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.
Craig Stobo appointed as chair of FMA
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA).
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA). Stobo has been appointed for a five-year term and takes over from Mark Todd, whose term expired at the end of April.
Commerce and Consumer Affairs Minister Andrew Bayly said
“Mr Stobo brings a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive.
The FMA will benefit from Mr Stobo’s understanding of market issues and regulation, as well as the importance of informed participation from businesses and investors.”
More daily news:
The FSC brings the industry together to respond to the Contracts of Insurance Bill
Anna Schubert discusses ways AIA help advisers manage stress
AIA launch a Neurodiversity Toolkit
Southern Cross Healthcare have joined the New Zealand Disability Employers' Network
MAS is a finalist in the Ethical and Impact Investment Awards
Submissions open for the ANZIIF industry awards
Kiwibank welcome Anne Haira to the Kiwibank board
Westpac won the Corporate ESG award at the INFINZ awards
ASB has joined the Hidden Disabilities Sunflower programme
People seeking help from financial mentors jumps 40% in a year
The FSC Awards 2024 have been announced
Nominations and entries to the FSC Awards 2024 have opened.
Nominations and entries to the FSC Awards 2024 have opened. There are eight categories, each open to FSC members only, with the exception of the 'Contribution to Community' Award which is also open to registered not-for-profit organisations and charities.
Chair’s Award for Services to the Industry
Team of the Year Award
Emerging Trailblazer Award
Contribution to Community
Workplace Savings Award
Excellence in Sustainability Practices
Excellence in Governance
Excellence in Wellbeing and Inclusion
Entries and nominations close on 30 June 2024, with the awards being presented at the FSC Awards Dinner on Wednesday 4 September 2024 at the Cordis Hotel, Auckland.
More daily news:
The FSC in Australia has announced the formation of the Digital Advice Expert Group
The Co-operative Banks' satisfaction scores much higher than other banks
Next week is Privacy Week
Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.
Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.
Monday 13 May
11:00am - Myth: Māori data sovereignty is too hard – introductory
1.00pm - A hacker's view of data breaches – introductory
Tuesday 14 May
8.30am - In-person IAPP Knowledge Net event – Wellington
10.30am - Busting myths about privacy and cyber security – introductory
12.00pm - Biometrics and you – intermediate
3:30pm - Sharing personal information: Why aren’t we sharing when we have authority to do so? – Intermediate.
Wednesday 15 May
9.30am - If I'm not doing anything wrong, what do I have to hide? – Introductory
10.45am - Safeguarding children and young people's privacy in New Zealand – Introductory
12pm - Resolving Privacy Complaints: Internal Resolution and Working with OPC – Introductory
2pm - What’s missing from the conversation on AI? – Intermediate
Thursday 16 May
9.15am - Privacy for Charities and Not-for-Profits: tips and tricks - introductory
10.30am - All privacy breaches need to be reported to the Privacy Commissioner? – intermediate
1.15pm - Managing Privacy in the Data & Generative AI Era – Intermediate
2.30pm - Young people don't care about Privacy - Debunking the myth – Introductory
Friday 17 May
9.00am - Sharenting, Children and Privacy – The fine line between 'cute' and 'concerning'
10.30am - Privacy is More than Compliance: Transforming Privacy into a Strategic Business Advantage - Advanced
12.00pm - Data Privacy: Protecting Children in the Digital Age – Introductory
2.00pm - My DNA will only be used in this way - busting privacy myths about DNA - Introductory
There is a range of collateral available for you to put on your website or social media or pop up around the office here and a quiz you can take with your team available here.
More daily news:
nib offers respondents to Workplace Wellbeing Survey a chance to win
ICNZ has welcomed the first reading of the Contracts of Insurance Bill
The government calls for public submissions on the Contracts of Insurance Bill
AIA launches new AIA vitality app
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features.
AIA NZ has launched a new AIA Vitality app with enhanced features and functionality. The refreshed app has a new look and feel and boasts several new features:
· increased security via multi-factor authentication during the login process
· a new voucher wallet to view and access rewards
· a streamlined AIA Vitality Age Assessment
· new Financial Wellbeing Assessment.
AIA NZ Chief Customer Officer Angela Busby says
“Throughout the first five years of AIA Vitality, we have worked hard to continually enhance and develop the programme for our members. The new app will take this a step further, making it even easier to engage with the programme, track their health journey, and earn rewards.”
Russell Hutchinson, one of our directors and also an AIA Vitality member says:
“The new app is a big step forward in usability - simple things like showing you which surveys and activities you have completed and which you still have to go make it much easier to get a sense of where you are at from a points perspective. I was also pleased that as soon as I logged in, it pointed out that I’d earned a reward, and claiming it involved about half the clicks previously required!”
