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 offers premium relief to drought-affected customers
Fidelity Life are offering temporary premiums waivers to customers facing financial hardship as a direct result of droughts.
The government has declared medium-scale adverse events due to drought in Northland, Taranaki, Manawatū-Wanganui (including Tararua), Horowhenua, Wairarapa, Marlborough, Nelson, Tasman, Canterbury and Otago.
Fidelity Life customers who are facing financial hardship as a direct result of the droughts in these regions can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
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Andrew Logan has joined Lifetime as its chief executive
FinTech NZ event 'Connect Event: Start-up to scale' 8 May in Auckland
Resolution Life’s purchase of Asteron Life will be different than when they purchased AMP Life
Grant Willis, Asteron Life executive general manager, says Resolution Life's proposal to acquire Asteron Life is very different to when it bought AMP Life.
Advisers had previously expressed frustration after Resolution Life’s acquisition of AMP Life, particularly around communications and service levels.
Willis says that this time it will be different as Resolution Life are supporting Asteron Life’s growth ambitions, keeping the current management team in place and keeping the branding the same. Willis says the purchase will allow Asteron Life to invest in things like digitising the business to drive growth.
In addition, Willis points to new leadership at Resolution Life Australasia, with Tim Tez taking on the CEO role less than 18 months ago.
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Asteron Life to be sold to Resolution Life Australia
Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million.
Resolution Life Australasia has acquired Asteron Life from Suncorp Group for a purchase price of $410 million. Asteron Life has about 165 employees servicing more than 180,000 customers and their advisers. Resolution Life Australasia is part of Resolution Life, a global life insurance group with around 14 million policyholders.
The acquisition is still subject to New Zealand regulatory approvals, with the deal expected to complete in approximately nine months. If the purchase goes ahead, Resolution Life will become the second largest life insurer in New Zealand.
Tim Tez, Chief Executive Officer Resolution Life Australasia, said
“This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region… Asteron Life presents a compelling opportunity to continue to grow through new individual and group customers while continuing to support existing customers.
Resolution Life will support the Asteron Life business with its momentum and success in the New Zealand life insurance market. As a trusted life insurer, Asteron Life will continue to operate as a standalone New Zealand licenced life insurance company, under its existing brand in New Zealand and support advisers and their customers using the same dedicated team and management.”
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The FSC publish their Life Insurance Industry Spotlight December 2023
The Triple A Advisers Association and Plus4 Insurance Solutions have merged
Seven Sharp featured Kate Dron chatting about what it means to be an actuary
Next version of NZCFS Level 5 has been submitted for approval with NZQA
Southern Cross Health Insurance has appointed Andrea Brunner as its Chief Operating Officer
Marsh releases ‘New Zealand insurance market update 2023: Year in review’
Deloitte and FintechNZ launch the 2024 New Zealand Fintech Pulsecheck
Associate Health Minister David Seymour says changes to the Medicines Act could be needed
FMA says those with licences unlikely to have to undergo another licencing process
Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process.
Speaking at Financial Advice New Zealand’s Thrive Conference, Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process. Barrass said last year’s push for financial advisers to achieve their Level 5 before the deadline was “the most successful transition I've witnessed in my career” and “a world-beater.”
Speaking earlier at the conference, Commerce Minister Andrew Bayly had said he was aware some organisations held multiple licences and he was looking at whether it could be streamlined into a single licence as part of the government’s drive to simplify regulation of the financial services industry.
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Steve Wright suggests advisers need to pay more attention to general exclusions
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Financial Advice NZ say they aim to be the voice and champion of financial advisers
Gallagher Insurance partners with the NZ Provincial Rugby Union Group
New Zealand Fintech Pulsecheck 2024 is on 28 March in Auckland
FSC CEO resigns
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Klipin has led the FSC for the past seven years and he will remain in the role whilst the Board starts the search process to find a replacement.
Rob Flannagan, Chair of the FSC, says
“Under Richard’s leadership over the past seven years we’ve developed from a small organisation of 29 members to one that is now has 119, and living its purpose as the clear voice of the financial services sector and growing the financial confidence and wellbeing of New Zealanders.
Richard has led this renewal in vision, strategy and purpose; and his strength as a community builder is evidenced by the active involvement of over 540 members across the many FSC Commitees, forums and working groups.
