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.

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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:

  1. 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.

  2. 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

  3. 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?

  4. 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.

  5. 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.

  6. 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.

  7. 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.

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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

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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.

Nippon Life Insurance Company, a Japan-based insurer, 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

Jon-Paul Hale dissects a recent FSCL complaint

Independent review of ACC announced because of concerns about declining rehabilitation rates and increasing costs

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Fidelity Life open applications for training programmes

Fidelity Life has opened applications for Advice Masters, Professional Pathways, Practice Manager Masterclass and Career Connect.

Fidelity Life has opened applications for Advice Masters, Professional Pathways, Practice Manager Masterclass and Career Connect.

Applications are open for Advice Masters, Fidelity Life's intensive training and personalised professional development programme designed for experienced business owners in the financial services industry. The programme encompasses a wide range of topics: M&A; capital raising/funding strategies; high performance for business leaders; leading high performing teams; business strategy design and execution; governance; board craft; director skills and sustainability; business efficiency; technology and AI. The 30 available spots are by invitation only – interested people can talk to their business manager or apply here.

Professional Pathways is Fidelity Life's customisable extended training and development programme designed for motivated advisers, who are dedicated to growth and achieving their business goals. Over a 9-month period the programme will take participants through key topics – developing their business; advice and planning; business sales and growth; business efficiency. The programme consists of skills based workshops, self-paced learning through courses, resources and quizzes, online webinars and interactive online workshops.

Practice Manager Masterclass are targeted at admin staff and will help to improve workflow and productivity.

Career Connect is Fidelity Life's comprehensive education and skills programme designed to develop the next generation of financial advisers. Career Connect equips participants with relevant qualifications, practical skills and knowledge, and industry connections. The 2025 intake will commence in May and will run for 6 months. Applicants will be invited for an interview and the fee for the programme is approximately $1650.

 

More news:

Financial Advice NZ webinar 'Shaping the future of financial advice' 11 December

Unimed offer customers My Food Bag discounts

Russell Hutchinson reviews a game to teach financial literacy

Sam Friggens appointed general manager climate transition at ASB

Health NZ proposing to lay off 1500 staff in restructure proposal

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Steve Wright talks about reducing advice risk

Steve Wright tackled the question of reducing advice risk recently in a Good Returns article.

Steve Wright tackled the question of reducing advice risk recently. He asserts that in light of the largely untested ‘principles-based’ requirements FAPs and advisers must stick to, he’s not surprised that some advisers are experiencing stress. Steve sets outs a range of steps advisers could take for reducing advice risk. A good read if this is something you want to tackle.

 
 
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Fidelity Life announce incoming Board Chair

Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025.

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Fidelity Life announce product enhancements and digital, service, and retention initiatives

At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.

At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.

  • Trauma and Life covers: The entry eligibility for the Inbuilt Child’s Trauma benefit has been reduced from two years to three months, allowing more families to receive early protection. A new, separate benefit specifically for newborns facing trauma has also been introduced. Fidelity Life will also trail a premium discount for defined exclusions on trauma covers in the coming months.

  • Condition Definitions: Refinements have been made for clarity, and Terminal Illness has been introduced as a defined condition across the trauma range, including Child's Trauma.

  • Bereavement and Child’s Funeral Benefits: The Bereavement Benefit has been increased from $15,000 to $25,000, and the Child’s Funeral Benefit has been increased from $3,500 to $15,000 for children aged 10 to 20.

  • Grief Counselling Benefit: A new benefit offering an additional $2,500 to the sum insured.

  • Financial Planning Benefit: Easier access by removing thresholds and extending the claim period.

  • New Specific Injury Cover: A low-cost solution that pays a lump sum for any of 30 defined injuries.

  • Live Chat: Quick and easy access to New Business and Underwriting teams via Adviser Centre.

  • New-Look E-App: A modern and intuitive user experience launching in March 2025. The E-App’s latest upgrade goes live later this month, with the new ‘share’ feature enabling advisers to send a link to their customers, allowing customers to complete all or part of the application on their own.

  • Dedicated Adviser Service Team: A team committed to servicing all adviser needs.

  • Enhanced Retention Tools: Including renewal reminders and automated SMS reminders for customers. There will be additional roles created too.

  • Expanding adviser support roles: Fidelity Life are creating new roles, including a National Partnership Manager for mid-sized and corporate firms, as well as an Auckland Business Manager and a Desk-Based Business Manager, to provide more tailored support and drive closer engagement.

  • Adviser Edge Programme: New additions to the programme include an invitation-only overseas study tour and new practice manager masterclasses for admin staff.

  • Grow Together programme: Coming in early 2025, the invitation-only Grow Together programme will provide dedicated, prioritised support across key areas including new business, underwriting, and retention. Advisers in the programme can expect to benefit from dedicated support resources, exclusive benefits, and access to a wide range of support tools and professional development opportunities.

  • Adviser Council: Fidelity Life are inviting advisers to express their interest in joining their Adviser council, which meets quarterly with Fidelity Life’s leadership team to discuss industry updates, share market trends, and provides objective feedback on their initiatives.

  • Adviser relationship survey: To better understand market perceptions and Fidelity Life are launching a bi-annual Adviser relationship survey to provide key insights into advisers' experiences and expectations and where Fidelity Life need to improve.

  • Group Solutions enhancements: From early 2025, Fidelity Life will be launching a quarterly industry insight, Group IQ; holding an annual onsite Group HQ conference for the top 30 group advisers; and launching a new group solution designed for small businesses, providing enhanced tools and technology for a smoother experience and better outcomes.

Bronwyn Kirwan, Fidelity Life's Chief Commercial Officer, said

"We are thrilled to introduce these new product enhancements and initiatives. They are a testament to our ongoing commitment to providing our advisers and customers with the best possible support and value.

