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.
Legal and regulatory update for the life and health insurance sector
Reserve Bank of New Zealand Governor Adrian Orr has resigned; FMA release episode 2 of Jess Learns to Invest podcast; The Customer and Product Data Bill was read a second time; 2023/24 Annual reviews of the Financial Markets Authority, the Takeovers Panel and the External Reporting Board were published; RBNZ welcomes the release of Te Ōhanga Māori 2023 report.
5 Mar 2025 - Reserve Bank of New Zealand Governor Adrian Orr has resigned and will finish in the role on 31 March. Deputy Governor Christian Hawkesby will be Acting Governor until 31 March. From 1 April the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary Governor for a period of up to six months. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-governor-adrian-orr-resigns
5 Mar 2025 - The FMA release Women who Invest with Frances Cook | Jess Learns to Invest Podcast Episode 2. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-2/#:~:text=Join%20Jess%2C%20a%2027-year-old%20newbie%20in%20the%20world,will%20share%20invaluable%20insights%20and%20tips%20about%20investing.
6 Mar 2025 - The Customer and Product Data Bill was read a second time. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
6 Mar 2025 - 2023/24 Annual reviews of the Financial Markets Authority and the Takeovers Panel were published. https://selectcommittees.parliament.nz/v/6/6e50c091-a305-4df6-4d5b-08dd5d059012
6 Mar 2025 - 2023/24 Annual review of the the External Reporting Board was published. https://selectcommittees.parliament.nz/v/6/4d1f9c2c-fc27-4249-4d5f-08dd5d059012
10 Mar 2025 - The Reserve Bank of New Zealand has welcomed the release of Te Ōhanga Māori 2023 report from the Ministry of Business, Innovation, and Employment and Business and Economic Research Limited. Te Ōhanga Māori 2023 report builds on a series of reports that deepen our collective understanding of the Māori economy, and will inform and shape ongoing RBNZ initiatives, including Māori access to capital research and dashboard, facilitating lending on whenua Māori, the Māori data pilot, Te Waka Hourua, RBNZ's Te Ao Māori strategy, and related financial inclusion workstreams. https://www.rbnz.govt.nz/hub/news/2025/03/reserve-bank-of-new-zealand-welcomes-release-of-te-ohanga-maori-2023-report
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
MAS announce appointment of new Board member
MAS have announced that Melissa Macfarlane has been appointed to the MAS Board as a director, effective 1 February 2025.
MAS have announced that Melissa Macfarlane has been appointed to the MAS Board as a director, effective 1 February 2025.
Currently, Macfarlane serves as the New Zealand Country Head for Constantinople, a fully managed software and operations platform for banks to enhance customer experiences. Macfarlane has held a variety of prominent roles in the financial services industry, including Chief Digital Officer, Head of Corporate Strategy, and COO of Wealth and Insurance at Westpac Bank.
Brett Sutton, MAS Board Chair, said
“I’m delighted to have Melissa join us on the Board, as she brings a diverse set of skills in the financial services sector that will be valuable to the governance of MAS. In recent years, MAS’s regulators at the Financial Markets Authority and Reserve Bank of New Zealand have set robust expectations for the governance of financial services boards, so it is critical for the MAS Board to ensure we has the right balance of skills and experience to appropriately discharge our duties.”
More news:
FSC Life Insurance Special Interest Group Networking Event 25 March
Legal and regulatory update for the life and health insurance sector
FMA hold roundtable; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill introduced to Parliament; FSC publish Life Insurance Industry Spotlight December 2024; Andrew Bayly resigns as Minister.
