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.
Accuro and Unimed have announced a proposal to combine
The boards of Accuro and Unimed have signed a Letter of Intent to transfer the Accuro insurance portfolio to Unimed and to combine the two not-for-profit mutual societies. The proposal is subject to regulatory approval from the Reserve Bank of New Zealand and support of Accuro members.
If the merger goes ahead, UniMed would become the country’s third largest medical insurer with over 140,000 member customers.
Accuro’s Chair Marion Guy says
“We believe combining the resources and capabilities of the two societies creates a more sustainable and resilient health insurance offering than Accuro could offer alone.”
Unimed’s Chair Peter Tynan says
“This proposal will provide opportunities to create efficiencies and develop new services and products – something that will be increasingly important given increasing costs and demands for health services.”
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Financial Advice NZ Nelson/Canterbury Regional Meeting 18 October
'Using the FSC Code to support a strong customer-focused culture' webinar 17 October
Tony Vidler writes about the buying journey of clients
mySolutions webinar 'Jeanette Kreft - The Compliance Company' 9am, 11 October
Consultation on Customer and Product Data Bill opens
The Ministry of Business, Innovation and Employment (MBIE) has opened consultation on the Customer and Product Data Bill (sometimes referred to as the Consumer Data Right (CDR)), with consultation running until 24 July 2023.
The Financial Services Council (FSC) is collating member feedback to form an industry view on the on the exposure draft of the bill. FinTech NZ is hosting a roundtable discussion on July 17 to provide MBIE with direct feedback from our sector.
The purpose of the bill is to allow customers to safely access and exchange data held about them. The bill will impact all New Zealand businesses who collect and hold customer data. The bill will require businesses who wish to access data to be accredited and will only permit data exchanges when the customer has given consent.
The intention of the bill is to unlock the value of customer data and benefit consumers through reduced prices, improved product offerings, greater productivity and making it easier to compare products and services.
MinterEllisonRuddWatts has an article that explains some of the obligations the bill will create for organisations.
MBIE intend to roll out legislation on a sector-by-sector basis, with banking the first sector to be designated. CDR has begun to be implemented to an extent on a voluntary basis in the financial sector with Open Banking.
MBIE is running webinars for different audiences that will give people the opportunity to learn more about the draft law.
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Quotemonster Information Security Bulletin – keeping safe online
This is our fifth information security bulletin, all about keeping your Quotemonster account secure and keeping safe online.
As a valued user of quotemonster.co.nz, we want to ensure that your personal information remains secure, and your privacy is safeguarded. With cyber threats becoming increasingly sophisticated, it's crucial to adopt best practices to enhance your online security. Here are some friendly reminders and recommendations to help you stay protected:
Create a strong and unique password: Make sure your password is at least eight characters long and includes a combination of uppercase and lowercase letters, numbers, and special characters. Avoid common phrases, predictable patterns, or personally identifiable information. If you have trouble remembering them, try using a password manager, such as LastPass.
Use a different password from your other accounts. Keep everything separate so that if one account is compromised your attackers do not gain access to them all.
Never use your name, username, or part of your email address as your password.
Regularly update your password: We recommend changing your password periodically, ideally every three to six months. Regularly updating your password helps protect against potential breaches and unauthorized access to your account.
Familiarise yourself with two-factor authentication (2FA) - we are glad you are all using 2FA to log onto our site. This additional layer of security significantly reduces the risk of unauthorized access by requiring a second verification step, usually through a code sent to your email or your preferred authenticator app. Ensuring you are familiar with the process means you will not be frustrated when asked for a code from your app – and you can easily find it and log on.
Do not share logins: While it may be tempting to share your login credentials with trusted individuals, it's important to remember that doing so compromises your security. Encourage each person who needs access to create their own account, ensuring accountability and preventing potential misuse.
Stay vigilant against phishing attempts: Cybercriminals often employ phishing techniques to trick individuals into revealing sensitive information. Be cautious of emails or messages requesting personal details. Avoid clicking on unfamiliar links and verify the authenticity of any communication before sharing any information.
Some notes on good general online safety:
Keep your devices and software up to date: Regularly update your operating system, web browsers, antivirus software, and other applications to ensure you have the latest security patches and features. These updates often contain critical fixes that address known system vulnerabilities. Also, having a modern computer (less than five years old) running up to date software, will greatly enhance your experience of using the site – its quicker, as well as more secure.
Be mindful of public Wi-Fi networks: When accessing our service on the go, exercise caution when using public Wi-Fi networks. Public networks may lack proper encryption, making your data vulnerable to interception. Whenever possible, connect to secure and trusted networks or use a virtual private network (VPN) for added protection.
Remember, the security of your personal information is our priority. Adopting these proactive measures will significantly contribute to safeguarding your privacy. If you ever have any questions or concerns regarding the security of our service, please don't hesitate to reach out to our support team.
Want to know more?
We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.
Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.
ISB 05-202305
FMA files court proceedings against MAS over fair dealing provisions breaches
MAS self-reported that it had multiple failures between 2014 and 2022:
Failure to apply the correct inflation adjustments to 6,297 customers
Failure to apply multi-policy discounts affecting 8,864 customers
Underpayment of life and disability claims affecting 104 customers
Failure to apply no claims bonuses correctly, affecting 1,235 customers
MAS’s failures were due to errors and deficiencies in its systems, including data entry errors by MAS employees. MAS has been co-operating with the FMA through its investigation.
The FMA is seeking a declaration that MAS contravened the FMC Act and a pecuniary penalty.
MAS has rolled out an unclaimed monies register in support of their remediation process to correct pricing and payout errors. While most affected clients have been compensated, the register encourages impacted members who haven’t been contacted to get in touch to receive their refund.
Jason McCracken, MAS chief, has apologised to members.
“As a mutual, MAS takes the trust our Members have in us very seriously and we apologise for the impact these errors have had. We remain committed to finding any issues and making them right.”
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