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.
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
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.
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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
nib’s A Healthier Approach Launch events run across February
nib is running nib Ultimate Life & Living insurance and nib Balance launch events from 10 February - 3 March.
nib is running nib Ultimate Life & Living insurance and nib Balance launch events from 10 February - 3 March. The events will explore nib’s latest offerings, unveil comprehensive new nib products and insurance products and will feature a keynote speech from renowned psychologist, author and media personality, Nigel Latta.
Tauranga 10 February
Hamilton 11 February
Auckland 12 February
Wellington 14 February
Christchurch 17 February
Timaru 18 February
Dunedin 19 February
Invercargill 20 February
Queenstown 20 February
Auckland Central 24 February
North Shore 24 February
Nelson 25 February
Palmerston North 26 February
Napier 27 February
Whangarei 28 February
New Plymouth 3 March
Quotemonster team members will be at the following venues:
Auckland 12 February
Auckland Central 24 February
Auckland North Shore 24 February
Hamilton 11 February
We look forward to seeing you there.
More news:
Resolution Life has completed its acquisition of Asteron Life
nib’s 12 months free child health cover promotion ends 28 February
nib release their top 5 health claims for December 2024
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
Thoughts from advisers - Jeremy Bernstein
Hear from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher.
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher
What is the most rewarding part of your job?
I get huge satisfaction from writing insurance for people that are not otherwise insured, new policies for new clients, creating financially resilient families & businesses and growing the insurance market.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
Find ways to enjoy continuous learning. Over time, aim to understand every corner of detail of how these policies work - understand that attention to detail is absolutely vital in this industry.
What is something you are looking forward to about the industry over the next 10 years?
I look forward to the industry maturing into regulation and contributing to higher standards of ethics and professionalism.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20’s: Find a career they love and one where you are not simply renumerated by wages alone i.e. share in profits through professional partnership or business ownership or a role that offers bonuses if sales targets are achieved. Contribute to KiwiSaver with high growth asset allocation with low fee investments. If not already insured, apply for Private Medical Cover with Partners Life, apply for Loss of Earnings Income Protection with Level Premium until age 70 with Asteron Life.
30’s: Buy a home and review insurance to ensure Life Cover is sufficient.
40’s: Work hard to achieve career goals and find ways to enjoy continuous education. Stay healthy and try hard to keep relationships intact i.e. divorce is a massive financial setback.
50’s: Apply for higher professional roles and actively seek opportunities for business growth and increased income, repay mortgage and step up investment.
60’s: Stay married, stay happy, stay healthy, stay professionally relevant and stay working!
What’s the last book you read?
How Star Wars Conquered the Universe - Chris Taylor.
Asteron Life paid out 97% of claims
Asteron Life paid out 97% of the Trauma, Life and Income Protection claims it received in the year ended June 30 2024.
Asteron Life paid out 97% of the Trauma, Life and Income Protection claims it received in the year ended June 30 2024. In total, Asteron Life paid out $112 million of claims, with $53.5 million being paid out for Life Insurance, $34.1 million in Trauma policy payments and $24.4 million in Monthly Income Protection cover claims.
Accident or Injury was the leading cause of claims, for both Monthly Income cover and Trauma cover. Mental Health claims duration remains high, with an average duration of 8 - 12 months, compared to other new claims where the average duration was around 6 - 8 months. Executive Manager Claims and Customer Solutions, Seema Bangera, said
“Return to work outcomes are directly related to early intervention and rehabilitation. This means the mental wellbeing of customers needs to be at the forefront for claims specialists and we need to ensure all clients have the necessary support building their personal resilience for their return-to-work journeys.”
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Financial Advice NZ masterclass 'The ethics of client psychology: How clients think' 1 April
Resolution Life purchased by Nippon Life
Nippon Life Insurance Company is set to acquire full ownership of Resolution Life Australasia and the remaining 20% stake in MLC Life Insurance currently held by National Australia Bank.
MLC Life Insurance and Resolution Life Australasia will merge under a new brand, Acenda. The merger is expected to be finalised in the second half of 2025, subject to regulatory approvals. MLC Life Insurance, will begin the transition to the Acenda brand from December 2024, targeting late 2025 to complete the transition. Once the merger is complete, Resolution Life Australasia will move to the Acenda brand in Australia, with the intention to transition the Resolution New Zealand business to the Acenda brand ‘in due course’.
Resolution Life Australasia is currently in the process of acquiring Asteron Life, Suncorp Group’s New Zealand life insurance business, which will operate as a standalone entity post-acquisition.
