Updating your Product and Provider settings

Our video is a quick explainer on how to set up product and provider settings, whether it’s setting your preferred premium frequency, or linking health and life providers.

Insurance Pricing Reports

Find out how to get more information on pricing for a specific insurer when generating a research report.

nib launches nib meno care

nib NZ has launched a new health management initiative, nib meno care, aimed at supporting women through the stages of perimenopause and menopause. The programme has been developed in collaboration with Dr Linda Dear, a specialist in menopause care.

nib members will be able to access expert advice on managing menopause symptoms – covering topics from lifestyle adjustments, to natural remedies and available medical treatments.

A 2023 survey Dear conducted found 64% of NZ women were unaware their symptoms, such as sleep disturbances and weight gain, were linked to menopause.

nib’s chief medical officer, Dr Rob McGrath, said

“Menopause is a personal journey, and no two women experience it the same way. That’s why we wanted to develop a tool to help women manage their symptoms on their own terms by making expert support easy to access and apply.”

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ANZIIF welcomes Scott Hawkins as board member

The Adviser Platform rebrand and launch new website

NZFSG webinar 'Under the hoodie: Revealing the hackers' secrets' 22 October

FSC end of year celebrations dates announced: Auckland 26 Nov, Wellington 27 Nov

ACC’s latest annual report details an increase in claims and financial challenges

New report outlines improvements to the KiwiSaver scheme

Deepfake scams on the rise

Research commissioned by MasterCard has found that 29% of New Zealanders and 18% of NZ businesses have been targeted by deepfake scams in the past year. Deepfake scams use generative artificial intelligence (AI) to impersonate individuals, with the aim of stealing their targets’ money or personal information.

Deepfakes scams can utilise video, images and audio and can look increasingly convincing. Confidence levels in the ability to correctly identify deepfakes are low, with only 12% of respondents confident they would be able to detect a deepfake scam. Deepfakes are eroding trust in public figures and digital platforms, with 41% of individuals being more sceptical towards celebrities and influencers; 61% of kiwis being less trusting of social media platforms; 40% of New Zealanders being less trusting of emails and 37% of respondents being less trusting of phone calls compared to the previous year.

Some steps businesses are taking to address these risks include employing identification verification for accessing sensitive information, offering cybersecurity training and conducting training on financial transactions.

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Chubb’s Underwriting Click to Chat function is live on Adviser Hub

AIA health premiums increasing from 1 November

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Link Financial Group appoints Luke Roberts and Quentin Holmes as national growth managers

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nib rates are now live!

We are pleased to confirm that the premium changes for nib, effective 1 October 2024 are live on Quotemonster.

There was a rate increase for Ultimate Health, Ultimate Health Max and the Specialist option, no changes to GP or Dental, Optical, and Therapeutic options.

Happy Crunching!

Southern Cross Health Society Group annual results released

Southern Medical Care Society Group has shared their annual results for the year ended 30 June 2024. By the numbers:

• Group deficit of $88.2 million after tax. $43.1 million of the deficit is attributable to a change in international financial reporting standards introduced this financial year. The balance of the deficit is driven by higher claims costs from a high inflationary environment combined with high member demand for private health services, particularly in the second half of the financial year.

• Group reserves of $470.7 million.

• Claims paid at a rate of $6 million per business day (up from $5.2 million in FY23).

• 15,196 net new members, with total membership now at 955,301.

• This represents 60% of the New Zealand health insurance market by customer numbers but 71% per cent of the value of all health insurance claims paid.

• 99% of claims were submitted electronically.

Southern Cross Health Insurance

• Reported a deficit of $99.1 million.

• Paid $1.498 billion in claims from $1.605 billion received in premiums.

• Claims costs increased 15% on FY23 (up 13.9% when adjusted for member growth).

• Premiums increased 9% on FY23 (up 6.6% when adjusted for member growth).

• 93.4 cents paid in claims from every dollar received in premiums (compared to an industry average excluding Southern Cross) of 73 cents.

• Operating costs grew by 4%, less than inflation.

• 3.2 million claims in FY24

• 50% of members claimed over the financial year.

• 39,326 virtual GP consultations with Care HQ.

• 4,635 annual health check-ups with MedPro.

• 4,016 online mental health sessions with Raise.

• Net promoter score of 53.7%.

