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.
Fidelity Life announces growth plans
Campbell Mitchell, Fidelity Life Chief Executive, has told delegates at the Engage Conference the company’s intentions to grow to a $1 billion company.
Campbell Mitchell, Fidelity Life Chief Executive, announced the company’s intentions to grow to a $1 billion company in eight years time. Mitchell was speaking to delegates at Fidelity Life’s Engage Conference in Auckland.
Fidelity Life was the fastest growing life insurer in New Zealand in the period ending September 30, with 150% growth in new business year-on-year across the last two quarters.
More news:
mySolutions webinar 'New tools from Quotemonster' 13 November
nib release their top 5 health claims for August 2024
FSC Life Insurance Special Interest Group Networking Event is on 10 December
Tony Vidler says advisers need constant reinvention of value and service
TAP announce partnership with Bizcap
BNZ has announced a strategic partnership with BlinkPay
BNZ has made a net profit of $1.506 billion for the 12 months to 30 September 2024
Over half of the country's mortgages are due to have interest rate reset within six months
Survey finds 70% of millennials believe they may never be able to buy a home
The cost of living for New Zealand households has risen 3.8% over the past year
New Active Benefits are now available to Accuro policyholders
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership.
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership. While policy cover remains the same since the transfer of Accuro’s insurance portfolio to UniMed on 31 May, Accuro members can now access a range of UniMed member benefits. Benefits include:
20% off sitewide Parachute first aid (available until 31 Oct 2024)
15% Off Allianz Travel Insurance
20% Off MoleMap Checkups
30 days free at Snap Fitness
Get an intro to 9Round Fitness
Free Hearing Health Checkups
Discounts at Specsavers Optometrists
More news:
FSC webinar 'Cultivating mental wellness at work' 10 October
ANZIIF offer an Insurance Risk Management Study Course
TSB are looking for a Head of Customer Operations
Entries to the Southern Cross Wayfinder Awards close 30 September
Terry Ball says Robo-advice has a long way to go
KiwiSaver passes milestone of $100 billion of funds under management
The Banking Ombudsman Scheme saw a record number of cases
Calls for a public education campaign around consumer data right (CDR) regime
Committee recommends Contracts of Insurance Bill moves forward
New Zealand’s Finance and Expenditure Committee has recommended that the Contracts of Insurance Bill move forward. After reviewing the bill, the committee proposed several key amendments.
New Zealand’s Finance and Expenditure Committee has recommended that the Contracts of Insurance Bill move forward. After reviewing the bill, the committee proposed several key amendments:
Insurers are allowed reasonable time to gather information when processing claims.
That dishonesty be treated as a lack of reasonable care rather than outright fraud.
That a power to create some regulation of the use of genetic tests in underwriting is included in the draft law.
Government officials anticipate the bill to be passed by the end of this year. Changes insurers will need to prepare for once the bill comes into force include reviewing existing contracts to ensure compliance with new consumer protection measures; preparing for potential regulations on the use of genetic data; and ensuring claims processing procedures meet the new ‘reasonable time’ requirements.
With regard to the power to regulate the use of genetic tests, the report states:
“We agree that this issue is important. Our view is that a cautionary approach to genetic testing is needed to avoid undue genetic discrimination. However, we also grappled with the question of how to address genetic testing in this bill. We considered the implications of different options, including a full legislative ban on “genetic discrimination”.
“Ultimately, we recommend inserting new regulation-making powers, in Part 3, new subpart 4A (clauses 86A, 86B, and 86C), that would enable the Governor-General, on a recommendation of the Minister, to prohibit or regulate the conduct of insurers in relation to genetic testing. Before recommending any regulations, we expect the Minister to conduct a full policy development and consultation process.”
More news:
Financial Advice NZ webinar 'Creating an equitable advice experience for couples' 25 September
Consultation for the Government’s draft Suicide Prevention Action Plan 2025-2029 opens
From 1 October 2024, Keytruda will be funded for eligible people with certain cancers
The FSC release their latest Money & You Report
The FSC have released their latest Money & You Report, ‘Consumer Resilience and the Road to Prosperity’. It paints a picture of New Zealander’s who have struggled with the cost-of-living crisis and are feeling financially pressured to the extent they have changed their spending habits, decreased their savings and have concerns about their ongoing ability to service debt.
The FSC have released their latest Money & You Report, ‘Consumer Resilience and the Road to Prosperity’. In all it paints a picture of New Zealander’s who have struggled with the cost-of-living crisis and are feeling financially pressured to the extent they have changed their spending habits, decreased their savings and have concerns about their ongoing ability to service debt.
Some key findings include:
49% are somewhat or very unconfident in the overall economy (up from 45% in 2023), with women older generations and Europeans more likely to be unconfident in the economy. Those who are receiving financial advice are more positive about the impact of the economic climate.
94% of respondents are concerned about financial issues, with the cost of living cited as respondents’ top financial concern (66% very concerned), followed by inflation (51% very concerned) and house prices (45% very concerned).
