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 celebrates its latest 20 Career connect graduates
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Last week, Fidelity Life held a celebration to honour its latest 20 Career Connect graduates. Each graduate has successfully completed their Level 5 qualifications in life, disability, and health insurance.
Anna Devereux; Women in finance scholarship recipient (Dunedin)
Ashlee Cuttance (Dunedin)
Awhina Scott; Pounamu scholarship recipient (Christchurch)
Briar Evans (Auckland)
Caitlin Hayward (Morrinsville)
Christabel Bertie (Auckland)
Grace McIntyre; Rural scholarship recipient (Dunedin)
Harpreet Rehal (Auckland)
Jenny Silva; Kōwhai scholarship recipient (Queenstown)
Kim Forsythe (Invercargill)
Kirsty Gobbie (Auckland)
Leean Te (Auckland)
Marna Breetzke; Pāua scholarship recipient (Auckland)
Matthew Roxburgh (Dunedin)
Myja Gregory (Auckland)
Namrata Kumar (Auckland)
Shiwangni Mala (Auckland)
Sydnee Taylor; Toe Toe scholarship recipient (Christchurch)
Taylah Marr; Rāngi Po scholarship recipient (Christchurch)
Vanessa Jones-Dutton (New Plymouth)
This year, 95% of Career connect graduates were women, and a quarter of the group identifies as Māori or Pasifika.
Michelle Doyle, Head of Solutions said
"More than 60% of the graduates who asked for introductions to adviser businesses have already landed jobs, excited to start careers that help New Zealanders protect what matters most.”
Since its inception in 2023, Career connect has had more than 200 registrations for 70 course places, welcomed 47 students and helped almost 40 people gain their Level 5 qualifications in life, disability, and health insurance.
Submissions to be part of the 2025 intake of Career connect closed earlier this month with nearly 70 applications from a diverse group of candidates across various ages, genders, and cultural backgrounds.
More news:
Expressions of interest for Partners Life New Adviser Training Course open
mySolutions webinar 'Navigating the future ' 2 April
FSC webinar 'How financially resilient are Kiwis?' 29 April
Adviser refunds income protection premiums in FSCL dispute
Monsters in March off to a great start
We’ve kicked off our Monsters in March event series, thanks to the attendees, sponsors and speakers for making it happen.
We’ve kicked off our Monsters in March event series, holding the first session in Remuera on 18 March and the second session in Christchurch on 20 March. Thanks to the 150+ advisers that showed up to hear about personal insurance, business insurance or KiwiSaver advice. And thank you to all of our sponsors and speakers for making it happen.
Here’s a few photos from the events so far.
We’ll be holding a last on the North Shore in Auckland on 25 March – hope to see you there!
More news:
Fidelity Life will host a workshop at FANZ conference
mySolutions Member Benefits day is on 19 March
mySolutions webinar 'Artificial Intelligence: is it for you?' 26 March
Southern Cross Health Insurance appoint Russell Simpson Chief of Healthcare Partnerships
Registrations open for the Million Dollar Round Table’s Annual Meeting in Miami in June
Advisers originate about 70% of Kiwibank’s mortgages by volume
Unimed CEO to step down
UniMed has announced that CEO Louise Zacest will be stepping down at the end of March.
UniMed has announced that CEO Louise Zacest will be stepping down at the end of March. UniMed Chair Peter Tynan said the organisation was deeply grateful for Louise’s leadership over the past four years.
“Under her guidance, UniMed has become New Zealand’s third largest health insurer, expanded into health & safety and mental wellbeing, and significantly strengthened its internal capabilities.”
Lynne Hayman has been appointed as interim CEO, for the period 31 March to 31 October 2025, while a recruitment process for a new CEO is undertaken. Hayman joined UniMed late last year as Interim Chief Operating Officer.
More news:
Fidelity Life's A- (Excellent) financial strength rating affirmed by AM Best
AIA NZ is recruiting for a new head of investments
AIA Group delivered US$6,605 million OPAT in the year ended 31 December 2024.
PPS Mutual is preparing to launch in New Zealand
The FMA contractor budget more than $13 million over the 2023/24 reporting year
Product and pricing changes at Partners Life
Partners Life have announced a range of product changes, effective from 15 March 2025, aimed at giving customers more flexibility and the option to remove features if they don’t want to pay for them.
Partners Life have announced a range of product changes, effective from 15 March 2025, aimed at giving customers more flexibility and the option to remove features if they don’t want to pay for them.
The built-in Total and Permanent Disability (TPD) Benefit will become a TPD Option. If a client opts out of TPD, the premium for their monthly disability cover will reduce accordingly. This change applies to Mortgage Repayment Cover, Household Expenses Covers and Income Cover Agreed Value, Agreed Loss of Earnings and Indemnity Loss of Earnings.
