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.
Partners Life appoints new Chief Financial Officer
Mark Schollum has been appointed as Partners Life's new chief financial officer.
Mark Schollum has been appointed as Partners Life's new chief financial officer. Schollum is currently Chief Financial Officer at Chubb Life New Zealand and has held a variety of roles in the life insurance industry in New Zealand and internationally. He is qualified as a Chartered Accountant and is a member of the New Zealand Institute of Directors. Schollum will start his new role in March next year.
More news:
FSC Women in Finance Leadership Series is on 20 March
NZFSG has introduced Adviser Insights reporting tool
Government greenlights Kiwibank raising $500m ahead of eventual float
Confidence in New Zealand’s economy has nearly doubled among directors
Australia is set to introduce a ‘new class’ of financial advisers
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.
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
Legal and regulatory update for the life and health insurance sector
Kiwibank fined for breaches of the Fair Trading Act; FMA to publish first climate-related disclosures insights report in December; FMA pause work on climate statements in disclosure documents; new FMA podcast released; APRA release quarterly private health insurance data; Privacy week 2025 dates and theme confirmed; FMA release Consumer Confidence Survey.
28 Nov 2024 - Kiwibank has been fined $1.5 million after pleading guilty to 21 breaches of the Fair Trading Act, resulting in overcharges to 35,000 customers totaling $6.8 million. https://comcom.govt.nz/news-and-media/media-releases/2024/systemic-breaches-of-consumer-law-lead-to-$1.5million-fine-for-kiwibank
28 Nov 2024 - The FMA will publish its first climate-related disclosures insights report in early December. It will include findings and areas for improvement based on the reviews of climate statements prepared for reporting periods ended between 31 December 2023 – 31 March 2024. The FMA will be running webinars on Tuesday 10 and Thursday 12 December to discuss the report and answer questions.
28 Nov 2024 - Following consultation in July on proposed guidance for references to climate statements in disclosure documents, the FMA have decided to pause work on this project. https://www.fma.govt.nz/assets/Exemption/Submissions-report-CRD-PDS-proposed-guidance.pdf?utm_medium=email&utm_campaign=FMA%20UPDATE%20NOVEMBER%202024&utm_content=FMA%20UPDATE%20NOVEMBER%202024+CID_ba79ea243bfbf23eb5e123188c21af00&utm_source=FMA%20Campaign%20Monitor%20Emails&utm_term=available%20here
28 Nov 2024 - The FMA release Navigating KiwiSaver Episode 4: KiwiSaver fees. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-4/
28 Nov 2024 - APRA has released its quarterly private health insurance publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-6
29 Nov 2024 - The Office of the Privacy Commissioner has confirmed that Privacy week 2025 will run from the 12-16 May 2025, with the theme "Privacy on Purpose". https://us18.campaign-archive.com/?u=5b61763783257eac3d863f400&id=e5ffb9f447
2 Dec 2024 - The FMA have released the results of its first Consumer Confidence Survey. Findings included 98% of kiwis have at least one banking product; credit card ownership is down 3% while buy-now-pay-later is up 5%; 86% of all kiwis have at least one insurance product; 85% of NZers have at least one investment product. https://www.fma.govt.nz/news/all-releases/media-releases/inaugural-consumer-confidence-survey/
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.
Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025. Pickering joined the Fidelity Life board in July this year and holds other roles on boards at Evolution Healthcare, Kiwibank, Insurance Australia Group, IAG New Zealand, Engage Consulting and Bowls New Zealand as well as being an advisor to HealthNow and Bain & Co.
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Momentum Life offer 20% off wills and chance to win
Paul Connolly from Kiwibank named Cybersecurity Leader of the Year
AIA NZ achieves Advanced GenderTick Status; Westpac reaccredited with the Advanced GenderTick
Winners at the Haven Awards 2024 announced
Data shows $194 million was lost to bank scams in the year ending September 30
The Retirement Commission launches National Strategy for Financial Capability 2025–2027
KiwiSaver assets grow to $117.6 billion in the third quarter of this year
Bell Gully writes of the rise of generative AI, including an overview of the relevant NZ statute
Poll finds the cost of delivering advice is the biggest challenge
IFSO reminds kiwis to review their insurance policies
The Insurance & Financial Services Ombudsman Scheme is reminding New Zealanders to thoroughly review their insurance policies.
