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 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.
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
Join us at the Financial Advice NZ conference in 2025
Next year Financial Advice NZ will host its inaugural National Adviser Conference – Shaping The Future of Advice.
Next year Financial Advice NZ will host its inaugural National Adviser Conference – Shaping The Future of Advice.
Chief Executive Officer Nick Hakes said
“The National Adviser Conference offers countless opportunities for all advisers to expand their knowledge in their own areas of expertise, and to connect with industry leaders, visiting fellows, international guests, other practitioners, and innovators in advice.”
“The National Adviser Conference is the best place for combining big-picture thinking around industry expectations, disruption and change with peer-to-peer collaboration.”
Speakers announced to date include:
Dante de Gori, Global CEO of the Financial Planning Standards Board from the US
Samantha Barras, Chief Executive Officer, Financial Markets Authority
Sir Ian Taylor, NZ technology innovator and storyteller
Dr Katherine Hunt PhD, Director Finology Institute, Portfolio Construction Forum, and
Tim Farrelly, CIMA, Principal, farrelly’s Investment Strategy from Australia
The conference will take place at the Te Pae Christchurch Convention Centre from 1 – 3 April 2025. Super Early Bird registration closes on 30 November 2024.
The Quotemonster team will look forward to seeing you there as we will be supporting the conference again. We are keen supporters of adviser-led and adviser-focused content and conversations. Having a space where you can meet as professionals and support each other in your career development is so valuable that we encourage you to attend and join us if you can.
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Westpac New Zealand's September-year net profit after tax was $1.226 billion
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.
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nib release their top 5 health claims for August 2024
FSC Life Insurance Special Interest Group Networking Event is on 10 December
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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
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
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mySolutions webinar 'Managing compliance using Sharepoint' 6 November
More than 7,500 people made early KiwiSaver withdrawals during September
Possible changes to probate threshold
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration.
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration. The probate threshold of $15,000 (per asset) was last updated in 2009 and is set in the Administration (Prescribed Amounts) Regulations 2009. KiwiSaver was only in its infancy the last time the threshold was updated, and it has not been adjusted for inflation since.
The Ministry are seeking feedback on: how many payments are made without the need for probate; data on the average size of assets people hold when they die; how easy or difficult the current situation is to navigate when deciding whether to pay out; if there are any situations where account above $15,000 are unclaimed; what an appropriate new threshold would be.
Members of the FSC can contact the FSC if they want to contribute to the FSC’s submission.
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Financial Advice NZ webinar 'Are you Cyber Savvy enough?' 13 November
KiwiSaver determined to be competitive
The latest Melville Jessup Weaver analysis has determined that KiwiSaver is statistically competitive.
The latest Melville Jessup Weaver analysis has determined that KiwiSaver is statistically competitive. Competitiveness, as measured by the Herfindahl-Hirschman Index (HHI), improved slightly year on year. There are 38 schemes and 34 providers available for kiwis to choose from, with the three largest owners (ANZ, ASB and Fisher) accounting for around half of scheme members and assets. There was a slight shift in favour of providers outside the 10 largest, who expanded their market share by 0.5% during the 12 months to March 31.
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FSC to hold member meeting on XRB Consultation
Banking Ombudsman Scheme received 6,054 cases
ANZ announce official partnership with Auckland Football Club
Executive Team changes at Partners Life
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan is now Chief Distribution Officer and Kate Dron is now Chief Customer Solutions Officer.
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan, previously Chief of Adviser Distribution, will be Chief Distribution Officer. Kate Dron, previously Chief and Appointed Actuary, will be Chief Customer Solutions Officer.
Van Graan’s new role will focus on strengthening partnerships with independent financial advisers and working to amplify Partners Life’s customer referral partnership with BNZ.
Dron’s new role will focus on ensuring that Partners Life’s solutions service a wide range of customer needs with a particular focus on enhanced simplicity and accessibility and includes establishing a establishing a business led data, analytics, and insights team.
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nib extends three months free offer until 31 October 2024
mySolutions webinar 'KiwiMonster' 9 October
Financial Advice NZ webinar 'Understanding artificial intelligence in financial services' 16 October
AIA launch new campaign offering customers up to three months off their premiums
AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.
First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.
Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.
Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.
Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.
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The Adviser Platform is offering its CRM system free of charge
Kirk Hope has started his appointment as Chief Executive Officer at FSC
Organisational changes afoot at nib
In the lead up to nib launching their Life and Living Benefits suite of products early next year, the health insurer has made some organisational changes.
In the lead up to nib launching their Life and Living Benefits suite of products early next year, the health insurer has made some organisational changes. A new distribution leadership team has been created, with the three key distribution role reporting to Chief Executive Rob Hennin.
Chris Carnall, Head of Distribution, is moving to the role of General Manager – Adviser Life and Living, leading the development of nib's new Life and Living Benefits suite for advisers.
Amanda Savill is joining nib to lead the adviser distribution team, where she will create a strategic and operational plan to deliver on service and growth for their advisers.
Pippa Leydon takes on the role of National Manager - Group, with responsibility for the strategy and growth of nib’s Group business, developing commercial and strategic relationships.
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Shamubeel Eaqub notes the average Kiwi is unable to afford life insurance
Financial Advice NZ webinar 'Learnings from a FMA Monitoring Visit' 2 October
Financial Advice NZ Canterbury Branch Meeting 22 October
Setting Up for Success - How to Build a Great Mentor Relationship' webinar 15 Oct
mySolutions webinar 'Interviewing techniques: how to get people to open up' 18 Sep
mySolutions webinar 'Added benefits of mySolutions membership' 25 Sep
Resolution Life has appointed Moses Ojeisekhoba as its new President
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