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 announce product enhancements and digital, service, and retention initiatives
At Fidelity Life’s Engage 2024 conference, Fidelity Life announced a range of product enhancements, digital, service and retention initiatives and other news.
Trauma and Life covers: The entry eligibility for the Inbuilt Child’s Trauma benefit has been reduced from two years to three months, allowing more families to receive early protection. A new, separate benefit specifically for newborns facing trauma has also been introduced. Fidelity Life will also trail a premium discount for defined exclusions on trauma covers in the coming months.
Condition Definitions: Refinements have been made for clarity, and Terminal Illness has been introduced as a defined condition across the trauma range, including Child's Trauma.
Bereavement and Child’s Funeral Benefits: The Bereavement Benefit has been increased from $15,000 to $25,000, and the Child’s Funeral Benefit has been increased from $3,500 to $15,000 for children aged 10 to 20.
Grief Counselling Benefit: A new benefit offering an additional $2,500 to the sum insured.
Financial Planning Benefit: Easier access by removing thresholds and extending the claim period.
New Specific Injury Cover: A low-cost solution that pays a lump sum for any of 30 defined injuries.
Live Chat: Quick and easy access to New Business and Underwriting teams via Adviser Centre.
New-Look E-App: A modern and intuitive user experience launching in March 2025. The E-App’s latest upgrade goes live later this month, with the new ‘share’ feature enabling advisers to send a link to their customers, allowing customers to complete all or part of the application on their own.
Dedicated Adviser Service Team: A team committed to servicing all adviser needs.
Enhanced Retention Tools: Including renewal reminders and automated SMS reminders for customers. There will be additional roles created too.
Expanding adviser support roles: Fidelity Life are creating new roles, including a National Partnership Manager for mid-sized and corporate firms, as well as an Auckland Business Manager and a Desk-Based Business Manager, to provide more tailored support and drive closer engagement.
Adviser Edge Programme: New additions to the programme include an invitation-only overseas study tour and new practice manager masterclasses for admin staff.
Grow Together programme: Coming in early 2025, the invitation-only Grow Together programme will provide dedicated, prioritised support across key areas including new business, underwriting, and retention. Advisers in the programme can expect to benefit from dedicated support resources, exclusive benefits, and access to a wide range of support tools and professional development opportunities.
Adviser Council: Fidelity Life are inviting advisers to express their interest in joining their Adviser council, which meets quarterly with Fidelity Life’s leadership team to discuss industry updates, share market trends, and provides objective feedback on their initiatives.
Adviser relationship survey: To better understand market perceptions and Fidelity Life are launching a bi-annual Adviser relationship survey to provide key insights into advisers' experiences and expectations and where Fidelity Life need to improve.
Group Solutions enhancements: From early 2025, Fidelity Life will be launching a quarterly industry insight, Group IQ; holding an annual onsite Group HQ conference for the top 30 group advisers; and launching a new group solution designed for small businesses, providing enhanced tools and technology for a smoother experience and better outcomes.
Bronwyn Kirwan, Fidelity Life's Chief Commercial Officer, said
"We are thrilled to introduce these new product enhancements and initiatives. They are a testament to our ongoing commitment to providing our advisers and customers with the best possible support and value.
These enhancements deliver more value, greater accessibility, and increased choice."
More info:
Chubb Life change underwriting process for Mortgage Repayment Cover
Partners Life are holding Summer Roadshows in November & December
AIA has launched new Specified Accidental Injury Cover product
AIA survey advisers around the need for terminal illness cover
AIA Vitality members can get up to 40% off Garmin and New Balance
The FSC has recorded a small deficit of almost $46,000 before tax over the 12 months to June 30
ICNZ has welcomed the passage of the Contracts of Insurance Bill
Financial Advice NZ's national adviser conference is on 1 - 3 April 2025
mySolutions webinar 'Why Chubb?' 27 November
Lyka Burr & Vincent Zhang join TAP's compliance and governance team
Unimed offer psychologist led introductory sleep workshops
Ashleigh Buchanan from Southern Cross Health Insurance named Emerging Leader of the Year
FSC publish Spotlights on Life Insurance and KiwiSaver
The Financial Services Council (FSC) have published their September 2024 spotlights on Life Insurance and KiwiSaver.
The Financial Services Council (FSC) have published their September 2024 spotlights on Life Insurance and KiwiSaver.
There are now 4.15 million life insurance covers, with $3.21 billion in annual life insurance premiums. The split is about 60% males and 30% females, and more than half of cover is for those aged 46 – 65.
KiwiSaver member contributions are slightly less than last year but funds under management have increased by 21.2% in the 12 months to 30 September, reaching $107.25 billion. Members are at an all-time high of 3,006,163.
Partners Life release claims statistics
Partners Life have released historical and current claims statistics.
Some interesting statistics have been released by Partners Life around claims. Since Partners Life launched in 2011:
Partners Life have paid out more than 70,000 claims worth more than $1.25 billion.