The Insurance & Financial Services Ombudsman (IFSO) Scheme is reminding New Zealanders to thoroughly review their insurance policies. Karen Stevens, the Insurance & Financial Services Ombudsman, has noted that some policyholders are unaware of specific limitations which can leave them without cover for something they thought was included. Stevens has cautioned kiwis of the need to familiarise themselves with their policy terms and conditions, paying particular attention to exclusions, as it is the consumer’s responsibility to understand the terms laid out in the policy.
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Mark Banicevich believes new FAP regime creates opportunities for advisers
The FSC publish Life Insurance Industry Spotlight June 2024
Southern Cross Healthcare is looking for a Head of Enterprise Risk & Assurance
Rachel Wilson joins Fidelity Life as Business Manager Wellington region
Southern Cross release new online mindfulness practice available free to all New Zealanders
Southern Cross Healthcare sponsors Round the Bays fun runs, including Christchurch
The General Practice Owners Association has laid a complaint with the Commerce Commission over “unfair” and “illegal” contracts
Kiwibank report $202 million after-tax profit
Kiwibank posted a record $202 million after-tax profit for the year to June 30 2024, up 15% from the previous year.
Kiwibank has featured in the news a lot recently, from the Commerce Commission’s recommendation that the Government should consider what is necessary to make Kiwibank a disruptive competitor, to the release of Kiwibank’s latest financial results.
Kiwibank posted a record $202 million after-tax profit for the year to June 30 2024, up 15% from the previous year. Kiwibank were able to grow their lending book by 9.3% to $32.4 billion. Impressively, home lending grew 2.7 times faster than the market and business lending grew 3 times faster than the market. Deposits increased by $2.4 billion, growing the deposit book by 9.4% to $28.2 billion
Steve Jurkovich, Kiwibank CEO, has said a $500 million capital infusion would
“give us a lot of runway to keep growing as fast as we are now, which is 9.5%, 10% [per annum], which is pretty large gains. That sort of investment over the next three, four years would give good runway.”
"With the right support and delivery of the right business plan and right initiatives, I think we could double our size in five years.”
Jurkovich has also said it may not be essential for the bank to remain 100% NZ owned, pointing to other examples of successful majority owned businesses like Air New Zealand. Jurkovich cautions that any requirement to pay sizeable dividends could impact their ability to grow, given that capital growth to date has mainly been via retained earnings.
Mortgage advisers now account for around 35% of Kiwibank’s total mortgage book, having originated 71% of Kiwibank home loans this year. Kiwibank’s accredited advisers have grown to about 1,000 now, up from 250 at June 30, 2022.
More news:
Report on the MAS 2024 Annual General Meeting released
Antonia Watson says the big banks can't afford to be NZ owned
TSB respond to the Commerce Commission’s banking study
FinTechNZ Hui Taumata 2025 is on 11 March 2025
Investment News release their KiwiSaver annual report
Study finds a majority of New Zealanders feel financially uncomfortable
Commerce Commission release banking competitiveness study
The Commerce Commission have released the Final Report on personal banking competitiveness.
The Commerce Commission have released the Final Report on personal banking competitiveness. The 14-month market study found
“a stable, highly profitable, two-tier oligopoly with no disruptive maverick and a lack of obvious or aggressive price competition.”
The study found little strategic differentiation between the major banks and found their growth targets focus on maintaining market share and protecting margins and profitability, limiting competitiveness and innovation.
The Commission’s recommendations to Government can be grouped into four key areas and broadly speaking involve making Kiwibank a more disruptive competitor, accelerating progress on open banking, ensuring the regulatory environment better supports competition and empowering consumers.
While both the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) and Financial Advice New Zealand (FANZ) have welcomed the report, after criticising the draft report which was released in March. Since then, the Commerce Commission has engaged with both associations as well as other representatives from the mortgage industry to better understand the role advisers work.
Leigh Hodgetts, country manager of FAMNZ, has called out the Commerce Commission’s statement that advisers should put more emphasis on price, saying that there are many factors around individual circumstances that must be considered when a consumer takes a loan.
Financial Advice New Zealand said it would be seeking clarity on the recommendations, in an effort to determine any unintended consequences.
