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.
Updated Health / Medical insurance price comparison database
We have created an updated Medical Comparison database V114. Institutional subscribers have copies in their shared folders / FTP sites. Advisers quoting on Quotemonster already have the new rates showing in their quotes. Changes are detailed in this post.
We have created an updated Medical Comparison database V114. Institutional subscribers have copies in their shared folders / FTP sites. Advisers quoting on Quotemonster already have the new rates showing in their quotes. Changes are detailed below.
Changes in V114:
Updated nib rates effective 1/1/25
Updated AIA Policy Fee ($7.80) effective 1/1/25
Product comparison database upgrade
The research team worked tirelessly through the holidays—there is always more research work to do. Some highlights from their busy summer, while you were on break, are detailed in this post.
The research team worked tirelessly through the holidays—there is always more research work to do. Some highlights from their busy summer, while you were on break, include:
Library Expansion:
We now have over 4,000 policy documents in our library. We are confident that no one else has such a comprehensive collection. In addition, we have identified more than 300 old in-force policy types that are no longer sold, which we plan to incorporate into the library.Legacy Contracts:
Before Christmas, we had rated 202 legacy contracts. While that might seem modest compared to the more than 4,000 documents in the library, let us explain: we prioritize legacy contracts with the largest number of existing members. For instance, a 50-year-old Temperance and General Mutual Assurance Society whole-of-life policy might have a few dozen current members, whereas older plans from major insurers such as BNZ Life or Westpac often have tens of thousands—sometimes over 100,000—members. Our carefully curated library now supports about 95% of the existing business research inquiries we receive. Additionally, over the last three weeks, we’ve added two dozen new legacy research evaluations.Dynamic Updates:
A key advantage of our approach to legacy research is that we update ratings whenever there is a weighting change or product upgrade. Some services only provide the rating applicable when the product was last actively researched while on sale. This can lead to outdated insights, especially given the recent trend of blanket upgrades in existing business—particularly by medical insurers and specialist bancassurers acquired by mainstream life insurers.On-Sale Research Updates: version 16.3 now live
We have upgraded our on-sale research database to version 16_3, which includes the following enhancements:Trauma: Minor sub-item reviews for Major Organ Transplant, Early Onset Osteoporosis, Stroke, Coma, Aplastic Anaemia, Trauma Buyback, and Permanent Loss of Hearing.
Mortgage: Minor sub-item review for Offsets.
Life: Minor sub-item review for Inflation Adjustment.
Specific Injury: Minor sub-item review for Loss of Hearing.
Medical: Minor amount score review for GP Minor Surgery and Pregnancy.
If you’d like to learn more about the recent changes to our research ratings, please join us at our forthcoming research deep dive meeting. Details will be posted here on the blog as well as via a pop-up on the site.
Thoughts from advisers - Jeremy Bernstein
Hear from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher.
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher
What is the most rewarding part of your job?
I get huge satisfaction from writing insurance for people that are not otherwise insured, new policies for new clients, creating financially resilient families & businesses and growing the insurance market.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
Find ways to enjoy continuous learning. Over time, aim to understand every corner of detail of how these policies work - understand that attention to detail is absolutely vital in this industry.
What is something you are looking forward to about the industry over the next 10 years?
I look forward to the industry maturing into regulation and contributing to higher standards of ethics and professionalism.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20’s: Find a career they love and one where you are not simply renumerated by wages alone i.e. share in profits through professional partnership or business ownership or a role that offers bonuses if sales targets are achieved. Contribute to KiwiSaver with high growth asset allocation with low fee investments. If not already insured, apply for Private Medical Cover with Partners Life, apply for Loss of Earnings Income Protection with Level Premium until age 70 with Asteron Life.
30’s: Buy a home and review insurance to ensure Life Cover is sufficient.
40’s: Work hard to achieve career goals and find ways to enjoy continuous education. Stay healthy and try hard to keep relationships intact i.e. divorce is a massive financial setback.
50’s: Apply for higher professional roles and actively seek opportunities for business growth and increased income, repay mortgage and step up investment.
60’s: Stay married, stay happy, stay healthy, stay professionally relevant and stay working!
