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 appoint new Independent Director
Scott Pickering has been appointed as an Independent Director on Fidelity Life's board.
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.”
More news:
Chubb makes multi-benefit discount permanent, extends 2 months’ FREE and 15% Lifetime Reward offers
Jon-Paul Hale espouses the need for Golden Life policies
The federal treasurer has approved of the sale of Suncorp Bank to ANZ
BNZ provides targeted support for customers affected by severe weather
Derek Chen has joined Strategi Group as Head of AML/CFT
ASB is teaching students how to spot fraud and scams in its new ScamWise workshop in schools
Southern Cross Health Insurance CMO talks about biggest challenges and opportunities
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Savage calls out high inflation, the cost-of-living crisis and proving the value of premiums even when people aren’t claiming as the three biggest marketing challenges right now. In terms of opportunities, Savage mentions investing in newer, more capable communications platforms, how they are proactively offering members options to manage premiums as their needs change, and looking for opportunities to utilise AI to automate repetitive tasks.
More daily news:
Pinnacle Life are looking for a Head of Finance
The new Fidelity Life E-App is up and running
mySolutions webinar 'The Thousandth Client' 5 June
Southern Cross recognised at the 2024 Reader’s Digest Trusted Brand awards
Jon-Paul Hale says it's time to review how commission is paid when clients move to a new adviser
The Brand Experience Gap Study found insurers were among worst performers in NZ
Financial Advice NZ webinar 'Post Budget Webinar - Economic and Consumer Impacts 5 Jun
MAS is calling for nominations for the role of Practitioner Trustee of MAS Members’ Trust
Bell Gully summarise the Customer and Product Data Bill that has been introduced to Parliament
New Zealand is 485 GPs short, with this number expected to grow
Zurich develops AI systems to streamline life insurance applications
UniMed give followers a chance to win a double pass to the Crusaders game this Friday
MAS publish their latest Member-exclusive quarterly magazine, OnMAS
Chubb Life Support Person of the Year entries are open
Chubb Life is bringing back their Support Person of the Year award, to recognise behind the scenes team members.
Chubb Life is bringing back their Support Person of the Year award. The award recognises behind the scenes team members. To nominate someone, enter here before 24 May.
The winners will receive a $1,000 Prezzy Card, runner up with receive a $500 Prezzy Card and third place will receive a $300 Prezzy Card.
More daily news:
Entries to Chubb Life Support Person of the Year are open
Chubb Life webinar 'Economic update from Cameron Bagrie' 6 June
AIA offers customers chance to win a year's insurance up to $2,000
AIA launched a new version of AIA Living Accidental Injury Cover
AIA introduce new features in AIAHub
The FSC have announced their fourth Climate Related Disclosures Series session
Southern Cross cautioned by FMA for neglecting to apply advertised discounts
The Financial Markets Authority (FMA) has issued warnings to Southern Cross Medical Care Society and Southern Cross pet Insurance for failing to apply advertised discounts to their insurance products.
Both entities have accepted they had breached the fair dealing provisions of the Financial Markets Conduct Act by making false or misleading representations. The FMA determined the cause of each issue was due to poor controls and/or technical errors. The FMA found no evidence of deliberate misconduct.
Southern Cross Pet Insurance initially reported to the FMA in November 2022 some of the contraventions. Further enquiries from the FMA and an internal review in the wider Southern Cross Group established the extant of the contraventions.
SCPI failed to correctly apply the following discounts:
· Additional pet discount
· Direct debit discount
· Southern Cross membership discount.
SCMCS failed to correctly apply the following discounts:
· Free child discount
· Healthy lifestyle rewards discount
· Low claims discount.
The total amount of Southern Cross Pet Insurance premiums overcharged was $424,508, affecting 7,542 customers. Southern Cross Medical Care Society overcharged $161,547 across 1,957 customers.
More daily news:
Changes to Chubb’s eApp requirement for non-residents to provide a copy of their visa
The Insurance Council to reveal the number of complaints lodged against individual companies
Kevin Smee suggests health insurance premiums should be tax deductible
Tony Vidler spells out the risks of marketing a service as 'free'
FAMNZ will be taking membership applications from next month
In 2023, four out of five New Zealand businesses embraced flexible working hours
AIA introduce new cover for prophylactic surgery following cancer
AIA have enhanced their on-sale health insurance products as well as eligible closed products to cover prophylactic or preventative surgery following an acceptable breast or ovarian cancer claim, subject to certain criteria.
AIA have enhanced their on-sale health insurance products as well as eligible closed products to cover prophylactic or preventative surgery following an acceptable breast or ovarian cancer claim, subject to certain criteria.
Previously AIA’s health insurance products specifically excluded preventative treatment including those related to cancer. The changes came about after a need was identified through customer feedback. Details of the changes are available here.
Insurers have been getting increased requests for preventative treatment to be available. One example of the media coverage is available at One News here.
Comments like this one sum up the media view: “If you had a very high cancer risk, but there was surgery available to cut that risk by up to 90% - that would be amazing, a no-brainer, right?” – well, it depends on what you mean by a ‘very high rate of cancer’. That risk must outweigh the risks associated with a preventative surgery. It will not be the same for all clients – and may vary depending on each person’s circumstances.