Richard is leaving the FSC in great shape, with a new strategic plan and a ‘Blueprint for Growth’ policy platform that unites the sector, and has support and backing from government and regulators.”
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Fidelity life to launch improved e-App
46% of new Chubb Life customers have received the 10% Lifetime Reward discount
Chubb Adviser Resources Site has had a refresh
Women in Insurance Summit 2024 in Auckland on 27 February
UniMed partners with Snap Fitness 24/7 to give members a free gym trial
Nick Hakes reflects on the financial advice industry in Asia-Pacific
FSC webinar 'Will big data & AI change everything?' 27 February
The IFSO Scheme will partner with Banqer
FSC's CEO Richard Klipin to speak at FinTechNZ's Hui Taumata
The Reserve Bank is in the early stages of planning for the next five-year funding agreement
KiwiSaver providers sceptical potential changes KiwiSaver scheme will benefit members
Southern Cross Healthcare appoints Dr Erica Whineray Kelly as Chief Medical Officer
Te Ara Ahunga Ora Retirement Commission says political parties need to reach cross-party agreement
Nick Astwick explains how Southern Cross Health Society remains economically sustainable
Nick Astwick, chief executive at Southern Cross, has spoken about how Southern Cross Health Society remains economically sustainable. He details the three key things that the not-for-profit friendly society relies on to keep it sustainable.
Nick Astwick, chief executive at Southern Cross, has spoken about how Southern Cross Health Society remains economically sustainable. He details the three key things that the not-for-profit friendly society relies on to keep it sustainable:
· Young and healthy members - Astwick talks about how having younger, healthier members keeps claims down.
· Prevention – a focus on preventing sickness from happening, like a pilot programme the Health Society is running that offers bowel cancer screening.
· Membership growth and retention – ensuring affordable coverage and accessible benefits to help maintain tenure.
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Swiss Re release report on the global economic and insurance market
Partners Life "Last Performance” campaign wins at Agency of the Year awards
The FSC welcome the incoming government
Southern Cross Health Society Annual General Meeting 6 December
Asteron Life customers can score a $50 Prezzy card for every $500 in new premium, up to $5000
MAS webinar 'Financial wisdom for a purposeful retirement' 5 December
Sharesies has launched its KiwiSaver scheme to the general public
David Green says mortgage lending should be taken out of the CCCFA and given its own legislation
Chubb has appointed Adit Witjaksono as property manager for Australia and New Zealand
FintechNZ Annual Meeting 2023 rescheduled to 6 December
Fidelity Life updates
Fidelity Life have been busy.
They have launched a live chat function for advisers to be able to interact with new business and underwriting teams.
Fidelity Life will launch product enhancements in November including
increasing maximum monthly benefit percentages from 110% to 115% of mortgage repayments;
new trigger to increase cover as a result of buying an investment property, holiday home, residential block of land, or co-signing a child’s mortgage;
new trigger for when financially supporting a child through first course of full-time tertiary education;
special events - removing the exclusion for customers with loading >100%
future events & insurability - removing the exclusion for customers with non-standard terms;
increasing the maximum monthly benefit for Key person new to business from $4,000 to $6,500 and for Key person for farmers from $5,000 to $9,000;
rolling out new repatriation benefit to all inforce and new on-sale life covers (except Survivor’s income cover), which reimburses up to the lesser of either 10% of the life cover sum insured or $20,000, helping to cover the cost of repatriating a body home;
changing our Trauma Stand-down start date to when the customer submits their completed application instead of when they finish underwriting.
In coming months Fidelity Life will publish turnaround times for new business and call centre interactions.
Fidelity Life are offering special relief to weather impacted customers in Queenstown, Gore and Southland who are facing financial hardship. They have offered a waiver of premiums for up to 3 months while keeping cover in place.