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Tony Vidler recommends advisers can evidence why their advice was suitable at the time
mySolutions webinar 'The meeting before the meeting' 28 August
Asteron Life sale should be completed by the end of January 2025
Asteron Life profit after tax fell by 27% to $19m
Financial Advice NZ Central Branch Meeting 27 August
Southern Cross Health Insurance opens nominations for Wayfinder Awards
ASB CEO Vittoria Shortt would like to see KiwiSaver policy changes
The FMA publish the latest 'Money with Mary'
IFSO needs to incorporate as a limited liability company for merger
AIA celebrate 5 years of AIA Vitality
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market.
To date, over 60,000 people have joined AIA Vitality.
On average, an AIA Vitality member in New Zealand completes a health and wellbeing assessment available in the app every 15 minutes.
AIA Vitality members have completed over 18,500 free Vitality Health Checks.
Since becoming AIA Vitality members:
79% have moved to a healthy glucose range from an unhealthy glucose range.
64% have moved to a healthy cholesterol level from an unhealthy level.
49% have moved to a healthy blood pressure range from an unhealthy range.
Less than 50% of New Zealanders meet the recommended guidelines of 2.5 hours of weekly physical activity but 95% of AIA Vitality Silver+ members meet this target.
AIA Vitality members combined have walked the length of New Zealand 1,295 times.
Members have achieved over 86,800 Status Reward vouchers and 976,500 Active Rewards vouchers – a combined worth of $9.1 million in rewards.
To celebrate the anniversary, AIA is giving customers who activate their AIA Vitality membership by 31 October the chance to win one of 20 Woolworths Gift Cards, each worth $500. Existing AIA Vitality members who hit their $5 weekly physical activity target anytime between 5 August and 1 September, go in the draw to win 1 of 5 Apple Store Gift Cards worth $729.
AIA have recently made some improvements to AIA Vitality, with a new AIA Vitality app with enhanced features and functionality being launched in April this year.
More news:
AIA offer clients a chance to win a year's insurance
The FSC runs a Money Month campaign on Money and You website
Partners Life and Banqer launch free financial literacy course
AIA appoint Bianca Bettini as new AIA Vitality Coach
Andrew Bayly says the CCCFA’s director and senior management liability provisions to stay
Westpac connect Volley to their Open Banking platform
Bell Gully put together an overview of the Customer Data Right bill and the CDR framework
Finance Minister says she wants external investors for outside capital for Kiwibank
GP’s having to raise fees after insufficient government funding increase
Partners Life appoints new Chief Risk Officer
Partners Life has appointed James Greig as Chief Risk Officer.
Partners Life has appointed James Greig as Chief Risk Officer. Greig joins from Southern Cross Health Society, where he is the Head of Risk. Greig has more than 20 years’ experience across insurance and business roles in both New Zealand and Australia. He has held senior positions across strategy, operations, technology and risk roles, including six years as Director of Supervision at the Financial Markets Authority.
More news:
Nominations open for Kiwibank New Zealander of the Year Awards
NZUAC's 2024 Auckland Expo is on August 27
ANZ is being investigated by ASIC over allegations it manipulated Australian government bond sales
The Government hints they’re open to selling Kiwibank to enable it to grow
Lending and investment company Squirrel has been the target of a cyber attack
Michael Weston talks about how he wants to take Partners Life forward
In an interview on Good Returns TV, Michael Weston, new CEO at Partners Life, talks about how he wants to move Partners Life forward.
Good Returns TV has an interview with Michael Weston, Partners Life CEO. Weston says in the four months he’s been in the role, he’s been spending a lot of time with our advisers, getting to know the regulators and key business partners.
Weston talks about how he’s working to continue the values and the culture of the brand and as he goes forward he’s concentrating on what the next stage of growth for the company will look like, looking to spot unserved needs and ensure Partners Life has the right capabilities in place. He wants to keep focusing on innovation and in terms of the business environment currently, looking at making their solutions simpler and more accessible to a wider range of New Zealanders.
More news:
mySolutions webinar 'New mySolutions Member Benefit - myGrowth Platform' 31 July
Fidelity Life roll out enhanced GP lookup feature for their new E-App
Last week for Fidelity Life's customer engagement initiative
nib offer customers 3 months free on Easy Health, Ultimate Health or Ultimate Health Max policies
Partners Life partner with Banqer for annual Money Month Challenge
David Carney talks about the role of AI in financial advice
The Financial Services Federation signs up mortgage advisers as affiliate members
Kiwibank creates content series focusing on first homeownership