What’s the last book you read?
How Star Wars Conquered the Universe - Chris Taylor.
What do you want us to write about?
We’d love to find out what you’d like to read more of this year on the blog.
We’d love to find out what you’d like to read more of this year on the blog. Local industry news? Global insurance news? Health news? Insurtech? Let us know here.
Happy New Year!
The Chatswood and QPR teams are back in the office and looking forward to everything we have planned this year.
We hope you had a lovely break, got to enjoy some sunshine and had a chance to relax. The Chatswood and QPR teams are back in the office and looking forward to everything we have planned this year.
Things you may want to check out again now you’re back:
Research: If you come across legacy products, then dive into our Standalone Head-to-Head feature, designed to make product comparisons more precise and efficient. This tool lets you compare two products side by side in detail, highlighting key differences across benefits, features, and ratings.
Insurer updates: A range of new insurer benefits and features were launched late last year – have you seen…
o Chubb Life – Continuous trauma
o Fidelity Life – Specific Injury benefit
o AIA – Accidental Injury benefit
Advicemonster: If you’re not already using Advicemonster to create better, faster, and more robust SOAs, we’ve added even more reasons to make the switch. Have you tried our new AI features?
Businessmonster: New Year, New Business!? Whether you are experienced or new to giving advice on business insurance we offer you the best online business insurance statement of advice assistance tool you can find. It includes access to the companies office API and AI services to help get you the data you need faster and even help with drafting parts of the SOA. If you have Advicemonster you can check it our for free. If not, request a trial so you can check it out by clicking here.
Security: Your FAP has requirements to meet certain standards. Want to take another look at what we do to help you? Check out our Outsource Provider Statement and information security bulletins for extra peace of mind.
If you haven’t already, check out Kiwimonster - compare over 30 KiwiSaver schemes and 300+ funds with ease at www.kiwimonster.co.nz or by clicking on the new icon at the top of the screen when you login to www.quotemonster.co.nz.
You’ve read this far. Not many people have. Email Russell to ask about a super special offer (but hurry, the rest of the staff will get in and stop him by the 16th of January – so you must email before then).
Hit us up with any questions you have. And if you have any thoughts on training you would find useful, please let us know here or here.
Recent rate changes on Quotemonster
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 January 2025.
Dear Quotemonster users,
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 January 2025.
nib Ultimate Health and Ultimate Health Max
AIA monthly policy fee
If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz
Happy Crunching!
Thoughts from advisers - Samuel Rees-Thomas
Hear from Samuel Rees-Thomas, Director and Financial Adviser at Harness Financial.
Thoughts from advisers
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Samuel Rees-Thomas, Director and Financial Adviser at Harness Financial
What is the most rewarding part of your job?
Saving New Zealanders' lives. Literally. (Especially when it comes to Health Insurance advice paying off).
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
Go through the Financial Advice process yourself multiple times with a few different advises and take notes.
Pay for the advice if a fee is involved. Buy insurance through an Adviser, take notes.
Go through the insurance sales process at your bank, take notes and compare the experience.
Start investing in a managed fund after receiving advice.
What is something you are looking forward to about the industry over the next 10 years?
An increase in the nation's financial literacy.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20’s: Read Rich Dad, Poor Dad. Follow the principles. When you buy your first house, buy a 'house' because of its merit. Don't try and buy your long-term home.
"Work harder on yourself than you do in your job (but still work hard), that way your income earning potential will grow and so will your character." Jim Rohn (summarised). Buy 5 star Health Insurance and Income Protection.
30’s: Don't wait too long to have kids as you'll never have more time or energy than you do now.
Push yourself and take new career opportunities.
Make sure your retirement planning pathway and the associated disciplines are locked down and underway. Date your spouse even when you've been together for a long time.
40’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines are aligned.
50’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines remain aligned.
60’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines remain aligned.
Thoughts from advisers - Louise Grinstead
Hear from Louise Grinstead, Director and Insurance Adviser at The Insurance Team.
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Louise Grinstead, Director and Insurance Adviser at The Insurance Team
What is the most rewarding part of your job?