Fidelity Life will roll out annual product re-accreditation training models in November, mandatory for all advisers working with Fidelity Life customers
Fidelity Life have published a ‘Working together guide’
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Russell Hutchinson talks about how advisers can help their clients in tough financial times
Jenny Ruth criticises Southern Cross for pulling out of planned interview
Mark Banicevich, Industry Engagement Manager at Partners Life, provides views on governance
Policyholders to vote on Accuro and Unimed merger at special meetings
Financial Advice NZ webinar 'How to best advise and manage forestry assets' 15 November
Cyber Smart Week runs from 30 October – 5 November
FinTechNZ Roundtable – Competition for Personal Banking Services on 27 November
Swiss Re write about redefining sustainability in life and health insurance
Daisy Ning, Head Life & Health Re APAC ex. China, writes about how sustainability can be applied more broadly in the insurance and reinsurance context. Swiss Re believe sustainability aligns with what they refer to as the ‘3A’s’ of life and health insurance:
accessibility (the ease of acquiring coverage), availability (whether suitable plans and products exist to cover the full range of L&H needs), and affordability (whether products and plans are priced fairly and within consumers’ means).
Ning advocates for formulating strategies that manage risk, improve adaptability and explore opportunities – regardless of market conditions; assessing trends and value delivered to clients and adjusting as necessary; and enhancing value delivered to clients by making insurance solutions more relevant.
The global protection gap in 2022 was sitting at US 406 billion in premium equivalent terms, up 1.5% since 2021. A recent Deloitte estimate has the Australian public at 60 – 80% underinsured. A Swiss Re estimate of NZ’s mortality protection gap was USD 435 billion (NZD 670 billion) or more than USD 540 000 for each household, as of 2020.
Ning suggests we need to leverage connectivity and digitalisation to make products more affordable; leverage big data and advanced analytics to uncover insights into market trends, customer behaviour and risk factors and create products that address emerging needs discovered through this process; look at digital health underwriting; and increase reach through building alliances with online platforms, aggregators, fintechs and other digital players.
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Industry leaders suggest how incoming government can support the industry
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FintechNZ Annual Meeting 2023 3pm on 23 November
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Link financial group awarded one of the Best Mortgage Companies to Work for in New Zealand
nib release 2023 sustainability, community and climate-related disclosure reports
nib Group have released their 2023 sustainability, community and climate-related disclosure reports. Some highlights from the reports include:
· 25,990 HealthChecks were undertaken by nib members.
· Employee Experience Surveys in FY23 found an overall engagement score of 81%.
· 289 staff volunteered 1,546 hours across 14 charities.
· 34 suppliers completed continuous improvement plans to manage modern slavery risk.
· The strategic procurement team has taken a proactive step toward reducing nib’s carbon footprint by introducing environmental criteria into the Request for Proposal (RFP) process.
· nib introduced a new values-based employee recognition program where all employees have the opportunity to nominate their colleagues and vote on the most extraordinary achievements.
· nib worked with Ngāti Whātua Ōrākei to facilitate the ‘Cultural Coalition’ Program (Whatua te Aho Tukurua). This six-week program teaches participants Māori language and values, encouraging employees to integrate these learnings into regular work activities and practices.
· Gender pay equity gap has reduced to 2.75%.
· 985 Kiwis visited Clearhead’s Te Reo Māori website and chatbot
nib has identified climate-related risks including:
· increased market pressure to provide community support and insurance affordability for those experiencing climate hazards;
· increased illness & comorbidity due to chronic and compounding climate change hazard;
· trauma, illness, property destruction and disruption leading to high rates of psychological distress;
· increased incidents and severity of climate hazards causing pressure on discretionary income;
· chronic and compounding climate change impacts putting pressure on health services;
· energy and emissions performance standards creating compounding capital expenditure and operational costs;
· limitations of current regulatory and pricing mechanisms to respond to climate hazards;
· risk nib won’t meet growing mandatory reporting and regulatory requirements.
nib has developed a risk-management framework to manage and mitigate its material risks, and their board and management regularly identify and analyse risks and the effectiveness of the controls in place to manage these risks.
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FinTech NZ is asking members to fill in their 2024 New Zealand Fintech Pulsecheck Survey
mySolutions webinar 'Roles and responsibilities of Directors' 9am 18 October
Open letter to Pharmac saying the chief executive and the chairman need to step down
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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Crombie Lockwood changing their name to Gallagher Insurance
FinTechNZ Executive Council Nominations 2023 close 19 October
Allianz Global Wealth Report finds those with lower level money skills tend to allocate more to cash
Southern Cross 2023 AGM will be held on 6 December
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