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
Privacy week activities, progress of the Privacy Amendment Bill, and the first reading of the Contracts of Insurance Bill.
30 Apr 2024 - The office of the Privacy Commissioner has announced the 2024 Privacy Week programme. https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2024/
1 May 2024 - The Reserve Bank of New Zealand says that New Zealand’s financial system remains strong as it continues to adjust to the higher interest rate environment. https://www.rbnz.govt.nz/hub/news/2024/05/financial-system-robust-to-high-interest-rate-environment
2 May 2024 - The Contracts of Insurance Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 3 September 2024. https://bills.parliament.nz/v/6/019DAD64-3F9E-46B8-5CD9-08DC67F794E8?Tab=history
2 May 2024 - The Privacy Amendment Bill was read a first time and referred to the Justice Committee. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae?Tab=history
Legacy product research (an update)
As of 30 April 2024, the following legacy product research is available in our Standalone Head-to-Head.
As of 30 April 2024, the following legacy product research is available in our Standalone Head-to-Head:
• AA Life 2006, 2013, 2016, 2019
• AIA Total Care Max 2001 to current Life cover
• AIA MajorCare with Specialist & Tests 2019
• American Income 2021
• ANZ Life and Living 2015
• ANZ Lifestyle Protection 2007-2008, 2009, 2010
• ASB Absolute Health 2012-2014
• ASB MajorCare with Specialist & Tests 2019
• Asteron Life Smart Plan 1998
• BNZ Men’s ReCover 2004
• Cigna Flexi Card 2014, 2015
• Cigna Farmers Finance 1996/1998
• Cigna LifeOne 2014
• Co-Operative Bank 2013, 2018
• Countdown Life 2014
• Greenwich Life 2018
• Guardian Assurance 1996
• MAS 2011, 2012, 2013, 2016, 2018-2021
• Momentum Life 2019
• nib Premier Health 2017
• nib Premier Health Business 2017
• nib Premium Hospital 2017
• nib Easy Health 2018
• nib Top Private Hospital Cover Plus 2017
• nib Stay Well Classic 1996
• nib Private Hospital Silver 2017
• nib Life & Living 2018
• nib Hospital Cover EasyCare 2017
• nib Major Medical + Major Medical Deluxe 2015
• nib Cancer & Cardiovascular Benefit 2012
• NZ Seniors 2022
• NZHL 2019, 2021, 2023
• OneChoice 2019, 2021, 2023
• Pinnacle Life 2010
• Southern Cross Regular Care 2018
• Southern Cross Ultra Care 2021
• State Insurance 2013
• Tower Life 360 2008-2010, 2011-2013,
• Westpac Gold Term 2010, 2012, 2017
• Westpac Term 1990-1995,1995-2000, 2007, 2012 2017
• Unimed UniCare Advantage 2023
• Unimed UniCare Plus 2023
• Unimed Major Surgical + Major Surgical with Specialists &Test 2023
• Fidelity Serious Care Plus 2001 and 2003
• Fidelity Serious Care 2001
The following legacy product research has been rated and will be loaded to our Standalone Head-to-Head in the coming weeks. If you’re interested in a rating for one of these products or have a product that you believe we should rate, please reach out to us on info@quotemonster.co.nz
• AA Life 2009, 2014, 2018, 2022
• ANZ Life and Living 2010, 2016, 2017, 2020
• ANZ Lifestyle Protection 2004, 2011, 2015
• ANZ Lifestyle Insurance 2014, 2015
• AMP Vital Plus Crisis 2020
• Asteron Smart Life 2000
• BNZ BillAssure 2005
• Cigna Bill Protection 2018
• Kiwibank 2010, 2018
• Mercer Bill Protection 2016
• nib Standard Hospital 2017
• SBS Bank 2014
• State Insurance 2007
• Sovereign Absolute Health 2010
• Unimed Health Positive 2023
Happy Crunching!
