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.
Banks call for governmental support in anti-scam efforts
The New Zealand Banking Association (NZBA) has called for governmental support to establish a New Zealand Anti-Scam Centre.
Following a parliamentary inquiry last year into banks processes and consumer protections against spam, Commerce and Consumer Affairs Minister Andrew Bayly tasked banks to come up with a voluntary reimbursement scheme for customers who have been scammed.
NZBA CEO Roger Beaumont wrote to Andrew Bayly about the collective effort required from government, telecommunications companies, social media platforms and search to improve the capabilities of the Anti-Scam Centre.
“Banks have got the ball rolling with the Anti-Scam Centre by targeting mule bank accounts, which are used by criminals to move stolen money. To take the centre to the next level, we’re initially asking the government for operational support by involving the police and other relevant agencies. We’re also asking the government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
Last September, banks announced they would be taking other initiatives to combat spam, including introducing a confirmation of payee service and removing weblinks from texts to customers.
Last year, the Ministry of Business, Innovation & Employment estimated nearly $200 million was lost to scams during the 12 months to September 2023, up 8% from the previous year.
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Chubb Life increase their Lifetime Reward discount and enhance commission offering
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024.
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024. The discount is available on Life and Trauma covers on Chubb Life’s Assurance Extra and Assurance Extra Business policies for customers who have a BMI measurement of between 18.5 and 24.9 and who have been a non-smoker for at least 12 months. Clients can combine this offer with the current 2 months’ free and multi-benefit discount offers.
Chubb have updated their scenario videos to help you explain how different customers can make the most of the offers.
From 30 April, Chubb Life are increasing their pendulum commission offering for new business, providing an up-front component when you choose either the 15%, 20% or 30% renewal option. They will pay renewal commission from Month 2. Chubb Life have also increased their Disability Income upfront rate and pendulum options.
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nib Group's Brendan Mills talks about the challenges in migrating to the cloud
Steve Wright gives his views on statements of advice
Financial Advice NZ webinar 'When Clients Claim' 1 May
Jon-Paul Hale talks through the problem of digital document insecurity
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) opens up membership
Bill could modernise insurance law
On March 21st, a Member’s Bill was drawn that, if passed, could modernise insurance law. Labour Party MP Duncan Webb, a former insurance lawyer, says his Insurance Contracts Bill will require “…insurance contract terms to be both clear and fair”.
If the Bill is passed, it would introduce penalties for insurers who failed to act in good faith, such as not completing a claim in a timely manner. The Bill requires polices be clearer and in plain language, to better help consumers understand the terms of the insurance they’re signing up for.
We’ll keep an eye on this and report back as the situation progresses.
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Clive Fernandes talks about Generative and Customer-Facing AI impact on financial advisers
Steve Wright talks about how advisers need to be wary of the Dunning Kruger effect
Jeff Royle says banks have been slow to disclose to customers about clawbacks
The Financial Services Council has launched Empower Women
TSB receive three Canstar awards for their credit cards
Jon-Paul Hale talks of how identity fraud and paper document security concerns are on the rise
Gallagher Bassett publish annual insurer survey report The Carrier Perspective: 2024 Claims Insights
Chubb Life has partnered with Kiwi charity Keep New Zealand Beautiful
The latest ANZ Business Outlook Survey shows business confidence levels fell 12 points
Survey finds 44% of insurance advisers in Australia are charging clients for advice
Legal and regulatory update for the life and health insurance sector
7 Dec 2023 - The Australian Prudential Regulation Authority (APRA) has published findings of a survey on the sustainability of group life insurance in superannuation, undertaken by a sample of registrable superannuation entity (RSE) licensees, life insurers and reinsurers. https://www.apra.gov.au/news-and-publications/apra-releases-findings-of-survey-on-life-insurance-superannuation
8 Dec 2023 - The FMA has released findings from their annual monitoring of the audit regulatory systems and processes of the New Zealand Institute of Chartered Accountants (NZICA). https://www.fma.govt.nz/library/reports-and-papers/accredited-body-report-new-zealand-institute-of-chartered-accountants/
8 Dec 2023 - The FMA has released findings from their annual monitoring of the audit regulatory systems and processes of CPA Australia. https://www.fma.govt.nz/library/reports-and-papers/accredited-body-report-cpa-australia/
8 Dec 2023 - The Reserve Bank of New Zealand has reminded retailers to train new cash handlers on fake note detection https://www.rbnz.govt.nz/hub/news/2023/12/reserve-bank-reminds-retailers-to-train-new-cash-handlers-on-fake-note-detection
FMA pulls campaign after being accused of mocking fraud victims
As part of Fraud Awareness Week, the FMA was running videos on social media to help raise awareness of scams but the videos were removed after they were accused of blaming scam victims.