These trade-offs make it a much more difficult decision to make than funding cancer treatment itself. Insurers are conservative and usually wait many years to assess data to decide whether to cover different treatment types. That’s bad news for individual customers who have an expensive and difficult choice to make, but it helps protect the interests of hundreds of thousands of other customers, who need affordable cover.
More daily news:
Michael Hewes spoke about what an FMA monitoring visit is about
The FSC CEO Farewell + Financial Resilience Index Research Launch will be on 1 May
Financial Advice NZ webinar 'Te Ara Ahunga Ora/Retirement Commission' 27 March
Peter Mensah appointed to Regional Manager – North Island at Chubb Life
Chubb's new advertising campaign features Phil Thompson
Southern Cross announce winners of the Wayfinder Awards
The Retirement Commission asks for feedback on a shared measurement tool for financial wellbeing
AI and Machine Learning are driving benefits and reducing headcount in the insurance sector
A survey of insurers by Rackspace has found that the implementation of Artificial Intelligence (AI) and machine learning (ML) technologies are driving benefits and enabling the reduction of headcounts.
A survey of insurers by Rackspace has found that the implementation of Artificial Intelligence (AI) and machine learning (ML) technologies are driving benefits and enabling the reduction of headcounts.
The survey found over the past 12 months 62% of insurers had cut staff numbers due to the implementation of AI and ML. They found that the new technology enabled low-level analyst work to be completed by AI and ML. 52% of respondents said they had already realised substantial benefits from AI/ML, with a further 23% seeing modest benefits. 25% of respondents said it was too early to tell.
The benefits insurers listed from implementing AI/ML were
81% risk reduction, increased understanding of business/customers
79% increased sales
77% personalised marketing
75% increased productivity
73% increased revenue streams, operation cost reduction
69% improved customer satisfaction
67% faster time to profitability, reduced cost of new product development, ability to hire/recruit new talent
65% increased innovation
There are still some issues with AI, with 42% only ‘slightly trusting’ AI/ML results compared to 28% ‘strongly trusting’ results.
Talent and skill shortages were seen by 67% as the greatest challenge to further adoption of the technology; however 90% of insurers had grown their AI and ML workforce in the past 12 months.
Although this survey lumps AI and ML together there are some fundamental differences. Machine learning can be disconnected from the large volumes of training data that are used in generative AI such as Chat GPT. Although that may sound like a disadvantage, narrower pools of training data can make results from machine learning applications much more accurate for highly specific tasks. It also means that data does not have to be shared with generative AI engines – its can remain in confidential silos within the business.
ChatGPT recently put forward it’s arguments for how it can positively impact the insurance industry. While there are still plenty of cons to using ChatGPT right now, ranging from inbuilt biases and prejudices to its failure to comprehend nuance such as sarcasm, some insurance executives believe the underlying technology could be used as a starting point to build on and to jumpstart innovations in the sector.
At Quality Product Research Limited we agree that there are some great opportunities for implementation of AI and ML initiatives. With more than 15 million quotes and over 1.25million data points of data in our research databases we are well positioned to employ these tools to greater effect over the coming years.
Suncorp appoints new Chief Customer Officer
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function.
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function. Phillimore-Smith is currently the Chief Marketing Officer at Westpac New Zealand, and will move to her new role at Suncorp on March 4. Phillimore-Smith has a range of experience working with some of the world’s largest brands, having held a range of marketing, strategy, brand and communications roles at Westpac, Vodafone and Sony.
More daily news:
nib release holiday period dates for new Group Health and Group Life & Trauma quotes
Link Financial Group selected as one of NZ Adviser’s Top Mortgage Employers for 2023
AIA complete their annual pricing review to account for the latest change in the CPI
AIA webinar 'Eat Well - Webinar by Katie Hunter' 5 December
KiwiSaver hardship withdrawals double
Auckland Centre of Research holding 'Women in Finance' event on 8 December
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.
More daily news:
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
AIA campaign offers customers up to $100 in rewards
AIA has launched a new AIA Vitality campaign offering up to $100 in rewards to new and existing customers.
AIA has launched a new AIA Vitality campaign offering up to $100 in rewards to new and existing customers.
When customers add AIA Vitality to any new or existing eligible health, trauma, income protection or life insurance policy and activate their membership before 20 December 2023 they will receive a $50 Countdown or Airpoints Dollars™ reward. If they complete an AIA Vitality Health Check before 20 December 2023, they will receive another $50 countdown or Airpoints Dollars™ reward.
Existing AIA Vitality members who have already completed their AIA Vitality Health Check this year are entered into a separate draw to win 1 of 50 $100 Countdown vouchers or Airpoints Dollars.
More daily news:
FSC holding 'Outlook 2024 - Regulatory and Economic Update' 31 January
Fidelity Life's Head of Information Security awarded 'Champion of Change'
TAP say their system supports independent advisers
Pulled FMA campaign cost $16,000
Calls for New Zealand to have a centre for disease control
The World Health Organization has proclaimed loneliness to be a “pressing” global health threat
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.
More daily news:
Asteron Life has appointed Kirsten Young as the National Manager Adviser Distribution
The NZCSF Level 5 version 2 is undergoing a five year review
Guy Dobson says the Level 5 qualification should be left alone