20 Feb 2025 - The FMA is holding a FMA Chief Executive and Insurance industry roundtable on 26 March at 8:30am.
20 Feb 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was introduced to Parliament. https://bills.parliament.nz/v/6/8aad04b7-1df0-480a-531a-08dd514abaa2?Tab=history
21 Feb 2025 - The FSC publish the Life Insurance Industry Spotlight December 2024. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/FSC%20Corporate/Documents/Industry%20Statistics/FSC%20SPOTLIGHT%20Life%20DEC%202024.pdf
24 Feb 2025 - Andrew Bayly has resigned as Minister of Commerce and Consumer Affairs and Minister of ACC. https://www.nzherald.co.nz/waikato-news/news/andrew-bayly-stands-down-as-minister-after-putting-hand-on-staffer/ZV6UKMR5SNBQXAYVZXG4J3UYYI/
Key changes to Asteron Life team
Asteron Life have made a number of personnel changes following the recent acquisition by Resolution Life Australasia.
Asteron Life have made a number of personnel changes following the recent acquisition by Resolution Life Australasia. There have been three appointments to the Leadership Team - Kristy Redfern as Chief Risk Officer, Stefan Azzopardi as Chief Financial Officer and Catherine Henshall as interim Appointed Actuary.
Redfern joined in February 2025 and was previously General Counsel and Company Secretary for AIA Australia. Azzopardi will join in March 2025 and was most recently CEO of Donaldson Brown Insurance Brokers. An external search continues for the permanent Appointed Actuary position.
In addition, Scott Jenson has been appointed as Acting Executive Manager, Claims and Customer Solutions while the recruitment process for the permanent role is active.
Grant Willis, Chief Executive Officer Asteron Life New Zealand, said
“Kristy, Stefan and Catherine bring a wealth of experience that will bolster the strength and expertise of our existing leadership team, and it is great to see Scott step up to the acting role. I am very much looking forward to their input as we continue to grow our incredible business and transition into one of New Zealand’s largest life insurance businesses.”
More news:
Register for Quotemonster 'New research and tools' events in March in Auckland and Christchurch
Chubb Life introduce Smart Start, Change of Mind and the ability to delete quotes
Chubb Life have announced the launch of their new “Smart Start” feature, a new “Change of Mind” window for cancellations and withdrawals and the ability to delete quotes in Adviser Hub.
The Smart Start feature will be rolled out from 13 – 20 February. With “Smart Start”, once underwriting for an Assurance Extra or Assurance Extra Business policy has been completed at standard rates or an Offer of Terms has been accepted, Chubb Life’s systems will initiate a temporary pause period and advisers will receive a “Ready to Issue” email which outlines the planned commencement date, first payment date, payment frequency and premium amount. The default pause period is five working days, after which the policy will automatically issue, though advisers can adjust the pause period to anything from 0 – 5 days. During the pause period, advisers can request changes by replying to the email or calling the New Business team.
From 14 February, cancellation requests will be processed as soon as they’re received and the “Change of Mind” 14-day window will apply, whereby customers will be able to withdraw their cancellation request and retain their cover without going through underwriting again. If customers were to experience a claimable event, they’ll continue to be protected until the end of the change of mind window, or the effective date of the cancellation, whichever is the latest.
Advisers will be able to delete quotes from AdviserHub – individual quotes can be deleted from within the quote itself, or advisers can delete multiple quotes through a bulk delete function on the “retrieve quote” screen.
In other Chubb Life news, AM Best has reaffirmed Chubb Life Insurance New Zealand Limited's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a+” (excellent) with stable outlooks.
More news:
Women in Insurance Summit speakers announced
FMA looking for a Senior Adviser, Insurance
Legal and regulatory update for the life and health insurance sector
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time; Professor Philip Vermeulen appointed to RBNZ's governing Board; ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime; The Privacy Amendment Bill was read a second time.