The FMA has pulled a video campaign after it was accused of mocking fraud victims. As part of Fraud Awareness Week, the FMA was running videos on social media to help raise awareness of scams. However, their execution of comedian Tom Sainsbury playing ‘boomer dad’ who gets scammed and loses money he was planning to use on a trip to France, has been accused of blaming scam victims.
Financial Adviser Rachelle Bland has said the FMA should be requesting banks improve their systems and Janine Starks is calling for banks to take more accountability in stopping frauds, for example by implementing matching account names and numbers.
Last week data from banks showed New Zealanders lost almost $200 million to scams in the year to September, up 8% from the previous year.
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Asteron Life has appointed Kirsten Young as the National Manager Adviser Distribution
The NZCSF Level 5 version 2 is undergoing a five year review
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Legal and regulatory update for the life and health insurance sector
13 Nov 2023 - The FMA reminds New Zealanders to remain vigilant to investment scams as part of Fraud Awareness Week 2023 https://www.fma.govt.nz/news/all-releases/media-releases/fma-encourages-new-zealanders-to-be-aware-of-investment-scams/
13 Nov 2023 - ASIC calls on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia identified significant gaps https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-300mr-asic-calls-for-greater-organisational-vigilance-to-combat-cyber-threats/
14 Nov 2023 - Research released by ASIC’s Moneysmart program shows for 68% of Gen Zs, finances are a major cause of concern, more than any other age group (57% of non-Gen Zs). https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-302mr-gen-z-more-concerned-about-finances-than-any-generation-in-australia/
14 Nov 2023 - The Reserve Bank of New Zealand publishes Karen Silk's speech on building a balance sheet to support financial stability https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/events/2023/11/building-a-balance-sheet-to-support-financial-stability.pdf
15 Nov 2023 - The FMA has opened consultation on its approach to outcomes focused regulation, including the fair outcomes for consumers and markets it wants to see financial service providers focus on. Consultation closes 1 March 2024. https://www.fma.govt.nz/news/all-releases/media-releases/fma-opens-consultation-on-fair-outcomes-for-consumers-and-markets/
How many adviser associations does NZ need?
Following The Finance Brokers Association of Australia’s (FBAA) news that they plan to open a local branch in New Zealand in February, Katrina Shanks has questioned whether there is room for another adviser association.
Peter White, FBAA’s chief executive has said the as yet unnamed association will offer mortgage advisers a “stronger voice and representation in front of regulators and politicians” as well as giving “greater awareness and understanding to borrowers as to why they should be using a mortgage adviser to get their home loan rather than just going direct to the banks”. White also promises to deliver more professional development events relevant to the sector.
While Financial Advice NZ won’t release the number of members who are mortgage advisers, she says they are already specifically catered to with services including a ‘Seeking Adviser’ campaign on the website, an online learning management system, a range of mortgage tools and training on areas such as regulation and legislation.
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MAS becomes a Toitū net carbonzero certified organisation
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Almost two hundred million dollars was lost by kiwis to scams in the last year
Next week is Fraud Awareness Week and the SFO is running a webinar series
The Serious Fraud Office (SFO) is running a series of webinars for Fraud Awareness Week, which runs from 12 – 18 November 2023.
We have written about how scams are on the rise in NZ and how the NZ banking sector has announced new measures in the fight against fraud. Now a recent Grant Thornton New Zealand survey has found only 41% of business owners, leaders and decision makers undertake specific planning for fraud risk, so there’s no better time than now to increase your knowledge in this area. The Serious Fraud Office (SFO) is running a series of webinars for Fraud Awareness Week, which runs from 12 – 18 November 2023.
Monday 13 November 12.00-1.00pm
Cyber-enabled fraud - this session will explore what cyber-enabled fraud is and some of the ways you can lock your digital door to fraud.
Wednesday 15 November 12.00-1.00pm
Fraud and Artificial Intelligence - hear from two AI specialists about how fraudsters can use AI to commit their crime as well as how AI can be used to help prevent and detect fraud.