Their biggest monthly disability claim paid was for $1,617,691
The longest running claim paid for monthly disability cover was 4,068 days and the average claim length was 293 days
Partners Life paid 13,379 monthly disability cover claims totalling $225,954,755
Their biggest life cover claim paid was for $2,964,706
Partners Life paid 1422 life cover claims totalling $334,281,111
Partners Life paid 51,827 private medical cover claims totalling $353,468,683
Their biggest private medical cover claim paid was for $982,800
Partners Life paid 3,948 trauma cover claims totalling $357,357,574
Their biggest trauma cover claim paid was for $3,218,899
For the year ended 31 March 2024, Partners Life
paid 93% of claims
paid $51,020,381 of monthly disability cover claims cost across 3,332 claims paid
paid $61,130,350 of life cover claims across 208 claims paid
paid $71,705,905 of private medical cover claims across 12,891 claims paid
paid $66,106,600 of trauma cover claims across 655 claims paid
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Possible changes to probate threshold
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration.
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration. The probate threshold of $15,000 (per asset) was last updated in 2009 and is set in the Administration (Prescribed Amounts) Regulations 2009. KiwiSaver was only in its infancy the last time the threshold was updated, and it has not been adjusted for inflation since.
The Ministry are seeking feedback on: how many payments are made without the need for probate; data on the average size of assets people hold when they die; how easy or difficult the current situation is to navigate when deciding whether to pay out; if there are any situations where account above $15,000 are unclaimed; what an appropriate new threshold would be.
Members of the FSC can contact the FSC if they want to contribute to the FSC’s submission.
More news:
Financial Advice NZ webinar 'Are you Cyber Savvy enough?' 13 November
AIA release 'Claims Compass' report analysing claims data
AIA have released a new report ‘Claims Compass’ analysing their claims data. Cancer was responsible for AIA’s highest number of claims across all insurance categories last year.
AIA have released a new report ‘Claims Compass’ analysing their claims data. Cancer was responsible for AIA’s highest number of claims across all insurance categories last year, with AIA paying out $133.9m for life insurance claims for cancer and $244.1m for cancer claims across all categories. AIA’s top cancer claims in 2023 were breast cancer (33.4%), melanoma and skin cancers (20.3%), bowel cancer (6.5%), prostate cancer (6%) and lung cancer (4.6%). Cancer is the leading cause of death and serious illness in New Zealand, with 71 people diagnosed with cancer every day in New Zealand.
Angela Busby, AIA NZ Chief Customer Officer, said
“Almost every New Zealander will have some experience with cancer throughout their lifetime – whether that’s personally or through a friend, neighbour or loved one…”
“The prevalence of these cancers highlights the critical importance of regular screening and taking preventative measures to manage your health and encouraging loved ones to do the same.”
“Because while developing cancer might appear to be something that is beyond our control, we know that early detection is the best form of protection. Many cancers can be successfully treated if diagnosed early, with an estimated one in three people recovering in New Zealand.”
AIA accepted 92% of all claims for the year ended 31 December 2023, paying out $734.8m. Of the total paid, $263.5m was paid out in life insurance claims and $143.1m was paid in health claims. The image below shows the reasons for claims across AIA’s life, health, trauma, income protection and total permanent disablement categories.
AIA held annual summit
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July.
AIA NZ held their annual Healthier, Longer, Better Lives Summit on 4 July. The conference brought together advisers to hear from a range of speakers around the Healthier, Longer, Better Lives theme.
AIA NZ Chief Executive Officer, Nick Stanhope, AIA NZ Head of Aligned Advice, Jack Newman, and advisers Leelee Stone and Katrina Church discussed what Healthier, Longer, Better Lives means to them, and the crucial role advisers play in the industry.
David Letele discussed the health burden in society and the important role that preventative health plays in relieving this burden.
Raelene Castle, Group Chief Executive at Sport New Zealand and High Performance Sport New Zealand, shared her practical and unique methods for achieving growth.
Craig Deats, Global Sales and Distribution Executive at Vitality Global, spoke about AIA Vitality, a science-backed health and wellbeing programme, and how it is delivering value for advisers. This session was followed by an AIA Vitality Q&A, where Craig shared insights on the global programme and engaged with attendees.
Dame Valerie Adams, a shotput World Champion, Olympian and AIA Vitality ambassador, discussed the ‘For Myself’ pillar and what that meant to her.
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AIA announce the winners of the Supreme Aspire Awards
Chubb Life launch new marketing campaign called Mission Insurable
Chubb Life implement email automation technology
Steve Wrights questions whether today's trauma products are fit-for-purpose
Accuro offer discount on insulated jackets at Kathmandu
Gallagher are giving away native trees in Napier
FMA publish the latest 'Money with Mary' article
Budget cuts at the Retirement Commission could impact Sorted website and other programmes of work
Chubb Life increase their Lifetime Reward discount and enhance commission offering
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024.