13 Feb 2025 - The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time and referred to the Justice Committee. https://bills.parliament.nz/v/6/81644768-3902-4253-9723-08DD1EDF8E71?Tab=history
13 Feb 2025 - Professor Philip Vermeulen has been appointed to the RBNZ's governing Board. Philip will serve for a five-year term, from 10 February 2025 to 31 January 2030. https://www.rbnz.govt.nz/hub/news/2025/02/phillip-vermeulen-appointed-to-board
18 Feb 2025 - ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC’s proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. They are inviting feedback on the proposal to give relief from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties where:
the breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
the number of impacted consumers is not more than five, and
the total financial loss or damage to all impacted consumers resulting from the breach is not more than $500 (including where the loss has been remediated), and
the breach is not a contravention of the client money reporting rules, and clearing and settlement rules.
18 Feb 2025 - The Privacy Amendment Bill was read a second time. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae
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
EY release global insurance outlook for 2025
EY have released their global insurance outlook for 2025, with a range of insights applicable to the health and life insurance sectors.
EY have released their global insurance outlook for 2025. One of they key takeaways for life and health insurers is the growing global retirement savings gap. Longer lifespans and aging populations are set to increase the gap from US$106 trillion in 2022 to US$483 trillion in 2025, with EY predicting increased demand for financial estate planning services, life insurance, health insurance and wellness programmes.
AI is shifting business practices globally, with 99% of insurers already investing in GenAI or making plans to invest. EY posit that as data and tech become so much more important, they must be baked into front line operations and decision-making processes. More than half of workers believe GenAI will positively impact their productivity and ability to do high-value work. EY highlight the importance of having staff with AI skills and fostering a culture of innovation and adaptability to drive productivity gains and increase employee engagement.
EY predict a rise in personalised offerings, driven in part by advances in AI helping with tailored messaging, targeted recommendations, more accurate pricing and faster underwriting. EY suggest that product innovation will prioritise features (such as preventative services) that drive outcomes customers desire (e.g. healthier lifestyles), a la AIA’s vitality programme. They also highlight that importance of partnerships and new channels to gain access to new customer segments.
More stories:
Curated Risk merges with Long Burroughs Limited
New Zealand Home Loans appoints Michelle Vaughan as Insurance Lead
Asteron Life ratings updated after sale to Resolution Life
Nick Hakes talks about Financial Advice NZ’s annual conference
mySolutions webinar 'An app solution for your FAP ' 19 February
The household living-costs price indexes increased 3.0% in the 12 months to December 2024
Changes to Fidelity Life’s executive leadership team
Fidelity Life have announced some changes to their executive leadership team. They have split the current Chief Insurance Officer into two roles. Seema Bangera will take on the role of Chief Claims Officer and Dave Winspear will take on the role of Chief Operating Officer.
Fidelity Life have announced some changes to their executive leadership team. They have split the current Chief Insurance Officer into two roles. Seema Bangera will take on the role of Chief Claims Officer and Dave Winspear, currently Head of Individual Life, will take on the role of Chief Operating Officer. Both will join the executive leadership team on 24 February. Niall McConville, Chief Insurance Officer is returning to Melbourne but will continue in a consultancy role.
Seema Bangera, Chief Claims Officer
Bangera joins from Asteron Life, where she has been Executive Manager of Claims and Customer Solutions. Bangera has 20 years experience in the industry, having held roles at Kiwibank, Westpac and HSBC.
David Winspear, Chief Operating Officer
Winspear’s responsibilities will include underwriting, new business and service to Fidelity Life’s customers and advisers and strategic partners.
Fidelity Life is currently recruiting for a new Head of Individual Life to fill the gap left by Winspear’s promotion.
Fidelity Life CEO Campbell Mitchell said
“Claims is fundamental to why we exist for our customers – it’s our purpose, to stand beside our customers when they need us most. There is a huge advantage of having a strong claims voice representing customers at the executive table to ensure customers and businesses get the support and experience they deserve during the most challenging times in their lives.”
More news:
FMA believes some FAP's compliance approach is too conservative
Financial Advice NZ Markets Summit 2025 on 19 February
Financial Advice NZ webinar 'Retirement Expenditure Guidelines' 26 February
Poll finds higher rate of life insurance policy cancellations over the past 12 months