These enhancements deliver more value, greater accessibility, and increased choice."

 

More info:

Chubb Life change underwriting process for Mortgage Repayment Cover

Partners Life are holding Summer Roadshows in November & December

AIA has launched new Specified Accidental Injury Cover product

AIA survey advisers around the need for terminal illness cover

AIA Vitality members can get up to 40% off Garmin and New Balance

The FSC has recorded a small deficit of almost $46,000 before tax over the 12 months to June 30

ICNZ has welcomed the passage of the Contracts of Insurance Bill

Financial Advice NZ's national adviser conference is on 1 - 3 April 2025

mySolutions webinar 'Why Chubb?' 27 November

Lyka Burr & Vincent Zhang join TAP's compliance and governance team

Unimed offer psychologist led introductory sleep workshops

Ashleigh Buchanan from Southern Cross Health Insurance named Emerging Leader of the Year

Susan Taylor says a fresh solution to liability gaps needed

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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.

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Fidelity Life announce winners of their Adviser awards

Fidelity Life announced the winners of their Adviser Awards at their 2024 Engage Conference.

Fidelity Life announced the winners of their Adviser Awards at their 2024 Engage Conference.

Professional of the future award: Josh Cuttance – SHARE NZ (Dunedin).

Josh has leveraged social media as a powerful tool to connect, engage, and elevate his professional presence. As well as being a member of Fidelity Life’s Adviser council, he contributes to the wider industry via groups like Financial Advice New Zealand. Balancing the roles of business owner, adviser and father he demonstrates resilience and ambition, recently expanding his team with a new administrative member.

Josh Cuttance being presented with the Professional of the future award by Campbell Mitchell

Josh Cuttance being presented with the Professional of the future award by Campbell Mitchell

Cary Veenhof award: Andrea Reid – Aliya Insurance Brokers (Waikato).

Andrea has over 25 years of industry experience and now leads her own FAP and has dedicated her career to supporting New Zealanders. With a client-first approach, she offers guidance during critical claim times, reflected in her excellent NPS results.

Andrea Reid being presented with the Cary Veenhof award by Campbell Mitchell

Andrea Reid being presented with the Cary Veenhof award by Campbell Mitchell

Team of the Year: Financial Independence (Tauranga).

With 22 professionals, Financial Independence provides outstanding life insurance and service advice, supported by specialised roles in Operations, Claims, and Customer Outcomes. Their commitment to clients is enhanced by teamwork, with everyone based in one office to foster collaboration and shared learning. Their community involvement is equally inspiring, supporting causes like Women’s Wellness, Homes of Hope, Scouts NZ, and Breast Cancer Support.

The Financial Independence team being presented with the Team of the Year award by Campbell Mitchell

The Financial Independence team being presented with the Team of the Year award by Campbell Mitchell

Lifetime Award: Grant Maddison - Maddison Financial Services (Queenstown).

Grant has built a reputation as a trusted adviser and mentor, blending warmth and professionalism. His client base is diverse, from tradies to high-net-worth families, with whom he’s fostered long-standing relationships. Specialising in rural sectors, SMEs, and families across Queenstown, Central Otago, and Southland, he’s respected for his expertise and commitment. Beyond his professional achievements, he’s a proud member of Financial Advice New Zealand and brings a passion for travel, golf, soccer, and community.

Grant Maddison being presented with the Lifetime award by Campbell Mitchell

Grant Maddison being presented with the Lifetime award by Campbell Mitchell

Gordon Watson Trophy: Brett Pearce - Pearce Financial Services (Auckland).

Brett is a 6-time winner of this award. With his extensive experience in the industry and focus on customer outcomes, Brett is consistently described by his customers as professional, prepared, and knowledgeable, keeps up with the latest industry developments and offers a variety of options to meet his customers’ needs. Always there for his customers at claim time, he is also highly regarded by our internal claims and underwriting teams.   

Brett Pearce being presented with the Gordon Watson Trophy by Campbell Mitchell

Fidelity Life’s Business manager of the year award was shared by Kenny Kaushish (Auckland) and Michelle Vaughan (Christchurch), who have shown incredible growth and tenacity in delivering outstanding performances.

Kenny Kaushish being presented with the Business Manager of the year award by Campbell MItchell

Kenny Kaushish being presented with the Business Manager of the year award by Campbell MItchell

Michelle Vaughan being presented with the Business Manager of the year award by Campbell Mitchell

Michelle Vaughan being presented with the Business Manager of the year award by Campbell Mitchell

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Southern Cross covers cochlear implants

Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members.

Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members. SCHI will cover one internal cochlear implant (excluding the external sound processor) for members who meet specific criteria which include:

·         being at least 18 years old

·         having severe to profound sensorineural hearing loss in one ear

·         having moderate or worse hearing loss in the other ear

·         having a hearing aid fitted for the ear scheduled for the implant

Those an audiologist deems likely to develop this level of hearing loss within 24 months may also qualify.

 

More news:

Fidelity Life release average turnaround times for September 2024

Fidelity Life share key takeaways from customer engagement forum

Westpac and nib called out for poor customer satisfaction scores at the Consumer NZ Yeah, Nah awards

NZFSG launch ‘MyInduction’ Programme

FSC webinar 'Connecting with Kiwis: Strategies for reaching New Zealand's diverse consumer groups' 28 November

mySolutions webinar 'Premium structures' 30 October

TAP launch myTAPapp

The Co-operative Bank is a finalist in the 2024 LearnX Awards

AMP webinar 'Financially Independent Kids: Plan Today, Protect Tomorrow with Hannah McQueen' 24 October 12:30pm

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