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 celebrates its latest 20 Career connect graduates
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Anna Devereux; Women in finance scholarship recipient (Dunedin)
Ashlee Cuttance (Dunedin)
Awhina Scott; Pounamu scholarship recipient (Christchurch)
Briar Evans (Auckland)
Caitlin Hayward (Morrinsville)
Christabel Bertie (Auckland)
Grace McIntyre; Rural scholarship recipient (Dunedin)
Harpreet Rehal (Auckland)
Jenny Silva; Kōwhai scholarship recipient (Queenstown)
Kim Forsythe (Invercargill)
Kirsty Gobbie (Auckland)
Leean Te (Auckland)
Marna Breetzke; Pāua scholarship recipient (Auckland)
Matthew Roxburgh (Dunedin)
Myja Gregory (Auckland)
Namrata Kumar (Auckland)
Shiwangni Mala (Auckland)
Sydnee Taylor; Toe Toe scholarship recipient (Christchurch)
Taylah Marr; Rāngi Po scholarship recipient (Christchurch)
Vanessa Jones-Dutton (New Plymouth)
This year, 95% of Career connect graduates were women, and a quarter of the group identifies as Māori or Pasifika.
Michelle Doyle, Head of Solutions said
"More than 60% of the graduates who asked for introductions to adviser businesses have already landed jobs, excited to start careers that help New Zealanders protect what matters most.”
Since its inception in 2023, Career connect has had more than 200 registrations for 70 course places, welcomed 47 students and helped almost 40 people gain their Level 5 qualifications in life, disability, and health insurance.
Submissions to be part of the 2025 intake of Career connect closed earlier this month with nearly 70 applications from a diverse group of candidates across various ages, genders, and cultural backgrounds.
More news:
Expressions of interest for Partners Life New Adviser Training Course open
mySolutions webinar 'Navigating the future ' 2 April
FSC webinar 'How financially resilient are Kiwis?' 29 April
Adviser refunds income protection premiums in FSCL dispute
Fidelity Life financial strength rating reaffirmed
Fidelity Life has had its A- (Excellent) financial strength rating affirmed by AM Best.
Fidelity Life, New Zealand’s largest locally owned life insurer, had its A- (Excellent) financial strength rating affirmed by AM Best. The outlook for the rating is stable, and according to AM Best, reflects Fidelity Life’s ‘very strong’ balance sheet.
Fidelity Life Chief Financial Officer Simon Pennington said
“This A- rating from AM Best is a reassuring endorsement of our business's financial health and stability. As a life insurer, this independent assessment gives advisers confidence in partnering with us, and for customers, it ensures peace of mind in our ability to pay claims.”
More news:
Brendan Boyle starts as Pharmac’s Acting Chief Executive on Monday 31 March
Westpac-McDermott Miller Consumer Confidence Index falls to 89.2 in March
Legal and regulatory update for the life and health insurance sector
Reserve Bank of New Zealand Governor Adrian Orr has resigned; FMA release episode 2 of Jess Learns to Invest podcast; The Customer and Product Data Bill was read a second time; 2023/24 Annual reviews of the Financial Markets Authority, the Takeovers Panel and the External Reporting Board were published; RBNZ welcomes the release of Te Ōhanga Māori 2023 report.
5 Mar 2025 - Reserve Bank of New Zealand Governor Adrian Orr has resigned and will finish in the role on 31 March. Deputy Governor Christian Hawkesby will be Acting Governor until 31 March. From 1 April the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary Governor for a period of up to six months. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-governor-adrian-orr-resigns
5 Mar 2025 - The FMA release Women who Invest with Frances Cook | Jess Learns to Invest Podcast Episode 2. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-2/#:~:text=Join%20Jess%2C%20a%2027-year-old%20newbie%20in%20the%20world,will%20share%20invaluable%20insights%20and%20tips%20about%20investing.
6 Mar 2025 - The Customer and Product Data Bill was read a second time. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
6 Mar 2025 - 2023/24 Annual reviews of the Financial Markets Authority and the Takeovers Panel were published. https://selectcommittees.parliament.nz/v/6/6e50c091-a305-4df6-4d5b-08dd5d059012
6 Mar 2025 - 2023/24 Annual review of the the External Reporting Board was published. https://selectcommittees.parliament.nz/v/6/4d1f9c2c-fc27-4249-4d5f-08dd5d059012
10 Mar 2025 - The Reserve Bank of New Zealand has welcomed the release of Te Ōhanga Māori 2023 report from the Ministry of Business, Innovation, and Employment and Business and Economic Research Limited. Te Ōhanga Māori 2023 report builds on a series of reports that deepen our collective understanding of the Māori economy, and will inform and shape ongoing RBNZ initiatives, including Māori access to capital research and dashboard, facilitating lending on whenua Māori, the Māori data pilot, Te Waka Hourua, RBNZ's Te Ao Māori strategy, and related financial inclusion workstreams. https://www.rbnz.govt.nz/hub/news/2025/03/reserve-bank-of-new-zealand-welcomes-release-of-te-ohanga-maori-2023-report
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
Fidelity Life has made five new appointments to its Adviser council
Fidelity Life has made some changes to their Adviser council, adding five new members.