Friday 17 November 12.00-1.00pm
True Crime: SFO case study - hear from two of the SFO team about cases they have worked on and how the lessons they learned can help prevent similar financial crimes occurring again.
To register to attend the webinars, contact the SFO at counterfraud@sfo.govt.nz.
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Katrina Shanks writes about how to work out the best investment approach
FBAA say lifting the number of mortgages written by independent advisers is top priority
TSB appoints Kerry Boielle as new CEO
Westpac chief executive Catherine McGrath says principles-based legislation is a good thing
Highlights from nib’s 2023 Community Report
nib has released their 2023 Community Report, highlighting community initiatives across New Zealand and Australia delivered by nib, the nib foundation and employee volunteering and fundraising. The nib foundation is nib’s charitable organisation that focuses on helping people and communities live healthier lives. Some of the highlights include:
As part of the nib foundation’s Prevention Partnerships program, that aims to tackle risky behaviour, nib launched the Clearhead Finding Purpose tool in NZ.
Nib donated $20,000 to KiwiHarvest to distribute food relief to those affected by the Auckland floods and Cyclone Gabrielle. KiwiHarvest donated 57,000 portions of fresh produce.
Members, employees and the public voted for which local charity partner should receive a share of $30,000 as part of celebrating nib NZ’s 10th birthday – Ronald McDonald House received $15,000, KiwiHarvest received $10,000 and Clearhead received $5,000.
More than 8,500 members used Clearhead’s Finding Purpose tool.
Glen Eden Intermediate won a $10,000 cheque from the nib Little Legends $10k relay for their junior rugby team.
nib were the naming rights sponsor for nib IronMāori TOA, 17-hour event that includes a 3.8km ocean swim, 180km cycle and 42.2 km run.
nib were the naming rights sponsor of the nib Blues wāhine team and they donated $11,500 worth of specialist recovery equipment to the team.
Shannon Leota and Katelyn Vaha’akolo were each the recipients of a $5,000 nib Blues Health & Wellbeing Scholarship.
nib partnered with Save the Children, to help families in Ukraine gain access to essentials, such as, food, clean water and basic hygiene supplies; as well as cash grants, emergency services and mental health support.
Removed weeds and rescued trees with Conservation Volunteers New Zealand at Papakura stream and Sanders Reserve.
Nib staff collected and delivered Christmas presents to those in need with The Blues and the Salvation Army.
Packaged around 3,500kgs of food to deliver to local community kitchens and people in need across Auckland.
Overall across NZ and Australia, nib group delivered $6.6 million in community funding and over 1,500 volunteer hours.
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Melanie Gorham believes level-5 has shrunk the NZ insurance broking talent pool
FMA has four strategic priorities over the next year
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Kiwibank is rolling out a financial wellbeing programme for its staff
Scams on the rise in NZ
Scams have been taking prime place in the media recently, with everything from travellers being warned against connecting to Wi-Fi networks to police warning people what to look out for, police making significant arrests in term-deposit-style scams to the FMA warning about comparison websites.
Cert NZ recently reported that financial losses as a result of cyber crimes were up 66% in the first quarter of 2023 compared to the last quarter of 2022.
NZ banks and the Banking Ombudsman are working together to try and keep consumers safer from scammers. The latest initiatives is the 4 part documentary series ‘You’ve been scammed by Nigel Latta’, which starts tonight. Nigel explores the psychological tricks scammers use to exploit people and explains how better to protect yourself.
Miriam Dean KC, chair of the Banking Ombudsman scheme, said financial scams were rising exponentially and is urging banks to fast-track resolution of fraud complaints. Dean also called on other organisations oft impersonated by scammers, like NZ Post and Inland Revenue, to step up their activity in helping protect customers. Dean can see the benefits of setting up a dedicated anti-scam unit, the likes of Singapore’s Anti-Scam Command.
“Establishing an anti scam centre along these lines would have much to recommend it in my view, especially as a flood of scams grows day by day ... and scammers will turn to artificial intelligence to further their devious ends.”
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FinTechNZ: Importance of Data Quality for AML webinar July 25
Consumer Confidence Survey shows consumer confidence has improved but remains very subdued
Artificial sweetener Aspartame to be listed as “possibly carcinogenic to humans”