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.
AI becoming more trusted by executives
SAP investigated how US executives were using AI in their organisations and their trust in the technology.
SAP investigated how US executives were using AI in their organisations and their trust in the technology. They found that AI has become embedded in work practices (with 63% of executives using generative AI daily) and is changing how people do business.
Decisions are being made based on AI insights, with 44% of C-suite executives saying they would override a decision they had already planned to make based on AI insights and another 38% trusting AI to make business decisions on their behalf. 74% of executives had more confidence in AI advice over advice from family and friends. And a massive 55% of executives say in their company AI-driven insights have replaced or bypassed traditional decision-making.
Some common tasks carried out by generative AI tools include:
Analysing data and making recommendations for decision-making (52%)
Spotting risk or issues they hadn't previously considered (48%)
Offering alternate plans (47%)
Enhancing product development (40%)
Supporting budget planning (40%)
Performing market research (40%)
SAP found that there were positive implications on employee wellbeing, with 39% of executives reporting better work-life balance, 38% reporting improved wellbeing and 31% reporting reduced stress.
More news:
SortMe Advisor Portal, a tool designed to enhance financial advisory services, launches
AIA launch new Guide to Medical Underwriting
28% of large organisations rank AI-generated cyber threats as a major risk
Unimed CEO to step down
UniMed has announced that CEO Louise Zacest will be stepping down at the end of March.
UniMed has announced that CEO Louise Zacest will be stepping down at the end of March. UniMed Chair Peter Tynan said the organisation was deeply grateful for Louise’s leadership over the past four years.
“Under her guidance, UniMed has become New Zealand’s third largest health insurer, expanded into health & safety and mental wellbeing, and significantly strengthened its internal capabilities.”
Lynne Hayman has been appointed as interim CEO, for the period 31 March to 31 October 2025, while a recruitment process for a new CEO is undertaken. Hayman joined UniMed late last year as Interim Chief Operating Officer.
More news:
Fidelity Life's A- (Excellent) financial strength rating affirmed by AM Best
AIA NZ is recruiting for a new head of investments
AIA Group delivered US$6,605 million OPAT in the year ended 31 December 2024.
PPS Mutual is preparing to launch in New Zealand
The FMA contractor budget more than $13 million over the 2023/24 reporting year
GlobalData projects the life insurance market in New Zealand will grow
GlobalData projects the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029.
GlobalData, an international data and analytics company, has projected the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029, equating to a compound annual growth rate of 7.0%, in terms of gross written premium. It expects the New Zealand life insurance market will reach $6.4 billion in gross written premiums in 2025.
The largest driver of growth is expected to be life personal accident and health, with an expected compound annual growth rate of 6.9% between 2025 and 2029 driven by rising healthcare expenditure and corresponding premium increases.
GlobalData puts the increased demand down to factors including an aging population, heightened health awareness and the rising cost of living, which have increased the need for financial protection, though they caveat their projections, saying high unemployment and inflation could pose risks to this growth.
More news:
Applications for Fidelity Life’s Career Connect 2025 intake are open
The ‘Get AIA Vitality and Start Thriving’ brand campaign is back
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
Partners Life to release Quote for Alteration Phase 2
Partners Life new upgrade to their Quote for Alteration (QFA) digital tool is coming soon.
Partners Life new upgrade to their Quote for Alteration (QFA) digital tool is coming soon. There’s a handy tutorial here. The upgrade will provide a fully digital process, where advisers can apply for increases and alterations for existing clients in the same way they do for new clients within QFA. QFA applications will be available on Partners Protection Plan and Business Protection Plan policies; Funeral Plan, Essential, Heritage and Loancare policies cannot be serviced online through QFA.
More news:
AIA extend their 3 months' insurance free offer until 31 March 2025
AIA are introducing digital arrears notifications
AIA increases pricing for some Trauma products
AIA introduce SovLink microlearning
Fidelity Life simplify underwriting process
Partners Life paid out 93% of claims in the year ending March 31, 2024
Government commissions two independent reviews to improve the performance and sustainability of ACC
AIA appoints new Chief Distribution Officer and new Chief Customer Officer
AIA has announced two executive appointments, with Angela Busby being appointed Chief Distribution Officer and Maddie Sherlock being appointed Chief Customer Officer.
AIA has announced two executive appointments, with Angela Busby being appointed Chief Distribution Officer and Maddie Sherlock being appointed Chief Customer Officer.
Busby was previously AIA NZ’s Chief Customer Officer and Chief Strategy Officer and has held a variety of other senior roles across Sovereign, ASB Securities and Aegis. Her new role will see her responsible for business development including IFA and Group Distribution, Aligned Advice and AIA NZ’s ASB Partnership, as well as Distribution Performance and Supervision.
Angela Busby, Chief Distribution Officer
Sherlock has been with AIA since 2015 and was most recently AIA NZ’s Head of Customer Strategic Delivery. In her new role, Sherlock will oversee all the functions of Customer operations including the management of customers, underwriting, claims, rehabilitation, and customer experience.