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AIA appoints Chief Product and Strategy Officer
AIA NZ has appointed Alex Kühnast as Chief Product & Strategy Officer.
AIA NZ has appointed Alex Kühnast as Chief Product & Strategy Officer. Kühnast joins AIA from KPMG New Zealand, where we was Principal – Head of Insurance Consulting & Actuarial Services. In his newly created role, Kühnast will look after Product, Pricing, Investments and Strategy.
AIA NZ CEO Nick Stanhope said
"Alex’s appointment is exciting for us. He is a natural fit at AIA NZ with his passion for health and wellbeing, and he has a wealth of international experience, having lived and worked in his home country of South Africa, the Netherlands, United Kingdom and of course now New Zealand.”
More daily news:
The FMA is assessing 52 submissions on Outcomes-Focused Regulation consultation
Roxanne Salton talks about Southern Cross Health Society's technology strategy
Tony Vidler writes of how to create top of mind awareness
PWC summarises opportunities posed by open banking
Pharmac allocated largest ever budget of $6.294 billion over four years
Hon Paula Bennett has been appointed as member and chair of the Pharmac board
Legal and regulatory update for the life and health insurance sector
29 Apr 2024 - The FMA is holding a series of forums to dicuss the report on their monitoring of Class 1 and 2 Financial Advice Providers (FAP). Sessions will be held on 11 June in Auckland; 13 June on the North Shore, 19 June in Wellington; 20 June in Palmerston North, 25 June in Hamilton and 27 June in Christchurch. Invitations to register for these sessions will be sent to the relevant FAPs in May.
29 Apr 2024 - The Commerce Commission will hold a consultation conference on the banking competition draft report in Auckland on May 13. https://www.goodreturns.co.nz/article/976523089/having-a-say-on-draft-banking-report.html
29 Apr 2024 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have produced new and updated guidelines related to customer due diligence ahead of the new regulations due to come into effect from 1 June 2024. https://www.dia.govt.nz/AML-CFT-Updated-guidelines-related-to-customer-due-diligence
29 Apr 2024 - The Contracts of Insurance Bill introduced to Parliament. https://bills.parliament.nz/v/6/019dad64-3f9e-46b8-5cd9-08dc67f794e8
Fidelity Life offers premium relief to drought-affected customers
Fidelity Life are offering temporary premiums waivers to customers facing financial hardship as a direct result of droughts.
The government has declared medium-scale adverse events due to drought in Northland, Taranaki, Manawatū-Wanganui (including Tararua), Horowhenua, Wairarapa, Marlborough, Nelson, Tasman, Canterbury and Otago.
Fidelity Life customers who are facing financial hardship as a direct result of the droughts in these regions 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.
More daily news:
NZFSG launch Mortgage Recommendation Engine
Southern Cross Health Society is now a 4-star Certified Agile Organisation
AIA giving away AIA Vitality partner rewards
AIA webinar on accidental injury cover changes 1pm 30 April
Andrew Logan has joined Lifetime as its chief executive
FinTech NZ event 'Connect Event: Start-up to scale' 8 May in Auckland
Haydee Stroud appointed FSC’s Acting CEO
Haydee Stroud has been appointed Acting CEO at the Financial Services Council (FSC).
Haydee Stroud has been appointed Acting CEO at the Financial Services Council (FSC). Stroud will take on the role from 8 May, following Richard Klipin’s resignation.
Stroud has been with the FSC since 2017. FSC Board Chair Rob Flannagan said
“Haydee has played a key part in the FSC’s growth and success over the last seven years, and holds a wealth of knowledge and experience in the FSC’s ecosystem, operations and vision.”
“We are confident that Haydee will lead the FSC with stable hands and sustain the momentum the FSC has built in 2024 whilst the Board continues recruitment for a CEO.”