Fidelity Life has made some changes to their Adviser council. Last year when Fidelity Life announced they were looking for new council members, they were overwhelmed with responses. The five new members joining the Adviser council are:
Sarah Hunger, Managing Director and adviser – Cura Advisers Ltd
Andrea Reid, Director and adviser – Aliya Brokers Ltd
David Jochem, Director and adviser – Insure Ltd
Cory Bennett, Director and adviser – Float Financial Advisers
James Pearson, Head of Risk – Total Life Ltd
The departing members are:
Johny Winstone
Emma Hunter
Mark Breen
Yang Gu
Andrew Millar
The Adviser council was established to hear insightful and relevant feedback and respond with actions that drive better outcomes for Fidelity Life’s Adviser community and their customers. They meet quarterly to give objective feedback on new adviser and customer initiatives; collaborate to drive positive change for the industry; share and feedback on market and industry trends, opportunities and issues; and provide fresh insights, ideas and views.
More news:
Partners Life’s office is closed on 27 February 2025 as they hold an all-staff conference
Report delves into implications for insurers from emerging medical trends
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers, with the Artificial Intelligence in Healthcare and Improving Cancer Outcomes chapters released to date.
Munich Re’s latest Life Science Report delves into the emerging medical trends and risks and implications for life and health insurers. The report is split into five sections which analyses different topics: Artificial Intelligence in Healthcare (released); Improving Cancer Outcomes (released); Prevention (releasing 18 February); Obesity (releasing 4 March); and Climate Change (releasing 18 March).
Insurance Business Mag ran an article where Dr. Brad Heltemes, VP & medical director of R&D at Munich Re, discusses the Improving Cancer Outcomes chapter. In particular, Heltemes highlights how identification of various gene alterations the drive the development of a cancer can be significantly different between two cancers that appear to be alike in location and appearance, giving as one example “…the multiple different gene signatures seen with non-small cell lung cancers, each which responds to a different targeted treatment and each having a different prognosis.”
New diagnostic tests and innovative treatments are also leading to improving cancer outcomes, with many cancers that used to be terminal now being able to be managed as chronic diseases. With patients leading longer, healthier lives (which is great news!), longevity models and expected treatment costs need to be re-examined.
More news:
The unemployment rate reached 5.1% in the December 2024 quarter
New Zealand Society of Actuaries suggests retirement savings targets could be overstated
KiwiSaver funds under management reached $121 billion in the December 2024 quarter
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.
More stories:
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
Legal and regulatory update for the life and health insurance sector
Westpac fined after breaching fair dealing provisions; Privacy Commissioner calls for submissions on draft Biometric Processing Privacy Code of Practice; RBNZ publish Paul Conway’s speech; Hon Andrew Bayly December 2024 diary released.
23 Dec 2024 - Westpac admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers, in civil proceedings brought by the FMA at the High Court in Auckland. Westpac’s breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/westpac-admits-to-misleading-representations/
23 Dec 2024 - The Privacy Commissioner has announced his intention to issue a Biometric Processing Privacy Code of Practice and is calling for submissions on the draft Code. https://privacy.org.nz/news/consultations/
29 Jan 2025 - RBNZ publish Chief Economist Paul Conway's speech which discussed New Zealand’s longer-term ‘potential output’ and its significance for monetary policy. https://www.rbnz.govt.nz/hub/news/2025/01/beyond-the-cycle
29 Jan 2025 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly December 2024 diary released with the following potential financial services sector related meetings noted:
5 Dec 2024 – ZOOM: REVOLUT + UK High Commision (Jeannie Lum + Officials)
6 Dec 2024 – MEET: Fintech Roundtable (invited attendees)
6 Dec 2024 – MEET: Westpac (Catherine McGrath)
6 Dec 2024 – SPEAK: Confirmation of Payee Launch (Duncan Robertson and guests)
10 Dec 2024 – MEET: Resolution Life (Tim Tez & Toda Kazuhide)
16 Dec 2024 – MEET: Commerce Commission (Hon Stephen Jones and Commerce Commission Officials)
16 Dec 2024 – MEET: FMA (Hon Stephen Jones, Craig Stobo, Samantha Barras)
18 Dec 2024 – MEET: Retirement commissioner (Jane Wrightson)
Partners Life appoints new Chief Financial Officer
Mark Schollum has been appointed as Partners Life's new chief financial officer.
Mark Schollum has been appointed as Partners Life's new chief financial officer. Schollum is currently Chief Financial Officer at Chubb Life New Zealand and has held a variety of roles in the life insurance industry in New Zealand and internationally. He is qualified as a Chartered Accountant and is a member of the New Zealand Institute of Directors. Schollum will start his new role in March next year.
More news:
FSC Women in Finance Leadership Series is on 20 March
NZFSG has introduced Adviser Insights reporting tool
Government greenlights Kiwibank raising $500m ahead of eventual float
Confidence in New Zealand’s economy has nearly doubled among directors
Australia is set to introduce a ‘new class’ of financial advisers
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.”
More news:
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