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
RBNZ publish Paul Conway speech; APRA release Life Insurance Claims and Disputes Statistics publication; RBNZ Five Year Funding Agreement published; ASIC to launch a new digital portal for licensing; The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices.
15 Apr 2025 - RBNZ publish Chief Economist Paul Conway speech 'Forecasting: (conditionally) charting the path forward'. https://www.rbnz.govt.nz/hub/news/2025/04/forecasting-conditionally-charting-the-path-forward
15 Apr 2025 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2024 to 31 December 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-10
16 Apr 2025 - The Minister of Finance has published the RBNZ Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030. The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-five-year-funding-agreement
16 Apr 2025 - ASIC is launching a new digital portal for licensing on 5 May 2025 to apply for, vary and cancel an Australian financial services (AFS) licence. https://asic.gov.au/about-asic/news-centre/news-items/asic-to-launch-new-portal-for-australian-financial-services-licensees/
16 Apr 2025 - The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices, recommendations that have been made to the Minister of Commerce and Consumer Affairs. https://www.takeovers.govt.nz/assets/LawReform/Recommendations/Revised-Recommendations-to-Minister-March-2025.pdf
Naomi Ballantyne honoured with Lifetime Achievement Award
Naomi Ballantyne, chair of The Adviser Platform, was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand Conference.
Naomi Ballantyne, chair of The Adviser Platform (TAP), was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand (FANZ) Conference.
“Her commitment to making financial advice accessible to more New Zealanders is evident in her continued efforts towards driving the importance of advice and innovation…Her tireless advocacy for the importance of financial advice is sure to inspire the new generation of advisers, leaders and entrepreneurs to walk in the path she has carved.”
Naomi’s career in the life insurance industry spans more than 40 years and includes founding two insurance companies, advocating for making financial advice more accessible for all New Zealanders, and spearheading initiatives aimed at supporting advisers through technology-driven solutions.
At TAP, Naomi has worked on embedding fintech solutions to streamline compliance and administrative processes, freeing up members to have more time to focus on clients; shares her invaluable expertise through TAP’s Insider Insights series; leads initiatives designed to empower and inspire female advisers; and is a regular presence at TAP events and conferences.
Ballantyne will lead TAPs inaugural Women in Advice event being held in July in Auckland, a full day event to empower, connect, and inspire female advisers and staff within the TAP community.
More news:
Swiss Re to exit Australia life market, Hannover Life Re to take over portfolio
Medicines Amendment Bill passes first reading
WellSouth encourages NZers to include Advanced Care Plans in their personal planning portfolios
Website and research upgrades: what you need to know – website version v4.6.8 / QPR v16.5 and v16.6
We’ve released two database updates over the past two weeks in response to recent market changes, here are the changes we’ve recently made on Quotemonster.
We’ve released two database updates over the past two weeks in response to recent market changes, here are the changes we’ve recently made on Quotemonster:
Researchmonster updates:
- Pricing and research available for Rural Key Person
Rural Key Person is available in our Advicemonster subscription, and the companies currently included in this comparison are:
- AIA Rural Continuity
- Asteron Life Farmers Disability
- Chubb Life Monthly Disability: Revenue Replacement (For Farmers)
- Fidelity Life Rural Key Person
- Partners Life Loss of Revenue (For Farmers)
- Pricing and research available for nib Ultimate Life & Living
nib’s Ultimate Life & Living range launched on 2 April 2025 and offers cover for Life, Trauma, TPD, Income Protection and Mortgage Protection benefits. We also include pricing and research for their Early Cancer and Serious Condition Financial Support options, simply select these in your Product and Provider Settings.
- Pricing and research available for Chubb Life Moderate Trauma
Chubb Life’s Moderate Trauma Cover launched on 10 April 2025, it’s an affordable alternative to Trauma Cover and requires a higher level of severity to be met on eleven of the more common conditions to be eligible to claim. To include this product in your price and research comparisons, simply ensure they are selected in your Product and Provider Settings.
Research changes in response to Chubb Life’s trauma product enhancements are reflected in Quotemonster and we are working to update the relevant policy wording to align also.
- Product changes for Partners Life
The Total and Permanent Disability (TPD) Benefit on monthly disability covers became optional on 15 March 2025.