Financial pressures have resulted in a change in spending habits, with buying cheaper groceries (57%) and cutting back on takeaways (55%) and treat purchases (49%) the most common changes. Concerningly some New Zealanders have reported skipping meals (17%), limiting heating (24%) and avoiding medical treatment or skipping medication (16%).
31% of New Zealanders were unhappy with their financial situation this year (up from 22% in 2023 and 25% in 2022).
There has been a drop in the number of retirees with more than 10 years of retirement savings, and an increase in those with less than one year of current retirement savings.
82% hold investments, with KiwiSaver the most likely held investment type.
Troubling KiwiSaver trends include average member weekly contributions dropping 7.8% (comparing 2023 to 2021); hardship withdrawals are at an all-time high; the KiwiSaver gender gap continues to increase, now sitting at a $7,450 average balance difference between males and females. Most worryingly, the average KiwiSaver member who has been contributing all their working life may not have enough to support them during retirement, according to Massey University Retirement Expenditure Guidelines.
Those who have struggled to make recent debt payments have been more proactive, with 29% reaching out to their bank (up from 20% in 2023) or speaking to family or friends (38% up from 28%).
Research was conducted via online survey, with 2,002 respondents completing the data during March 2024.
More news:
Chubb Life Chief Executive Gail Costa is to retire in April 2025
Anna Schubert talks through self-development tips for advisers
Tony Vidler suggests how advisers can create compelling offers
Clive Fernandes writes of how AI can help personalise financial advice
‘Inspiring Success’ event takes place on 7 November in Auckland
mySolutions webinar 'SimpleWills and your estate' 11 September
Debate whether it is it time to boost KiwiSaver contributions at FSC pre-conference session
Value For Money report highlights top performing ethical KiwiSaver funds
Lloyd Burr writes about how hard it is to start a new bank in NZ
Inland Revenue is proposing to make fees charged for fund management exempt from GST
Life advisers reminded they need to actively review legacy policies
Compliance Refinery director Steve Burgess has reminded life insurance advisers they need to review legacy policies or risk opening themselves up to censure by the FMA.
Speaking at a Quotemonster roadshow event in Lower Hutt, Burgess said of legacy products,
“If you don't look at it, the regulator could decide that's you saying that product is suitable for your client.”
Burgess also cautioned that some legacy products have features that are difficult or impossible to replicate with new policies, so as well as listing the advantages of replacement policies, advisers need to be recording any disadvantages clients may face if they change.
Steve Wright has also written of how the FMA have flagged ‘suitability of advice’ as something they will be focusing on in future. Wright has helpfully listed some steps advisers should be following to help ensure the suitability of their advice, including having a suitable fact find process; needs analysis and quantification of client risks; avoiding limiting or transferring risks to an insurer; assessment of insurance types required and sums insured; and giving appropriate product recommendations.
More news:
Financial Advice NZ's webinar on the Code of Professional Conduct is on 28 August
ASB's net profit after tax down 10% from previous year
Travis Hamilton named the New Zealand country Chair for the Million Dollar Round Table organisation
Patients across the country concerned at GP fee increases; GP’s say capitation funding insufficient
Most KiwiSaver providers have now submitted their KiwiSaver climate reports
What advisers think of KiwiSaver
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
At our latest roadshows, we’ve been lucky enough to have Generate KiwiSaver Scheme join us, giving advisers insights into the benefits of offering KiwiSaver advice. We’ve also been finding out what our roadshow attendees think about KiwiSaver.
To date, the results show that for those advisers who are already offering advice on KiwiSaver investments, the top reasons for offering KiwiSaver are diversifying revenue, building a KiwiSaver book for long term value and adding value to clients. Advisers have told us that performance, ease of withdrawals and alternative fund options are most important to clients when choosing a KiwiSaver provider. And 27% of advisers were interested in additional resources or support related to KiwiSaver advice and independent research.
If you haven’t joined us already, come along to one of our remaining roadshows to find out more – along with info on KiwiSaver we’ll be highlighting some major new research, talking about two new regtech tools to help keep you safe, giving you a sneak peek at Kiwimonster, and much, much more.
More news:
Fidelity Life extend 3 months free until 31 December 2024
Michael Weston talks about key priorities at Partners Life
Jon-Paul Hale highlights the good advisers do
Asteron Life are looking for a Lump Sum Claims Specialist
Study finds three-quarters of respondents have realised the importance of financial knowledge
FAMNZ launch inaugural Adviser Elevate series on 28 August
AIA sponsor the Parliamentary Rugby Team
Charlene Overell is the Financial Advice New Zealand Volunteer of the Year
Legal and regulatory update for the life and health insurance sector
The FIU release the CASH report for July; RBNZ publish two analytical notes around monitoring financial stability; FMA warn the public of new scams; ASIC proposes to extend three legislative instruments; COFR sets a vision for the NZ insurance sector.
30 Jul 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for July 2024, which replaces "The Suspicious Activity Report”. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-jul2024.pdf
31 Jul 2024 - The Reserve Bank of New Zealand has published two new Analytical Notes that investigate utilising new models and data sources to complement existing approaches to monitoring financial stability.