 Nick Astwick, Chief Executive for Southern Cross Health Society said

“We have never been in more demand by our members as they prioritise their health needs, largely in the private system. In 2019 33% of our membership claimed, last year it was 50%.”

“The cost of claims in 2024 was steep and rapid, driven by a combination of price, volume, and the mix of claims. The growth in the volume of claims results from an increase in the number of members claiming, the frequency, and claims being made for more expensive procedures.”

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Travis Hamilton says Total and permanent disability (TPD) cover is being underestimated

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Wayne Langford appointed to the Board of the Mental Health and Wellbeing Commission

AIA launch new campaign offering customers up to three months off their premiums

AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.

• First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.

• Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.

• Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.

• Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.

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The Adviser Platform is offering its CRM system free of charge

Kirk Hope has started his appointment as Chief Executive Officer at FSC

Financial Advice NZ's partnership with Massey University’s Financial Education and Research Centre extended for three years

The Adviser Platform Conference 2024 is on 18 October

Australian life insurance customers who stay loyal to their insurer likely to be paying higher premiums than new customers

Of the roughly 14,000 known chemicals in food packaging, around 25% have been found in the human body

Recent rate changes on Quotemonster

Dear Quotemonster users,

We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 September 2024.

• Southern Cross Wellbeing One and Two (no changes were made to the GP and Prescriptions or Dental and Optical Options)

• Accuro SmartCare and SmartCare+

If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz

Happy Crunching!

Fidelity Life extend 3 months free until 31 December 2024

Fidelity Life has extended their 3 months premium free offer until 31 December. All new customers who take out an eligible policy will have their premiums covered for the first 3 months.

The offer is available to eligible new Platinum Plus, Platinum Plus Level Term, Mortgage Protectors and NZHL Life policies that are illustrated between 1-May and 31-December 2024, submitted within 30 days of the illustration being generated and issued within 6 months of the offer period end date.

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mySolutions webinar 'Introduction to Milford Asset Management' 21 August

The IFSO Scheme investigated 479 complaints in the past year

Financial Advice NZ 'Professional Ethics Workshop' is on 22 August

Financial Advice NZ's 'Strategies Summit 2024' is on 21-22 August

FinTech webinar 'Exploring the Australian fintech landscape' 19 August

KiwiSaver assets rose $3.5 billion to $110.8b at the end of the June quarter

Huge increase in the amount of chemotherapy being provided by the private sector in recent years

John MacDonald suggests compulsory health insurance is the answer to Health NZ’s overspend woes

Boris Sokratov believes his health insurance’s early access to services is the reason he’s still alive

Should more employers be looking at offering more flexible working options?

Increasingly, organisations are seeing the benefits of offering more flexible working options, in terms of productivity output, being able to attract a more diverse range of employees and employee satisfaction.

Stats NZ data shows that in 2023, 81% of organisations offered flexible working hours, up from 57% of organisations in 2018. In 2023, 77% of organisations offered part-time work roles, up from 53% in 2018.

Kiwibank economist, Sabrina Delgado, highlighted flexible work’s impact on the wider economy,

“Whether it’s working around school hours or the location of work, greater work flexibility perhaps has the biggest economic impact on improving the labour market outcomes and productivity.”

Infometrics chief executive and principal economist Brad Olsen said,

“Increasing participation even further can be supported by removing barriers to work for different groups, like parents, while still allowing them to do their parental duties without as much compromise as before.”

Dr Ellen Ford, the creator of #workschoolhours movement, said,

“There are a huge amount of parents who would absolutely love to work in an organisation that provides a school hours framework and they would add immense value to the organisation.”

“One of the economic benefits is that it actually allows organisations to tap into a massively underutilised section of the workforce.”

“If businesses are struggling to attract and retain great talent, one of the ways they can do that is actually offer roles that work within school hours.”

“People on part time contracts are typically the most productive in the workforce. They just get their stuff done in a shorter amount of time.”

It seems like flexible work options are here to stay. An international survey of more than 500 CEO’s around hybrid working, found 91% had adopted hybrid working and 74% said a full-time office return is not a business priority. 73% of CEO’s agreed that hybrid work allows them to attract the best workers and 76% saw improved staff retention since offering flexibility to employees.

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Tony Vidler posits why advisers face fee resistance and how to turn it around

Finalists for the FSC Awards 2024 announced

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