Research changes in response to Partners Life’s trauma product enhancements are reflected in Quotemonster and we are working to update the relevant policy wording to align also.
- Pricing and research available for Booster SmartCover
Booster now offers cover for Life, TPD, and Trauma package.
- Updated wording for AIA Critical Conditions and Progressive Care
AIA enhanced their AIA Living trauma products where the three-month stand down will start from the date of receipt of application by AIA instead of the risk commencement date.
Other noteworthy updates:
- Recent rate changes
- Southern Cross Wellbeing 1 & 2 effective 1 March 2025
- nib Ultimate Health and Ultimate Health Max effective 1 April 2025
- Fidelity Life effective 1 April 2025
- Chubb Life specific injury effective 10 April 2025
- Partners Life private medical effective 22 April 2025
- Updated research infographics
The following infographics have also been updated:
- Personal Product Rating Map
- Business Product Rating Map
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 – Monday, 28 April 2025 2:00 pm-3:00 pm
In this session, we will demonstrate the basic functions of our website, along with some handy tips and tricks along the way.
Demystifying Advicemonster - Tuesday, 29 April 2025 9:30 am-10:30 am
In this session, we will demonstrate how to use our needs analysis and statement of advice (SOA) tools.
Business Risk Research and SOAs with Quotemonster – Tuesday, 29 April 2025 11:30 am-12:15 pm
In this session, we will demonstrate how to use our business risk pricing, research, and SOA functionality.
Introduction to Kiwimonster - Wednesday, 30 April 2025 9:30 am-10:00 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!
Product changes at Chubb Life
Chubb Life introduce a Moderate Trauma Cover option, make enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers and change underlying premium rates.
Chubb Life have introduced a Moderate Trauma Cover option under Assurance Extra. Offering coverage for the same critical illness conditions, it is a more affordable alternative to Trauma Cover. Moderate Trauma Cover requires a higher level of severity to be met on 11 of the more common conditions to be eligible to claim. Customers have the option to take Moderate Trauma on its own or mix and match their cover level across both Trauma and Moderate Trauma Covers. They’ll also have the option to take out Continuous Trauma on both covers.
Chubb have also made enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers. Assurance Extra Trauma Covers have added a Newborn Children’s Benefit, Complimentary Children's Benefit conversion enhancement and added a feature allowing policyholders to convert Trauma Cover to Moderate Trauma Cover. Assurance Extra Business policies have had to Age 65 and to Age 70 level premium review periods added and the payment term options have been extended to include a two-year payment term for Replacement Labour.
Chubb Life has made changes to the underlying premium rates on their Specific Injury Cover under Assurance Extra, Assurance Extra Business, Business Assurance and Agribusiness Extra. The new underlying rates come into effect on 8 May 2025 and will see the average Specific Injury premium increase by $3.10 per month depending on gender, occupation and cover level.
They have also updated their non-medical codes and associated limits – reducing the number of medical code categories and removing several mandatory testing requirements, and making some improvements to limits.
Chubb Life have also extended their 15% Lifetime Reward and 2 months’ free cover for new policies or cover increases under an existing eligible policy until 31 March 2026.
More news:
Rob Hennin to step down as nib CEO
Steve Wright writes of how advisers need a mindset change away
Naomi Ballantyne to lead TAP's inaugural Women in Advice event
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
Dr John Mayhew has died
We were saddened to hear that Dr John Mayhew, known to many as ‘Doc’, has passed away. Our deepest sympathies are with his family during this difficult time.
We were saddened to hear that Dr John Mayhew, known to many as ‘Doc’, has passed away. Our deepest sympathies are with his family during this difficult time.
Throughout his career, Dr Mayhew was involved in numerous national and international sports events, but his most recognised were being All Black team medic for almost two decades and club doctor at the Warriors for 14 seasons. He played a crucial role in advancing the field of sports medicine in New Zealand, contributing to research, education, and the overall development of medical practices tailored for athletes. In 2016 he was made an Officer of the New Zealand Order of Merit for services in sports medicine.
Dr Mayhew spent 21 years at AIA NZ & Sovereign and was most recently the resident medical expert at AIA in his role of Chief Medical Officer. A message from AIA said,
“Doc was always ready to share his knowledge with our people, from answering complex medical questions, providing advice on claims, helping to decipher doctor’s handwriting, or just taking the time to talk all things rugby & the Warriors.”