They have made changes to Trauma Cover and Moderate Trauma Cover for clients who have suffered an out of hospital cardiac arrest. They have removed obsolete medical requirements, and added current diagnostic tools used by medical staff to confirm a cardiac arrest has occurred. The wording has been updated to allow for new and future diagnostic tools.
They have updated Trauma, Moderate Trauma and Severe Trauma Cover wordings to let clients know that Partners Life will notify them when they can exercise their Life Cover or Deferred Trauma Cover buy-back options.
Any beneficial enhancements to policy wordings are automatically applied to existing in-force policies under the Guaranteed Upgrade of Future Benefits feature.
In addition to the product changes, Partners Life have reviewed premiums, in light of increased volume and cost of medical claims. Premiums for Private Medical Cover including Specialists and Tests Option will increase by 18% and the policy fee will increase from $58.08 to $64.13 per annum, both from 22nd April 2025.
More news:
FSC25 Conference: Transforming for Tomorrow is on 10 - 11 September in Auckland
The Rising Stars in Insurance Seminar expands to more cities
Managing risks posed by Artificial Intelligence in the banking Sector
70% of NZ CEOs say AI has increased efficiencies in their employees’ time at work
What’s the biggest health claim paid for a procedure?
The health insurance industry has been experiencing a time of rising medical costs, where both volume of claims and inflation have been increasing. We’ve taken a closer look at individual claims values that a few insurers have released recently.
The health insurance industry has been experiencing a time of rising medical costs, where both volume of claims and inflation have been increasing. We’ve taken a closer look at individual claims values that a few insurers have released recently. As you can see from the data below, the costs of individual claims can be astronomical.
nib regularly publish their top 5 health claims by month. RiskinfoNZ has an article collating historical nib’s top health claims by month here.
nib’s top health claims for January 2025
Treatment Cost Gender Age
Spinal surgery $101,000 Male 16
Cardiac surgery $85,000 Male 46
Cardiac surgery $56,000 Male 70
Cardiac surgery $54,000 Female 70
Digestive surgery $53,000 Male 72
nib’s top health claims for December 2024
Treatment Cost Gender Age
Cardiac surgery $103,000 Male 72
Cancer surgery $102,000 Male 77
Cardiac surgery $93,000 Male 80
Cardiac surgery $88,000 Male 76
Spinal surgery $87,000 Male 48
But these do not top the charts of what we are currently aware. Southern Cross’s most expensive surgical claims were $256,165 for a spinal fusion procedure and $127,191 for a breast reconstruction.
While Partners Life don’t release a similar monthly overview of their top claims, their ‘The story behind our claims’ slideshow highlights their largest single payouts since 2011. The most expensive claims paid out were a whopping $1.6 million+ for Total and Permanent Disability or Income cover; $2.9million +for Life cover; $3.2million + for Trauma cover and $982,000+ for Private Medical Cover.
While the majority of claims won’t cost anywhere near as much, what used to be ample caps of some older medical values don’t seem so rosy in light of recent inflation and surging claims costs. Yet we haven’t seen any insurers coming out and indexing claims caps. We think that’s wrong, and we’ll offer a score boost to the first insurer who offers indexed caps.
What types of claims have you heard of and how did they go? We would love to hear more from you, especially if you are a Quotemonster subscriber, through our adviser claims experience tool (check the side menu when you are next logged in).
More news:
mySolutions webinar 'What got you here, won't get you there' 19 March
Munich Re delve into AI’s impact on Healthcare
Munich Re delve into the projected impact of Artificial Intelligence (AI) on healthcare, from disease prevention to diagnosis to treatment as well as the implications for efficiency gains.
As part of Munich Re’s Life Science Report, they have investigated the projected impact of Artificial Intelligence (AI) on healthcare, from disease prevention to diagnosis to treatment as well as the implications for efficiency gains.
While the news is mostly good (improved mortality, better prevention, earlier diagnoses, individualised therapies), it does create some challenges for life and health insurers. With earlier diagnoses and the emergence of new disease classifications, critical illness insurance products will need continuous updating. Claims management and policy development will become more complex, as genetic and molecular diagnosis becomes more routine, requiring a higher level of medical expertise. Overdiagnosis (the detection of diseases that don’t impact on mortality and/or morbidity) and antiselection may become problematic.
AI will also create opportunities for insurers. Insights from accessing and analysing vast datasets including electronic health records, imaging and other biomedical sources will transform the understanding of the root causes of disease and in turn allow underwriting to become more accurate and sophisticated. Wellness interventions will be able to be better targeted and increase in scope and effectiveness.
More news:
Profile of Josh Bronkhorst, CEO of Link Financial Group
Entries for Insurance Business’ annual Top Insurance Employers close 14 March
InvestNow’s Retirement Readiness Index recorded an average confidence level of 50.4%
Kiwibank reports NPAT of $92 million for the six months ending 31 December 2024
New framework moves beyond traditional reliance on BMI as a sole indicator of obesity
Chubb Life New Zealand appoints new Chief Executive Officer
Paula ter Brake has been appointed Chief Executive Officer of Chubb Life New Zealand, effective 5 May, subject to regulatory approvals.