Maddie Sherlock, Chief Customer Officer
Sharron Botica, former AIA NZ Chief Partnership Distribution Officer, has recently resigned her role at AIA to pursue new career opportunities.
More news:
Fidelity Life E-App updates how they capture Direct Debit details
FSCL has commenced its third independent review
A new life insurance company is planning to launch later this year
Findings from FSC member satisfaction survey released
Unimed Breakfast Series event on the Power of Movement 11 February
Rohaan Mohanty has joined Apex Advice as Adviser Manager - Investments
Asteron Life announce extended sponsorship of the Gut Foundation
Tony Vidler writes of the importance of influencers, advocates and fans
Menopause in the news
Menopause, where oestrogen levels drop and menstruation stops, has been in the news a lot recently. While people are starting to talk about it more, there is still a lack of understanding and even misdiagnosis of symptoms.
Menopause, where oestrogen levels drop and menstruation stops, has been in the news a lot recently. While people are starting to talk about it more, there is still a lack of understanding and even misdiagnosis of symptoms. One survey found a third of respondents waited at least three years for their menopausal symptoms to be correctly diagnosed, and a further 18 per cent visited their doctor six times before they received the help they needed.
While hot flushes may be the symptom most people first think of, brain fog has been found to be more common. Other symptoms can include night sweats, mood swings, joint pain, low energy, memory problems, sleep problems, low mood, low libido, irritability, nervousness, headaches and more.
Dr Lisa Mosconi says “Menopause changes the brain’s structure, functionality, and even its connectivity in fairly unique ways.” Dr Louise Newson even suggests it should be reframed as a neurological condition instead of a gynaecological one.
So what can be done to help improve menopausal symptoms? Eat a mediterranean-style diet filled with whole foods, avoid alcohol, get regular physical exercise, challenge your brain (puzzles, learning a new language or playing a musical instrument are all good), get quality sleep, try stress management techniques such as yoga and mindfulness, discuss hormonal and non-hormonal options with your doctor.
Some workplaces have started to hold workshops to encourage dialogue about menopause, or implement menopause policies. AIA NZ has produced a Menopause toolkit, to help employees understand and support people going through menopause.
More information can be found at The Australasian Menopause Society website.
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.
Government announces reforms to strengthen NZ’s capital markets
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy.
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy. The Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. These changes are expected to be in place by May 2025.
The Government has also opened consultation on two proposals: enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. Consultation closes 14 February 2025.
The Financial Services Council (FSC) has expressed strong support for enabling KiwiSaver funds to invest in unlisted assets. FSC CEO Kirk Hope said,
“By enabling KiwiSaver investments in unlisted assets, such as infrastructure projects and innovative New Zealand businesses, we can unlock substantial capital for domestic growth.”
“This reform will not only provide Kiwi businesses with much-needed capital to innovate and expand but the opportunity of greater diversification for KiwiSaver.”
Some financial advisers warn that regulators need to get on board with the proposals, however. At a recent event we held in conjunction with the Financial Services Council, advisers asked questions about whether the Financial Markets Authority would be supportive of fund managers choosing to invest more in private assets and infrastructure projects which tend to be illiquid in nature. We think that these are good questions, and the answers will be highly sensitive to the context in each fund: for example, the scale of the investments relative to the total fund size and the liquidity of other assets, and the ages, balances, and probable withdrawal patterns of investing members.
More news:
Fidelity Life discounts on certain exclusions for Trauma covers are live
AIA release updated Working with AIA Guide
AIA webinar 'Webinar - Guide to Medical Conditions' 28 February
More locations offering AIA Vitality Fitness Assessments & Health Checks
Steve Wright dissects a recent FSCL complaint
nib promotion offers $300 woolworths vouchers to eligible applicants
Advice Link has appointed of a new general manager Sébastien Pierre
Tony Vidler writes of the importance of soft skills
Government announces hikes to ACC levies
Chapter Zero discusses experiences from year one of New Zealand's mandatory climate reporting
Significant increase in cyber incidents across New Zealand in Q3 2024
Mary-Jane Daly has been appointed as a Director at Partners Life
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024.
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024. Ms Daly will assume the role of Chair on 1 February 2025, after a two-month handover period from current Chair Jim Minto.
Daly is a professional Independent Director with over 10 years’ experience. She is currently Chair of both AIG Insurance New Zealand Limited and the Fonterra Shareholders' Fund as well as being an Independent Director of Kiwi Property Group Limited and Kiwibank Limited, and a member of the MBIE Risk and Advisory Committee.
Minto joined the Board in February 2017, with his tenure concluding on 31 January 2025. During his leadership he oversaw the acquisition agreement of BNZ Life Insurance in 2020. He also facilitated the transition of Partners Life to being a wholly owned subsidiary of Dai-ichi Life Group Holdings Limited in 2022 following the shareholder sale process.
More news:
O’Hagan Homes Loans & Insurances has merged with Apex Advice
AIA awarded the Accessibility Tick for the second time
BNZ announces investment in fintech company Centrapay
Westpac publish 2024 Sustainability and Climate Reports
Australian advisers told email systems are a point of vulnerability
Impact funds leap from $1 billion to $5 billion of assets under management within a year