A message from the FSC said,
“Dr. Mayhew will be remembered by the FSC team for his balanced perspective and insight, and his commitment to prioritising positive outcomes and the wellbeing of patients.”
Russell Hutchinson remembers him warmly as being part of the team at Birkenhead Family and Sports Medicine before he left to focus on sports medicine and the insurance industry.
Strategi Group white paper outlines ways for FAPs to future-proof their business
Strategi Group’s Next Gen Advice: Future-Proofing Your Business For 2030 report explores evolving trends shaping the future of the financial advice industry and outlines practical steps for FAPs to future-proof their business.
Strategi Group have released a white paper Next Gen Advice: Future-Proofing Your Business For 2030, which explores evolving trends shaping the future of the financial advice industry and outlines practical steps for FAPs to future-proof their business. The findings from the report were presented at the 2025 National Adviser Conference – Shaping the Future of Advice.
Firms that thrive in 2030 will look very different to those operating today – the paper explores what a ‘Next Gen’ advice business will look like – a FAP that uses technology, marketing, outsourcing, people and governance/compliance to their advantage.
Unsurprisingly, technology advancements will be more widespread and better incorporated in 2030 – whether that’s AI agents handling administrative tasks such as scheduling appointments and answering client queries or calls being recorded, transcribed and summarised into client summaries and adviser’s file notes. Video is anticipated to play a greater part, with SOA’s predicted to be delivered as video presentations incorporating interactive, scenario-based calculators and past video calls available to be retrieved via a secure app. Leveraging data analytics and AI will enable hyper-personalised advice aligning to each client’s goals and life stages.
The report cautions that AI rollouts need to be approached with careful thought and planning around
current and future expected markets and how they prefer to engage;
how to ensure AI integration is seamless, scalable and easily upgradeable;
privacy, security and compliance needs being fulfilled;
hardware capability;
upskilling staff;
implementing new technologies in a way that ensures smooth transitions and minimal disruption.
To successfully market themselves, FAPs need to decide if they will be specialists who focus on a single product area and establish themselves as experts or generalists who can save clients time by simplifying all the financial aspects of a client’s life. In both instances, FAPs will need to focus on providing proactive advice that anticipates and helps prepare clients for their future financial needs, opportunities and challenges.
The report predicts successful FAPs will have larger client numbers but use fewer staff to manage them, with non-core tasks being outsourced to specialist providers. Currently, functions such as accounting, payroll, IT & data security, data storage and CRM, research, marketing and investment platforms are commonly outsourced. In future, Strategi envisages further areas for outsourcing to be compliance, AML/CFT, technology integration, training, HR and back-office admin.
Effective governance is critical to help future-proof advice businesses. While small firms may rely on a trusted professional consultant, mid-sized firms may need independent directors to be appointed. The report predicts that compliance providers will play a crucial role in helping firms adopt new technologies while ensuring that their advice processes remain compliant with evolving regulations. Improving governance competence, knowledge and skill and planning for governance scalability as businesses grow will be key to succeed.
Implementing these steps will allow the FAP of the future to spend less time on admin and more time engaging with clients.
More news:
Legal and regulatory update for the life and health insurance sector
RBNZ appoint Governor of the Reserve Bank of New Zealand for a six-month term; RBNZ looking for new external member of Monetary Policy Committee; Medicines Amendment Bill passes its first reading; FMA file criminal charges against former financial adviser.
8 Apr 2025 - Christian Hawkesby has been appointed as Governor of the Reserve Bank of New Zealand for a six-month term by the Minister of Finance, upon the recommendation of the RBNZ Board. https://www.rbnz.govt.nz/hub/news/2025/04/christian-hawkesby-appointed-as-governor-of-the-rbnz-for-6-months
9 Apr 2025 - A public appointment process has started for a new external member of the Reserve Bank of New Zealand’s Monetary Policy Committee (MPC) to replace Professor Bob Buckle when his term expires on 30 September 2025. https://www.rbnz.govt.nz/hub/news/2025/04/recruitment-of-new-external-member-to-the-monetary-policy-committee
10 Apr 2025 - Medicines Amendment Bill passes its first reading in Parliament and was referred to the Health Committee. https://www.beehive.govt.nz/release/medicines-amendment-bill-passes-first-reading
11 Apr 2025 - The FMA has filed a criminal charge against Auckland-based former financial adviser Prem Gounder for dishonestly using a document under section 228 of the Crimes Act 1961. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-criminal-charge-against-former-financial-adviser/
Did you miss our recent Monsters in March events?