More daily news:
Financial Advice NZ urges advisers to take part in its industry survey
FSC webinar 'The future of total permanent disability insurance' 21 May
FAMNZ request apology from Commerce Commission chair John Small
Chubb Life's eApp now automatically identifies if customers qualify for 10% Lifetime Reward discount
Westpac and NZFSG recognised at the 2024 New Zealand Mortgage Awards
nib Little Legends $10K Relay is back in 2024
AIA will soon launch a six-part TV and podcast content series called The Upside
AXA report sheds light on concerning state of mental health and wellbeing at work globally
Axa’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
AXA’s latest Mind Health Report has found nearly a third of people worldwide suffer from a mental health condition.
The research was a collaborative effort between AXA and IPSOS, and surveyed 16,000 people across 16 countries in Europe, Asia and America, with a focus on mental health and wellbeing in the workforce.
The report found three in four employees were grappling with mental health issues attributable to their work environment, with respondents mentioning either tiredness, trouble sleeping or stress. Overall, 23% of employees had taken mental health-related sick leave, jumping to 38% of younger people. The Southern Cross Workplace Wellness Report uncovered similarly concerning findings around increased stress being experienced by workers.
Mental health support offered by employers is a key factor in employees choosing to stay with a company, with 62% of those aged 18 to 44 factoring it into their decision. More than half of respondents said company-driven mental health initiatives and benefits influence their engagement at work.
More daily news:
Submissions call for rewrite of FMA’s draft guide about outcomes focused regulation
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide.
The Financial Markets Authority (FMA) has released the submissions relating to it’s draft ‘Fair outcomes for consumers and markets’ guide. Chapman Tripp and Dentons Kensington Swan submissions have been released and both critique the guide, with both law firms arguing that implementing outcomes-based proposals will impose confusing and expensive compliance duties of market participants – with no legal basis.
Criticisms include the guide being unclear on how outcomes focused regulation supports regulatory compliance; the draft guide being too vague to be readily applicable; the lack of tying high level outcomes back to actual legal requirements; and some of the draft guide lacks the authority of Parliament and risks being unenforceable or amendable to judicial review.
Suggested improvements include clarifying the scope and targeted market sector of each proposed outcome; providing detailed examples of how businesses can comply; adding more examples of expected compliance behaviour; and identifying when compliance with existing legislative requirement is sufficient to ensure delivery of fair outcomes.
More daily news:
MAS looking for a Senior Life and Disability Underwriter
AIA study finds stress is still one of the biggest issues affecting adviser wellbeing
Kelly Brough takes on new role as head of distribution and product development at Advice Link
nib release 1H24 financial results
nib’s have released their financial results for 1H24.
nib have released their financial results for 1H24.
Underlying operating profit of $13.2 million
Premium revenue was $197 million, up from $179.7 million in 1H23
Private health insurance experienced policy growth of 3.7%
nib New Zealand Chief Executive, Rob Hennin said,
“We have reported a solid first-half result and are positioned well for the full year. nib NZ has continued to see strong growth in resident private health insurance policyholders, and we have seen positive contributions from our international student, worker and traveller insurance business OrbitProtect and life and living insurance business nib nz insurance limited.”
Hennin pointed to nib’s focus on innovation as key to delivering value and improved services to customers, highlighting OrbitProject, the launch of the redesigned ‘my nib NZ’ app and website, and wellbeing initiatives like Toi Ora and Kickstarter as examples.
More daily news:
Andrew Bayly confirmed as keynote speaker at Financial Advice NZ’s Thrive conference
Kiwibank's unaudited net profit after tax for the six months to December 31 2023 was $105 million
Government could bring forward bill to close Māori Health Authority
Economists divided on whether the RBNZ will raise the OCR this week
Treasury warns Health services may need to be cut to slow rising costs
Capgemini’s World Life Insurance Report 2023
Capgemini have published their World Life Insurance Report 2023, ‘The aging well opportunity: how trust and engagement can unlock growth for insurers’.
Capgemini have published their World Life Insurance Report 2023, ‘The aging well opportunity: how trust and engagement can unlock growth for insurers’.
This report looks at how people are living longer and healthier lives and the implications for individuals and organisations who will be impacted including life insurers, retirement advisers, pension providers, brokers and agents.
By 2050 3.2 billion people, 33% of the world’s total population, will be 50 years or older. The dependency ratio – the ratio of the dependent population (aged 65 and above) to the working-age population (aged 15 – 64) – of 15% today is predicted to increase to 26% by 2050. Currently 40% of the top 40 global life insurers’ assets under management are held by those 65 years or older – by 2040 most of these assets will be transferred to their beneficiaries aged 50+.
At a time of declining governmental support and increasing healthcare costs, individuals will need to shoulder more of the financial responsibility for aging well. The World Economic Forum predict the retirement protection gap (the difference between desired retirement income and actual income from pensions, savings and social security) will quadruple by 2050, to a staggering 400 trillion USD in markets with the largest and most established pension systems. In some cases, this will lead to those aged 65 and older having to work longer.
Worryingly, Capgemini’s 2023 Voice of the Customer survey of policyholders across 20 markets found that 60% of those 65 or older have not sought professional financial advice to prepare for retirement or to transfer their wealth. With demand for life insurance, long-term care services and financial advice predicted to skyrocket between now and 2030, there are plenty of opportunities for advisers to make their mark.