The first Analytical Note - Getting sentimental: Using news sentiment to measure financial stress in New Zealand, investigates using measures of news sentiment as early-warning indicators of financial stress in New Zealand. This Note introduces new indicators which measure economic news sentiment in New Zealand.
The second Analytical Note -Beyond the crystal ball: forecasting non-performing loans authored, investigates the relationship between non-performing loans and economic conditions to provide insights into the future health of New Zealand’s financial system. https://www.rbnz.govt.nz/hub/news/2024/07/reserve-bank-of-new-zealand-explores-new-techniques-to-enhance-financial-stability-monitoring
7 Aug 2024 - The FMA have released a public scam warning alerting New Zealanders to an increase in fake advertisements using images and deepfake videos of political figures. https://www.fma.govt.nz/library/articles/deepfake-video-scam-warning-fake-news-stories-political-endorsements/
7 Aug 2024 - ASIC proposes to extend the operation of three legislative instruments for a further five years:
Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice,
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and
ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.
ASIC has assessed that these instruments, which are due to expire in October 2024, are operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework.
7 Aug 2024 - The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand’s insurance sector. The vision is for an insurance sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business. https://www.cofr.govt.nz/news-and-publications/financial-regulators-set-vision-for-new-zealand-insurance-sector.html
FSC Conference 2024 – special discount offer
The Financial Service Council’s 2024 conference has a focus on life and health insurance, with leaders from the financial, academic and healthcare sectors coming together to foster collaboration and discuss top issues.
The Financial Service Council’s 2024 conference has a focus on life and health insurance, with leaders from the financial, academic and healthcare sectors coming together to foster collaboration and discuss top issues. FSC24 will be held The Cordis Hotel, Auckland, on 15-17 August 2023.
Our very own Russell Hutchinson is the facilitator of the breakout session ‘Genetics, how far have we come?’, which looks at the future of genetics and insurance in NZ. There’s a range of other life and health insurance focused sessions, including ‘Policy Masterclass 2: Looking forward to 2030 - A brave new world?’, ‘Breakout Session: Lifespan versus Healthspan: How technology can help drive healthier living in older age’ and ‘Breakout Session: CEO Strategy: a view from the top’.
LIMITED SPECIAL DISCOUNT OFFER
Quotemonster has negotiated a special discounted rate for Financial Advisers* to join the flagship Financial Services Conference in New Zealand, saving up to $400 for access to all conference sessions.
This limited offer is available to the first 50 Financial Advisers* that register using this link before the 9th of August. Please note to get the discount you must enter the access code FSC24QPR to reveal the hidden tickets as per the screenshot below.
For a full conference pass including Gala Dinner Special we have secured a rate of $1,330 (current ticket price $1,700, saving $370) or a Day Pass Special Rate for Wednesday 4th of September only at $700 (currently ticket price $780, saving $80), as a value add for Quotemonster users.
*To qualify for this special offer, you must be a Financial Adviser listed on the New Zealand Financial Service Providers Register (FSPR). This limited offer is available to the first 50 Financial Advisers that complete registration using this link by 9 August 2024.
More news:
A range of new courses added to Partners Life Academy
BNZ is proceeding with plans to outsource jobs to India
August is Sorted Money Month, with the theme ‘Pause. Get sorted.’
Report lists seven megatrends that could change the future of financial advice
Cost of living for average NZ household climbed 5.4% in June quarter
Upgrading your Quotemonster Account
Upgrading to a paid subscription for your Quotemonster account is super easy to do and unlocks a range of features that will help you supercharge your advice recommendations.
Upgrading to a paid subscription for your Quotemonster account is super easy to do and unlocks a range of features that will help you supercharge your advice recommendations.
Michael Weston talks about how he wants to take Partners Life forward
In an interview on Good Returns TV, Michael Weston, new CEO at Partners Life, talks about how he wants to move Partners Life forward.
Good Returns TV has an interview with Michael Weston, Partners Life CEO. Weston says in the four months he’s been in the role, he’s been spending a lot of time with our advisers, getting to know the regulators and key business partners.
Weston talks about how he’s working to continue the values and the culture of the brand and as he goes forward he’s concentrating on what the next stage of growth for the company will look like, looking to spot unserved needs and ensure Partners Life has the right capabilities in place. He wants to keep focusing on innovation and in terms of the business environment currently, looking at making their solutions simpler and more accessible to a wider range of New Zealanders.
More news:
mySolutions webinar 'New mySolutions Member Benefit - myGrowth Platform' 31 July
Fidelity Life roll out enhanced GP lookup feature for their new E-App
Last week for Fidelity Life's customer engagement initiative
nib offer customers 3 months free on Easy Health, Ultimate Health or Ultimate Health Max policies
Partners Life partner with Banqer for annual Money Month Challenge
David Carney talks about the role of AI in financial advice
The Financial Services Federation signs up mortgage advisers as affiliate members
Kiwibank creates content series focusing on first homeownership