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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FSCL reminds advisers policies need to continue to meet client needs

The FSCL has stated that advisers must ensure insurance policies continue to meet the needs of each client, each time it is renewed.

The Financial Services Complaints Ltd (FSCL) has stated that advisers must ensure insurance policies continue to meet the needs of each client, each time it is renewed. This comes in the wake of a complaint where a customer paid out $37,000 in funeral insurance over the course of 17 years, for a policy that had a maximum payout of $10,000. The customer raised a complaint with the insurer and the FSCL and following a dispute process the customer was paid out compensation.

 
 
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Fidelity Life appoint new Independent Director

Scott Pickering has been appointed as an Independent Director on Fidelity Life's board.

Scott Pickering

Scott Pickering has been appointed as an Independent Director on Fidelity Life's board. Pickering has a wealth of governance and insurance experience, currently serving on the boards of IAG New Zealand, IAG Australia and Bowls New Zealand, and he was previously on the board of Chubb Life in New Zealand and Australia.

Fidelity Life Interim Chair Lindsay Smartt says,

“Scott’s passion for the insurance industry and his dedication to mentoring make him a perfect fit for Fidelity Life.

His leadership and strategic insight will be invaluable as we begin deploying our new strategic plan, and chart a course for long term success.”

 

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Asteron Life updates personal and business insurance products

Asteron Life has unveiled a raft of updates to their personal and business insurance products.

Asteron Life has unveiled a raft of updates to their personal and business insurance products.

The changes include clarification of existing policy terms to ensure greater transparency and ease of understanding and a range of new and enhanced benefits.

The new benefits and enhancements include:

  • Repatriation benefit on personal and business life cover

  • Advancement benefit for terminal conditions on personal life cover

  • Shortened waiting periods for income protection and mortgage and living cover

  • Cover conversion benefit on business disability cover and farmers disability cover

  • Enhancements to the Funeral benefits on life cover, kids cover and business expenses

  • Enhancements to two definitions for trauma recovery and 11 definitions for major trauma

  • The requirement for 14 days total disability as part of the waiting period has been removed from business disability cover, farmers disability cover and business expenses cover

  • Introduction of a premium and cover suspension to the optional needlestick benefit

  • Removal of some restrictions from various benefits such as specific injury support – lump sum and monthly, trauma reinstatement option and the crisis benefit within the optional immediate assist package

Claire Sutton, Executive Manager Life Portfolio and New Business at Asteron Life said

“It's key that our range of covers continue to add value for our customers, policies and terms are easy to understand, and insurance remains as affordable and accessible as possible. We know that these things really matter for our customers and advisers. We also worked hard to ensure that these improvements have not increased customer premiums, given we know how tough it is for many New Zealanders right now.”

 

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