosts online training sessions on a regular basis and invites you and your colleagues to join us if you’re interested in learning more about our services.  

Our next sessions will be: 

Introduction to Quotemonster – Wednesday, 11 December 2024 10:30 am-11:30 am

In this session Kelly Pulham, our National Partnerships Lead, will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.

Demystifying Advicemonster - Wednesday, 11 December 2024 12:00 pm-1:00 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, 12 December 2024 9:30 am-10:15 am

In this session, Aneel will demonstrate how to use our business risk pricing, research, and SOA functionality.

Introduction to Kiwimonster - Wednesday, 4 December 2024 9:30 am-9:50 am

A session on our brand spanking new service – Kiwimonster.

If you would like to join any of these sessions, please email your request to info@quotemonster.co.nz

Happy Crunching!

 
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Kelly O Kelly O

FSCL reminds advisers policies need to continue to meet client needs

The FSCL has stated that advisers must ensure insurance policies continue to meet the needs of each client, each time it is renewed.

The Financial Services Complaints Ltd (FSCL) has stated that advisers must ensure insurance policies continue to meet the needs of each client, each time it is renewed. This comes in the wake of a complaint where a customer paid out $37,000 in funeral insurance over the course of 17 years, for a policy that had a maximum payout of $10,000. The customer raised a complaint with the insurer and the FSCL and following a dispute process the customer was paid out compensation.

 
 
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Kelly O Kelly O

Steve Wright talks about reducing advice risk

Steve Wright tackled the question of reducing advice risk recently in a Good Returns article.

Steve Wright tackled the question of reducing advice risk recently. He asserts that in light of the largely untested ‘principles-based’ requirements FAPs and advisers must stick to, he’s not surprised that some advisers are experiencing stress. Steve sets outs a range of steps advisers could take for reducing advice risk. A good read if this is something you want to tackle.

 
 
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Russell Hutchinson Russell Hutchinson

Website and research database updates last week

Both the quotemonster.co.nz website and product research database went through upgrades last week. Here is a summary of the changes….

Both the quotemonster.co.nz website and product research database went through upgrades last week. Here is a summary of the changes:

1. Fidelity Specific Injury pricing + QPR Research

2. Pinnacle Life and Trauma new rate

3. Chubb Specific Injury with Qualified cover conditions with error message.

4. Accuro dependent over age 20 issues.

5. Personal AI result format issues on the SOA report.

6. QPR Version 16.2

The database version included a wide range of updated and new evaluations. Here is a more detailed list of those:

Changes in V16.2

Personal:

New policy document for Pinnacle Life effective 7 October 2024 - rating changes applied to Life, Trauma, TPD, and Income Protection

New policy document for AIA Specified Accidental Injury effective 1 November 2024 - rating changes applied

New Fidelity Life Specific Injury rated and enhancements applied to Life, Trauma and Multi Trauma effective 20 November 2024

Business:

New policy document for Fidelity Life effective 20 November 2024 - rating changes applied to Life and Trauma

Reviews & Remediations (personal/business):

AA Life Financial Stability Rating update from A+ to A

Trauma: - Sub-item review for Cardiac Arrest and renamed Out of Hospital Cardiac Arrest

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Kelly O Kelly O

Fidelity Life announce incoming Board Chair

Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025.

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Kelly O Kelly O

Fidelity Life announce product enhancements and digital, service, and retention initiatives

At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.

At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.

  • Trauma and Life covers: The entry eligibility for the Inbuilt Child’s Trauma benefit has been reduced from two years to three months, allowing more families to receive early protection. A new, separate benefit specifically for newborns facing trauma has also been introduced. Fidelity Life will also trail a premium discount for defined exclusions on trauma covers in the coming months.

  • Condition Definitions: Refinements have been made for clarity, and Terminal Illness has been introduced as a defined condition across the trauma range, including Child's Trauma.

  • Bereavement and Child’s Funeral Benefits: The Bereavement Benefit has been increased from $15,000 to $25,000, and the Child’s Funeral Benefit has been increased from $3,500 to $15,000 for children aged 10 to 20.

  • Grief Counselling Benefit: A new benefit offering an additional $2,500 to the sum insured.

  • Financial Planning Benefit: Easier access by removing thresholds and extending the claim period.

  • New Specific Injury Cover: A low-cost solution that pays a lump sum for any of 30 defined injuries.

  • Live Chat: Quick and easy access to New Business and Underwriting teams via Adviser Centre.

  • New-Look E-App: A modern and intuitive user experience launching in March 2025. The E-App’s latest upgrade goes live later this month, with the new ‘share’ feature enabling advisers to send a link to their customers, allowing customers to complete all or part of the application on their own.

  • Dedicated Adviser Service Team: A team committed to servicing all adviser needs.

  • Enhanced Retention Tools: Including renewal reminders and automated SMS reminders for customers. There will be additional roles created too.