Tim Tez, CEO of Resolution Life Australasia, said
“New Zealand remains an important market for both Resolution Life Australasia and Nippon Life. [The] announcement will not impact our focus on completing the acquisition of Asteron Life and our support of the business’ current strategic growth agenda.”
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Fidelity Life accepted 93% of all new claims in FY24
Westpac has unveiled its GDP nowcasting model
Semi-Finalists for the Kiwibank 2025 New Zealander of the Year Awards announced
IOSCO consultation proposes responses to risks posed by ‘finfluencers’
The International Organization of Securities Commissions (IOSCO) has proposed a raft of ‘good practice’ measures regulators can use to mitigate risks posed by finfluencers.
Globally, there has been a trend of people turning to social media for advice on making investment decisions. While getting people interested in investing and increasing financial literacy is to be commended, issues arise when finfluencers spread misleading or biased information, promote unsuitable or high-risk products and/or fail to adequately disclose any conflicts of interest.
IOSCO’s Finfluencers consultation report makes a series of recommendations including:
· Updating legal regimes to explicitly police finfluence
· Requiring the use of disclaimers and disclosures to help consumers understand the content they are consuming
· Better-monitor the finfluencer community (e.g. by using data analytics of social media activities) and enforce breaches
· Conducting joint investigations and co-ordinating enforcement actions in the case of cross-border issues
More news:
Chubb launches underwriting chat service
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions.
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.
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AIA NZ appoints Aaron Gilmore to the role of Regional Sales Manager – Northern
Asteron Life release their climate-related disclosures
AIA have updated their Change of Ownership forms
Hamish Patel has been elected to the board of Financial Advice NZ
FinTech NZ Hui Taumata is on 11 March 2025 in Auckland
mySolutions webinar 'Managing compliance using Sharepoint' 6 November
More than 7,500 people made early KiwiSaver withdrawals during September
Southern Cross Health Society Group annual results released
Southern Medical Care Society Group has shared their annual results for the year ended 30 June 2024.
Southern Medical Care Society Group has shared their annual results for the year ended 30 June 2024. By the numbers:
Group deficit of $88.2 million after tax. $43.1 million of the deficit is attributable to a change in international financial reporting standards introduced this financial year. The balance of the deficit is driven by higher claims costs from a high inflationary environment combined with high member demand for private health services, particularly in the second half of the financial year.
Group reserves of $470.7 million.
Claims paid at a rate of $6 million per business day (up from $5.2 million in FY23).
15,196 net new members, with total membership now at 955,301.
This represents 60% of the New Zealand health insurance market by customer numbers but 71% per cent of the value of all health insurance claims paid.
99% of claims were submitted electronically.
Southern Cross Health Insurance
Reported a deficit of $99.1 million.
Paid $1.498 billion in claims from $1.605 billion received in premiums.
Claims costs increased 15% on FY23 (up 13.9% when adjusted for member growth).
Premiums increased 9% on FY23 (up 6.6% when adjusted for member growth).
93.4 cents paid in claims from every dollar received in premiums (compared to an industry average excluding Southern Cross) of 73 cents.
Operating costs grew by 4%, less than inflation.
3.2 million claims in FY24
50% of members claimed over the financial year.
39,326 virtual GP consultations with Care HQ.
4,635 annual health check-ups with MedPro.
4,016 online mental health sessions with Raise.
Net promoter score of 53.7%.
Nick Astwick, Chief Executive for Southern Cross Health Society said
“We have never been in more demand by our members as they prioritise their health needs, largely in the private system. In 2019 33% of our membership claimed, last year it was 50%.”
“The cost of claims in 2024 was steep and rapid, driven by a combination of price, volume, and the mix of claims. The growth in the volume of claims results from an increase in the number of members claiming, the frequency, and claims being made for more expensive procedures.”
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Asteron Life announce MDRT Grant Programme recipients
NZFSG named as one of the Most Innovative Insurance Companies
Fidelity Life working to implement a data governance strategy
ANZ add BlinkPay to their approved third party payment providers
2024 Haven award winners announced
Committee recommended changes to the Contracts of Insurance Bill
Travis Hamilton says Total and permanent disability (TPD) cover is being underestimated
Jon-Paul Hale suggests ways insurers can improve systems for advisers
Tony Vidler recommends how advisers can value themselves appropriately
The Government has completed a cost-benefit analysis for potential third medical school
Wayne Langford appointed to the Board of the Mental Health and Wellbeing Commission