Chubb Life have increased their current 10% Lifetime Reward discount to 15% for all new business issued from 16 April to 30 June 2024. The discount is available on Life and Trauma covers on Chubb Life’s Assurance Extra and Assurance Extra Business policies for customers who have a BMI measurement of between 18.5 and 24.9 and who have been a non-smoker for at least 12 months. Clients can combine this offer with the current 2 months’ free and multi-benefit discount offers.
Chubb have updated their scenario videos to help you explain how different customers can make the most of the offers.
From 30 April, Chubb Life are increasing their pendulum commission offering for new business, providing an up-front component when you choose either the 15%, 20% or 30% renewal option. They will pay renewal commission from Month 2. Chubb Life have also increased their Disability Income upfront rate and pendulum options.
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Steve Wright gives his views on statements of advice
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Jon-Paul Hale talks through the problem of digital document insecurity
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) opens up membership
Trauma claims data infographic - QPR v15.7
Following on from our latest QPR database upgrade, we have also updated our Trauma claims data infographic to reflect the addition of a new minor condition – Cerebral Aneurysm.
Following on from our latest QPR database upgrade, we have also updated our Trauma claims data infographic to reflect the addition of a new minor condition - Cerebral Aneurysm. This is now available for download to all Researchmonster and Advicemonster subscribers and can be found in the Research Tools section of the main menu.
Happy Crunching!
Asteron Life updates personal and business insurance products
Asteron Life has unveiled a raft of updates to their personal and business insurance products.
Asteron Life has unveiled a raft of updates to their personal and business insurance products.
The changes include clarification of existing policy terms to ensure greater transparency and ease of understanding and a range of new and enhanced benefits.
The new benefits and enhancements include:
Repatriation benefit on personal and business life cover
Advancement benefit for terminal conditions on personal life cover
Shortened waiting periods for income protection and mortgage and living cover
Cover conversion benefit on business disability cover and farmers disability cover
Enhancements to the Funeral benefits on life cover, kids cover and business expenses
Enhancements to two definitions for trauma recovery and 11 definitions for major trauma
The requirement for 14 days total disability as part of the waiting period has been removed from business disability cover, farmers disability cover and business expenses cover
Introduction of a premium and cover suspension to the optional needlestick benefit
Removal of some restrictions from various benefits such as specific injury support – lump sum and monthly, trauma reinstatement option and the crisis benefit within the optional immediate assist package
Claire Sutton, Executive Manager Life Portfolio and New Business at Asteron Life said
“It's key that our range of covers continue to add value for our customers, policies and terms are easy to understand, and insurance remains as affordable and accessible as possible. We know that these things really matter for our customers and advisers. We also worked hard to ensure that these improvements have not increased customer premiums, given we know how tough it is for many New Zealanders right now.”
More daily news:
AIA extend one month’s premium free on qualifying new policies
mySolutions webinar 'Quotemonster Research' 9am 3 April
mySolutions roadshows are running in May
Partners Life sponsor Cheques and Balances podcast
Commerce Commission to meet with Financial Advice New Zealand after accused of being out of touch
Fidelity Life updates
Fidelity Life have been busy.
They have launched a live chat function for advisers to be able to interact with new business and underwriting teams.
Fidelity Life will launch product enhancements in November including
increasing maximum monthly benefit percentages from 110% to 115% of mortgage repayments;
new trigger to increase cover as a result of buying an investment property, holiday home, residential block of land, or co-signing a child’s mortgage;
new trigger for when financially supporting a child through first course of full-time tertiary education;
special events - removing the exclusion for customers with loading >100%
future events & insurability - removing the exclusion for customers with non-standard terms;
increasing the maximum monthly benefit for Key person new to business from $4,000 to $6,500 and for Key person for farmers from $5,000 to $9,000;
rolling out new repatriation benefit to all inforce and new on-sale life covers (except Survivor’s income cover), which reimburses up to the lesser of either 10% of the life cover sum insured or $20,000, helping to cover the cost of repatriating a body home;
changing our Trauma Stand-down start date to when the customer submits their completed application instead of when they finish underwriting.
In coming months Fidelity Life will publish turnaround times for new business and call centre interactions.
Fidelity Life are offering special relief to weather impacted customers in Queenstown, Gore and Southland who are facing financial hardship. They have offered a waiver of premiums for up to 3 months while keeping cover in place.
Fidelity Life will roll out annual product re-accreditation training models in November, mandatory for all advisers working with Fidelity Life customers
Fidelity Life have published a ‘Working together guide’
More daily news:
Russell Hutchinson talks about how advisers can help their clients in tough financial times
Jenny Ruth criticises Southern Cross for pulling out of planned interview
Mark Banicevich, Industry Engagement Manager at Partners Life, provides views on governance
Policyholders to vote on Accuro and Unimed merger at special meetings
Financial Advice NZ webinar 'How to best advise and manage forestry assets' 15 November
Cyber Smart Week runs from 30 October – 5 November
FinTechNZ Roundtable – Competition for Personal Banking Services on 27 November