  • Expanding adviser support roles: Fidelity Life are creating new roles, including a National Partnership Manager for mid-sized and corporate firms, as well as an Auckland Business Manager and a Desk-Based Business Manager, to provide more tailored support and drive closer engagement.

  • Adviser Edge Programme: New additions to the programme include an invitation-only overseas study tour and new practice manager masterclasses for admin staff.

  • Grow Together programme: Coming in early 2025, the invitation-only Grow Together programme will provide dedicated, prioritised support across key areas including new business, underwriting, and retention. Advisers in the programme can expect to benefit from dedicated support resources, exclusive benefits, and access to a wide range of support tools and professional development opportunities.

  • Adviser Council: Fidelity Life are inviting advisers to express their interest in joining their Adviser council, which meets quarterly with Fidelity Life’s leadership team to discuss industry updates, share market trends, and provides objective feedback on their initiatives.

  • Adviser relationship survey: To better understand market perceptions and Fidelity Life are launching a bi-annual Adviser relationship survey to provide key insights into advisers' experiences and expectations and where Fidelity Life need to improve.

  • Group Solutions enhancements: From early 2025, Fidelity Life will be launching a quarterly industry insight, Group IQ; holding an annual onsite Group HQ conference for the top 30 group advisers; and launching a new group solution designed for small businesses, providing enhanced tools and technology for a smoother experience and better outcomes.

Bronwyn Kirwan, Fidelity Life's Chief Commercial Officer, said

"We are thrilled to introduce these new product enhancements and initiatives. They are a testament to our ongoing commitment to providing our advisers and customers with the best possible support and value.

These enhancements deliver more value, greater accessibility, and increased choice."

 

More info:

Chubb Life change underwriting process for Mortgage Repayment Cover

Partners Life are holding Summer Roadshows in November & December

AIA has launched new Specified Accidental Injury Cover product

AIA survey advisers around the need for terminal illness cover

AIA Vitality members can get up to 40% off Garmin and New Balance

The FSC has recorded a small deficit of almost $46,000 before tax over the 12 months to June 30

ICNZ has welcomed the passage of the Contracts of Insurance Bill

Financial Advice NZ's national adviser conference is on 1 - 3 April 2025

mySolutions webinar 'Why Chubb?' 27 November

Lyka Burr & Vincent Zhang join TAP's compliance and governance team

Unimed offer psychologist led introductory sleep workshops

Ashleigh Buchanan from Southern Cross Health Insurance named Emerging Leader of the Year

Susan Taylor says a fresh solution to liability gaps needed

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Kelly O Kelly O

Legal and regulatory update for the life and health insurance sector

RBNZ warn Quest Insurance Group Limited; APRA publish findings of climate risk survey; The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time; XRB announce climate and assurance proposals; APRA publish FAQ’s for insurers; ASIC announce enforcement priorities for 2025; FMA release latest podcast; Minister of Commerce and Consumer Affairs’ diary released; FMA publish updated calendar of events.

12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited

12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme

13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks.   https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate

13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/

13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:

  • A one year extension to the adoption provision for scope 3 GHG emissions disclosures

  • A one year extension to the adoption provision for anticipated financial impacts disclosures

  • A new one year adoption provision relating to the assurance of scope 3 GHG emissions

The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
 The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.

https://www.xrb.govt.nz/news/latest-news/

14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers.   https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers

14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.

  • Misconduct exploiting superannuation savings

  • Unscrupulous property investment schemes

  • Failures by insurers to deal fairly and in good faith with customers

  • Strengthening investigation and prosecution of insider trading

  • Business models designed to avoid consumer credit protections

  • Misconduct impacting small businesses and their creditors

  • Debt management and collection misconduct

  • Licensee failures to have adequate cyber-security protections

  • Greenwashing and misleading conduct involving ESG claims

  • Member services failures in the superannuation sector

  • Auditor misconduct

  • Used car finance sold to vulnerable consumers by finance providers

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-252mr-asic-announces-new-enforcement-priorities-with-a-focus-on-cost-of-living-pressures/?altTemplate=betanewsroom

14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/

15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released  with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)

https://www.beehive.govt.nz/sites/default/files/2024-11/Proactive%20Diary%20Release%20Oct%2024%27%20Hon%20Andrew%20Bayly.pdf

15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/

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Kelly O Kelly O

Updating your Product and Provider settings

Here’s a quick explainer on how to set up product and provider settings.

Our video is a quick explainer on how to set up product and provider settings, whether it’s setting your preferred premium frequency, or linking health and life providers.

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Kelly O Kelly O

Accessing the Quotemonster Policy Archive

Did you know we have a massive range of current and legacy policy documents available on Quotemonster?

We have a massive range of current and legacy policy documents available on Quotemonster – find out how to find them here.

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