Consumers have called out product complexity (39%), limited awareness (39%) and lack of trust (28%) as their biggest obstacles to life insurance product adoption.
Capgemini have identified current gaps between what policyholders want and insurers can deliver, and steps insurers can take to foster deeper partnerships and enhance customer lifetime value. The steps include creating personalised and bundled aging-well propositions; streamlining the purchase experience; accelerating risk assessment; engaging more widely and frequently; and elevating the claims experience.
Capgemini call out the need for more advanced technology and more robust data analytics to help engage more effectively and productively with clients, delivering better recommendations and more personalised plans. They highlight the importance of delivering comprehensive and innovative aging-well value propositions that meet a broader range of customer needs. After all, strengthening relationships with aging policyholders and their beneficiaries is critical to safeguard assets under management.
FSC CEO resigns
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Richard Klipin has announced his resignation as CEO of the Financial Services Council of NZ (FSC).
Klipin has led the FSC for the past seven years and he will remain in the role whilst the Board starts the search process to find a replacement.
Rob Flannagan, Chair of the FSC, says
“Under Richard’s leadership over the past seven years we’ve developed from a small organisation of 29 members to one that is now has 119, and living its purpose as the clear voice of the financial services sector and growing the financial confidence and wellbeing of New Zealanders.
Richard has led this renewal in vision, strategy and purpose; and his strength as a community builder is evidenced by the active involvement of over 540 members across the many FSC Commitees, forums and working groups.
Richard is leaving the FSC in great shape, with a new strategic plan and a ‘Blueprint for Growth’ policy platform that unites the sector, and has support and backing from government and regulators.”
More daily news:
Fidelity life to launch improved e-App
46% of new Chubb Life customers have received the 10% Lifetime Reward discount
Chubb Adviser Resources Site has had a refresh
Women in Insurance Summit 2024 in Auckland on 27 February
UniMed partners with Snap Fitness 24/7 to give members a free gym trial
Nick Hakes reflects on the financial advice industry in Asia-Pacific
FSC webinar 'Will big data & AI change everything?' 27 February
The IFSO Scheme will partner with Banqer
FSC's CEO Richard Klipin to speak at FinTechNZ's Hui Taumata
The Reserve Bank is in the early stages of planning for the next five-year funding agreement
KiwiSaver providers sceptical potential changes KiwiSaver scheme will benefit members
Southern Cross Healthcare appoints Dr Erica Whineray Kelly as Chief Medical Officer
Te Ara Ahunga Ora Retirement Commission says political parties need to reach cross-party agreement
Links between financial and mental wellbeing
Beyond Blue have produced a guide for those who work in the finance and mental health sectors to inform them of the relationship between money and mental health.
Beyond Blue have produced a guide for those who work in the finance and mental health sectors to inform them of the relationship between money and mental health. The guide was produced as the ‘Money and Mental Health: Social Research Report’ – a collaboration between Beyond Blue and the Australian Securities and Investments Commission (ASIC) – found people experiencing financial challenges are at least twice as likely to encounter mental health issues than those who aren’t. While the guide has information on what services are available in Australia, we’ve pulled out some insights that are likely to correspond to the New Zealand market.
In 2023, 37% of people living in Australia reported that cost of living pressure was the issue having the greatest negative impact on their mental health. The productivity commission found that poor mental health is currently costing Australia up to A$70 billion a year. Small businesses accounted for over 97% of the 2.6 million Australian businesses in 2021-22 (similarly, 97% of all NZ businesses have fewer than 20 employees). In Australia, 22% of small business owners were diagnosed with a mental health condition.
One of the key takeouts is that financial challenges can cause a decline in mental health, and mental health challenges can cause a decline in financial wellbeing. The guide illustrates how people struggling can get into downward spirals that can progress faster than those experiencing them anticipate, and it can be hard to stop or reverse them.
While anyone can be affected by money and mental health issues, there are several population groups who experience disproportionate risk, including young people, first nations people, women, culturally diverse communities and small business owners. Those who fall into multiple groups are even more susceptible to financial and mental health challenges. The guide covers some of the key reasons why these population groups are at higher risk.
They give examples of ‘turning points’ – interventions or experiences that have led to improvements in people’s financial wellbeing and/or mental health. They showcase a major Australian bank that refocused their collections department on providing solutions that respond to root causes of mental and financial hardship and the turnaround was dramatic. Within 90 days of starting the program, 97% of customers were back on track with financial commitments, employee engagement soared by more than 25% points, and they had an AUD$70 million reduction in costs associated with loan defaults and operational efficiencies.
Beyond Blue have developed a continuum that can help you evaluate a person’s financial and mental wellbeing and suggestions on what you can do support them to move towards a more mentally and financially healthy future. If you or someone you know needs mental health support or is experiencing financial challenges, there are a range of organisations and resources available to help in New Zealand, you can find out more here and here.