Paula ter Brake has been appointed Chief Executive Officer of Chubb Life New Zealand, effective 5 May, subject to regulatory approvals. Paula has 30 years of experience and the retail banking and insurance industries and was most recently Executive General Manager, Consumer Brands for IAG New Zealand.
Paul Brock, Board Chair at Chubb Life, said
“Paula’s proven track record in driving growth along with transforming large businesses will bring real value to our customers, partners and our people. She is recognised for her dynamic leadership style and success in driving strategic initiatives and will play a key role as we continue the growth and success of our business.”
More news:
Russell Hutchinson's outlook on the life and health market for 2025
mySolutions webinar 'Case Study - Client engagement and fact-finding process ' 12 March
Sophie Sargent joins Apex Advice as Operations Manager
The FMA is looking for a Senior Adviser, Media Relations
Paul Brownsey says there should be more downward pressure on KiwiSaver fees
Amy Florian says advisers’ relationships skills are more important than money management skills
nib release launch date for Ultimate Life & Living
nib Ultimate Life & Living will launch on 28 March 2025.
nib Ultimate Life & Living will launch on 28 March 2025. Details of the suite of products were released at nib’s nationwide adviser events last month, and advisers can complete their training and accreditation on the nib Learning Management System using their existing password.
Products available will include:
Ultimate Life Insurance – cover to support a client’s loved ones if they die or are expected to die within the next 24 months;
Ultimate Trauma Insurance – cover that extends beyond the initial diagnosis of a medical condition to support a client and their family’s well-being;
Ultimate Income and Mortgage Protection Insurance – pays a monthly amount if a client is unable to work because of illness or injury;
Ultimate Total & Permanent Disability Insurance – focuses on the financial impact of lasting disability, so clients can rebuild their future with less financial strain;
Ultimate Waiver of Premium – removes the burden of premium payments for a client if they’re disabled, ensuring their Ultimate Life & Living cover remains active.
The full suite of products will be available for comparison on Quotemonster by the end of the month. You can find out about how Ultimate Life and Living works on Quotemonster at our forthcoming roadshows.
More news:
ANZIIF is set to participate in International Women’s Day 2025
nib develops resources to inform people about the health checks they need
Legal and regulatory update for the life and health insurance sector
Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs; APRA to consult on captial settings for annuity products; from 31 March, banks, insurers and non-bank deposit takers need to be licensed to continue providing relevant services to consumers in New Zealand; FMA to publish question set and key themes on financial institutions regulatory returns; APRA release quarterly insurance statistics for December 2024; RBNZ to commence quarterly publication of the new Business Expectations Survey in mid-May.
24 Feb 2025 - Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs. https://www.beehive.govt.nz/minister/hon-scott-simpson
27 Feb 2025 - The Australian Prudential Regulation Authority has confirmed it will proceed with a public consultation on capital settings for annuity products. This aligns with APRA’s goal to support life insurers to increase the availability of retirement products for retirees, as outlined in its Corporate Plan 2024-25. https://www.apra.gov.au/news-and-publications/apra-confirms-consultation-on-changes-to-capital-requirements-for-annuity
27 Feb 2025 - From 31 March 2025, the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) requires banks, insurers and non-bank deposit takers to be licensed to continue providing relevant services to consumers in New Zealand. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
27 Feb 2025 - The FMA will be publishing the financial institutions regulatory returns final question set along with a Summary of Key Themes, including the submissions received from the consultation, and a Regulatory Impact Statement, by end of March 2025. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
28 Feb 2025 - APRA release quarterly insurance statistics for December 2024. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-december-2024
3 Mar 2025 - RBNZ plan to commence ongoing quarterly publication of the new Tara-ā-Umanga Business Expectations Survey in mid-May 2025 (for the June quarter) in advance of the 28 May Monetary Policy Statement. https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
GlobalData projects the life insurance market in New Zealand will grow
GlobalData projects the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029.
GlobalData, an international data and analytics company, has projected the New Zealand life insurance market to grow from $5.9 billion in 2024 to $8.3 billion in 2029, equating to a compound annual growth rate of 7.0%, in terms of gross written premium. It expects the New Zealand life insurance market will reach $6.4 billion in gross written premiums in 2025.
The largest driver of growth is expected to be life personal accident and health, with an expected compound annual growth rate of 6.9% between 2025 and 2029 driven by rising healthcare expenditure and corresponding premium increases.
GlobalData puts the increased demand down to factors including an aging population, heightened health awareness and the rising cost of living, which have increased the need for financial protection, though they caveat their projections, saying high unemployment and inflation could pose risks to this growth.
More news:
Applications for Fidelity Life’s Career Connect 2025 intake are open
The ‘Get AIA Vitality and Start Thriving’ brand campaign is back