The clients, the relationships forged. I love when they call be to advise they have started gym, had kids, stopped smoking etc.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
If you have a passion for helping people, do it. I don’t believe you should do it “just for the money”. Do it because you want to help.
What is something you are looking forward to about the industry over the next 10 years?
Hopefully, they will sort out the trail issue i.e we work for clients that want to work with you and not a previous broker. This may be as they have retired, do not contact clients etc but they still get ongoing trail and no liability, and you are servicing the client for free and have liability. I believe absolutely in a transition period but after a year I think this should just be transferred.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
Take out insurance, speak to a broker to help, have cover on Level as to save premiums when older. Invest, make it automatic that you have money going into some kind of savings – diversify portfolio. And health insurance – you may be fine in your 20’s but in yours 60’s you’ll be thankful you have it.
What’s the last book you read?
The laws of lifetime growth – Dan Sullivan
Industry infrastructure and the value of good government
What do we mean by ‘industry infrastructure?’ KiwiSaver managers highlight an example currently missing.
There is a necessary tension between an industry and government. Too close and there is a risk of coddling, capture, and even worse. Too distant and producers and consumers suffer from the neglect of industry infrastructure.
What do we mean by ‘industry infrastructure?’
These are the systems, practices, laws, and regulations that collectively set up ‘how we do things in this industry.’ In some cases, they are legal and regulatory frameworks - such as licensing of insurers by The Reserve Bank of New Zealand, and regulation of financial markets by the Financial Markets Authority. Sometimes they are literal services - for example, collection of contributions to KiwiSaver by Inland Revenue.
Establishing these and getting them right-sized is difficult. For all our gripes about new regulation, most New Zealand insurers and financial advisers that look at the Australian approach feel our regime is far better. KiwiSaver managers have identified that there is a missing piece of industry infrastructure in their world: a common standardised method for establishing whether a hardship withdrawal should be permitted. I think it is an excellent example of where government can help a sector, which means customers first and foremost but also includes product providers and advisers. Read this article to find out more: “Heartbreaking” hardship applications a challenge for KiwiSaver providers - Good Returns
Thoughts from advisers - Camilla Tumai
Hear from Camilla Tumai, NZ General Manager of BizCap
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Camilla Tumai, NZ General Manager of BizCap
What was the most rewarding part of being an adviser?
For me, the most rewarding part of being an adviser was witnessing firsthand how strategic financial planning can transform lives. Whether it was helping clients protect their financial future through insurance, guiding them toward their first home with KiwiSaver, or showing them how to live their best life in retirement, each experience was a chance to make a real impact. It’s incredibly fulfilling to empower clients with the knowledge and tools they need to achieve their dreams.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
My biggest advice would be to focus on building relationships and trust. Being an adviser is about more than just financial products; it’s about understanding each client’s unique goals and guiding them with empathy and integrity. Take time to educate yourself and your clients—financial knowledge is powerful, and when clients trust that you genuinely have their best interests at heart, you’ll create meaningful, lasting relationships.
What is something you are looking forward to about the industry over the next 10 years?
I'm excited about the growing focus on financial education and accessibility in our industry. With digital tools and resources expanding, more people are gaining access to personalised advice that can support them at any stage of life. I look forward to seeing an industry where everyone, regardless of their financial starting point, has the guidance they need to make empowered decisions for their future.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20s: Begin with good habits—set up a budget, start an emergency fund, and begin contributing to retirement savings, even if it’s small. Getting familiar with investing early is invaluable.
30s: This is a time for more focused planning. Grow your investments, increase retirement contributions, and consider insurance to protect yourself and loved ones.
40s: Start building wealth more aggressively while managing debt. Regularly review your financial goals and ensure your retirement plan is progressing as planned.
50s: Focus on accelerating savings and clearing high-interest debt. Take time to review your retirement goals and adjust investments to secure your financial future.
60s: It’s time to transition into wealth preservation. Assess your income sources and create a sustainable withdrawal plan for retirement.
Financial planning is a journey that evolves with every decade, and taking proactive steps at each stage creates the foundation for a secure and fulfilling financial future.
What’s the last book you read?
Atomic Habits by James Clear