More daily news:
Fidelity Life Engage Conference 2024 will be held 6 - 7 November
Financial Advice NZ webinar 'Achieving Higher Compliance - Three Common Shortcomings' 8 May
Number of people suspending KiwiSaver contributions due to financial hardship highest in a decade
Doctors strike as some get pay rise while others get pay cut
Inquiry finds New Zealand’s emergency management system is not fit-for-purpose
Government has repealed parts of the Credit Contracts and Consumer Finance Act
The government has repealed some parts of the Credit Contracts and Consumer Finance Act (CCCFA). Commerce Minister Andrew Bayly said of the affordability regulations introduced to the CCCFA in December 2021
“These regulations created unnecessary compliance costs and are an excessive barrier for lending. And worse, the regulations failed to protect the most vulnerable Kiwis – the very people they were intended to safeguard”
The time to process loans increased substantially, with Minister Bayly saying some lenders had told him small loans that used to take two hours to process took up to eight hours to process under the new regulations.
Additional reforms to the act include:
Improving dispute resolution to better protect consumers.
Exempting councils from the CCCFA so they are able to offer low-risk financial products to help households improve their energy efficiency by installing heat pumps and insulation.
Removing duplicate reporting requirements.
We hope that the relaxation on small loans flows through to banks being able to offer more flexibility to people with what amounts to a timing issue, rather than a lending issue. But we know that lending rules are notoriously difficult to manage. This is one of the reasons why aspects of the wider programme are of more interest.
Minter Ellison puts the changes into context within a program of changes to financial law and regulation which the government has planned.
Of particular interest are the changes in supervisions structures with the responsibility for administering the CCCFA moving from the Commerce Commission to the Financial Markets Authority. Lending is a financial product, and we think the Financial Markets Authority, with conduct supervision responsibilities and, essentially, all the other financial products, is probably a good home for this law from an ongoing regulation perspective.
More daily news:
Jon-Paul Hale highlights issues with digital documents
The Ombudsmen FSCL and the IFSO Scheme are in merger talks
Empower Women breakfast at the National Strategy for Financial Capability Partners Conference
Andrew Dentice urges more discussion on the benefits of open banking
Pharmac outlines funding plans for continuous glucose monitors for type 1 diabetics
Quotemonster celebrates our 1,000th research subscriber
Congratulations to Zhan Viljoen from JV Financial Services on being our 1,000th research subscriber! 🎉
Congratulations to Zhan Viljoen from JV Financial Services on being our 1,000th research subscriber! 🎉
Our Data Scientist, Edward Foster hand delivered a special cake to him a few weeks back and learned his dad, Jan Viljoen has been a loyal Quotemonster user for many years.
To celebrate this milestone, we have also donated $1,000 to Big Buddy via The Good Registry - gifting goodness as nominated by Zhan.
We also want to say a massive THANK YOU to every single one of our subscribers for your continued support, and we can’t wait to work alongside you for many more years to come.
Big Buddy are doing some amazing work across NZ for our lads ages 7 to 14 years. Click here to learn more about them or check out The Good Registry for a list of the charities they’ve partnered with.
To learn more about Zhan, Jan and the JV Financial Services team, please click here: https://jvfs.co.nz/
Happy Crunching!
Legal and regulatory update for the life and health insurance sector
23 Apr 2024 - The Reserve Bank of New Zealand released its submission on the Commerce Commission’s draft report from its market study into personal banking services. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-releases-submission-on-draft-commerce-commission-market-study
23 Apr 2024 - The Financial Markets Authority has published its guide for Managed Investment Scheme managers and their supervisors for effective liquidity risk management, following consultation. https://www.fma.govt.nz/news/all-releases/media-releases/importance-of-effective-liquidity-risk-management/
23 Apr 2024 - Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes - Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and the Financial Dispute Resolution Service – and raise the maximum amount the schemes can award to $500,000. The government aims to have the regulations providing for the changes in place by July 18. https://www.goodreturns.co.nz/article/976523065/aligning-disputes-resolution-schemes.html
23 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-consults-on-enhancements-to-quarterly-insurance-publication-suite