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.
The FMA releases Consumer Confidence survey
The Financial Markets Authority (FMA) has released their inaugural Consumer Confidence Survey. The survey combines key questions from previous years’ Investor Confidence Survey and KiwiSaver Statements Survey as well as new questions around key focus areas such as fairness, investment scams and confidence in financial markets
The Financial Markets Authority (FMA) has released their inaugural Consumer Confidence Survey. The survey combines key questions from previous years’ Investor Confidence Survey and KiwiSaver Statements Survey as well as new questions around key focus areas such as fairness, investment scams and confidence in financial markets. Key findings include:
98% of New Zealanders have at least one banking product, with 49% considering at least one banking product in the next 12 months
Savings account ownership is up across all demographics
Credit card ownership has decreased 3% while buy-now-pay-later services are up 5% across all demographics
86% of New Zealanders have at least one insurance product, with the average number of insurance products being 2.5 per person
Younger New Zealanders (18 – 34) generally had fewer insurance products compared to other age groups but were more likely to own pet and health insurance
85% of New Zealanders have at least one investment product, with the average number of different investment products owned being 1.8 per person
KiwiSaver membership is highest amongst Chinese and Pacific ethnicities at 87% and 86% respectively
79% of New Zealanders actively chose their own KiwiSaver fund, with females and those aged 45 – 54 years having lower levels of participation in their choice of fund
KiwiSaver satisfaction levels have improved over the last two years, with 60% of Kiwis being quite/very satisfied
Catalysts for kiwis to consider making changes to their KiwiSaver/other investments include better investment returns from another provider (41%) or if their fees seemed high (39%).
FMA Chief Executive Samantha Barrass said
“The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA. It also helps us to see emerging trends that require our regulatory attention, so that we can focus our efforts on how we can better regulate for all New Zealanders.”
Additional reports will be published in early 2025 on several themes that emerged in the survey findings in 2025, including the experiences of women Māori, and other minority groups with financial markets; the relationship between knowledge of financial markets and confidence; investment scams and their link to confidence and consumer behaviour; the enablers of investment practices; comparative findings on fairness.
More news:
nib release their top 5 health claims for September 2024
AIA campaign offering up to three months off premiums extended to 31 March 2025
AIAHub Resource Hub now available to delegated users
The FSC is gathering feedback on life after licensing
O’Hagan Homes Loans & Insurances has merged with Apex Advice
Recent rate changes on Quotemonster
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 December 2024.
Dear Quotemonster users,
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 December 2024.
Southern Cross Wellbeing One and Two (no changes were made to the GP and Prescriptions or Dental and Optical Options)
If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz
Happy Crunching!
Steve Wright talks about reducing advice risk
Steve Wright tackled the question of reducing advice risk recently in a Good Returns article.
Steve Wright tackled the question of reducing advice risk recently. He asserts that in light of the largely untested ‘principles-based’ requirements FAPs and advisers must stick to, he’s not surprised that some advisers are experiencing stress. Steve sets outs a range of steps advisers could take for reducing advice risk. A good read if this is something you want to tackle.
More news:
Fidelity Life wins Security Team of the Year at the 2024 iSANZ Awards
Fidelity Life release CPI adjustments for policies renewing from 1 January 2025
Financial Advice NZ webinar 'Economic Insights: Perspectives from leading experts' 28 November
ANZ New Zealand reported a cash NPAT of $2.286 billion for the year ending September 30
Tiffany Koh awarded the 2024 Chubb Life Actuarial Scholarship
Whooping cough epidemic declared across NZ; health authorities urge pregnant women to get immunised
Updating your Product and Provider settings
Here’s a quick explainer on how to set up 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.
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.”
More news:
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
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.
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.
More news:
mySolutions webinar 'How non-PHARMAC drugs are covered in our Private Medical offering' 23 October
Chubb’s Underwriting Click to Chat function is live on Adviser Hub
AIA health premiums increasing from 1 November
AIA release latest version of Underwriting Guide
Link Financial Group appoints Luke Roberts and Quentin Holmes as national growth managers
Tony Vidler talks about the importance of focusing on existing client base
nib rates are now live!
We are pleased to confirm that the premium changes for nib, effective 1 October 2024 are live on Quotemonster.
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.
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.”
More news:
Asteron Life announce MDRT Grant Programme recipients
NZFSG named as one of the Most Innovative Insurance Companies
Fidelity Life working to implement a data governance strategy
ANZ add BlinkPay to their approved third party payment providers
2024 Haven award winners announced
Committee recommended changes to the Contracts of Insurance Bill
Travis Hamilton says Total and permanent disability (TPD) cover is being underestimated
Jon-Paul Hale suggests ways insurers can improve systems for advisers
Tony Vidler recommends how advisers can value themselves appropriately
The Government has completed a cost-benefit analysis for potential third medical school
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.
More news:
The Adviser Platform is offering its CRM system free of charge
Kirk Hope has started his appointment as Chief Executive Officer at FSC