We have had many advisers say they were unable to attend so we are holding one more online version of these events on the 16th and 17th of April.
We have had many advisers say they were unable to attend so we are holding one more online version of these events on the 16th and 17th of April.
These sessions are a must-attend for advisers looking to refine their expertise, embrace new opportunities, and integrate cutting-edge research into their practice.
There will be three separate sessions – one on business insurance, one on personal insurance and one on KiwiSaver. You can choose whether to attend all three sessions or pick one or two.
You can register for the 40-minute sessions using these links and there is further information on these sessions below. You need to register for each of the three sessions you would like to attend.
16 April - 10am – Business Insurance Session
16 April - 11am – Personal Insurance Session
17 April – 1pm – KiwiSaver Session
Session 1: Business Insurance – Unlocking Growth & Overcoming Barriers
Explore the untapped potential of Business Risk Insurance and learn how to navigate this lucrative market. This session provides a deep dive into the New Zealand business landscape and identifying opportunities for advisers.
Session 2: Personal Insurance – Navigating Market Shifts & Research Innovations
Stay ahead of industry trends and leverage independent research to strengthen your advice process. This session covers critical developments in the personal insurance market and our research tools.
Session 3: KiwiSaver – Strengthening Advice for Better Retirement Outcomes
Enhance your KiwiSaver advice strategy with independent research and expert insights. This session highlights the importance of adviser-led KiwiSaver recommendations and the tools available to support better decision-making.
Benefits of attending these events include:
· Explore the latest new research and platform enhancements firsthand
· Gain insights from expert speakers
· Earn valuable CPD credits
· Unlock exclusive access to extended free trials
Fidelity Life announce several key appointments
Fidelity Life have announced a range of changes to their team.
Fidelity Life have announced a range of changes to their team.
Craig Wagstaff appointed Head of Individual Life
Craig starts the role 9 June, and he will report directly to Bronwyn Kirwan, Chief Commercial Officer. Craig brings extensive expertise in life insurance, adviser relationships and bancassurance partnerships and most recently was Group General Manager Franchise, Brand and Marketing at NZHL. Craig will lead all aspects of Fidelity Life’s distribution strategy and channel performance for advisers, strategic alliances, bancassurance, and digital partners - areas of significant investment as Fidelity Life continues its growth journey.
Simon Millward takes on newly created role of National Partnerships Manager – Corporate and Growth
Simon will manage a portfolio of intermediary partnerships at regional and national levels while driving growth through new relationships. Simon was formerly Fidelity Life’s Head of Service Excellence, overseeing adviser onboarding, customer value and retention, customer advocacy and complaint resolution, and quality assurance.
Rhys Knight takes on the new role of Group Business Manager (contract)
Rhys was previously at Suncorp New Zealand and his new role will enable Fidelity Life to provide greater support to Group advisers and offer more protection to employees across New Zealand.
Sam Paterson takes on the role of Canterbury & Marlborough region Business Manager
Sam starts mid-April and was previously Area Manager for the Canterbury region at Farmers Mutual Group (FMG).
Peter Warfield & Kirsty Michell promoted to Senior Business Managers
Peter Warfield has been promoted to Senior Business Manager – North while Kirsty Michell has been promoted to Senior Business Manager – South.
Title changes for Michelle O’Connell and Gary Binnie
Following Peter and Kirsty’s promotions, Fidelity Life’s two current Senior Business Managers have had title changes. Michelle O’Connell has a title change to Regional Manager – North while Gary Binnie has a title change to Regional Manager - South.
Kenny Kaushish leaves Fidelity Life
Kenny Kaushish leaves Fidelity Life on 30 June, to transition into new role as a financial adviser. A search for a new Auckland Business Manager has commenced.
More news:
FSC Professional Advice Special Interest Group Networking Event 7 May
Seven new FANZ members have achieved certified financial planner designation
AIA launch AIA NZ Quarterly, a quarterly LinkedIn newsletter
Wealthpoint is looking for a Head of Investments
The IRD delivers a definitive statement of how it views GST in relation to funds management