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.
Bill could modernise insurance law
On March 21st, a Member’s Bill was drawn that, if passed, could modernise insurance law. Labour Party MP Duncan Webb, a former insurance lawyer, says his Insurance Contracts Bill will require “…insurance contract terms to be both clear and fair”.
If the Bill is passed, it would introduce penalties for insurers who failed to act in good faith, such as not completing a claim in a timely manner. The Bill requires polices be clearer and in plain language, to better help consumers understand the terms of the insurance they’re signing up for.
We’ll keep an eye on this and report back as the situation progresses.
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FMA says those with licences unlikely to have to undergo another licencing process
Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process.
Speaking at Financial Advice New Zealand’s Thrive Conference, Samantha Barrass, chief executive at the Financial Markets Authority (FMA), has said it is unlikely that those already holding licences will have to undergo another licencing process. Barrass said last year’s push for financial advisers to achieve their Level 5 before the deadline was “the most successful transition I've witnessed in my career” and “a world-beater.”
Speaking earlier at the conference, Commerce Minister Andrew Bayly had said he was aware some organisations held multiple licences and he was looking at whether it could be streamlined into a single licence as part of the government’s drive to simplify regulation of the financial services industry.
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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.”
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nib updates health insurance cover and benefits
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions.
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions. For example, members with ‘Hospital Cover’ will have an increase in Surgical Benefit from $150,000 to $600,000 per year; they will also have a reduction in cover on their Ambulance Transfer Benefit – with the ambulance transfer must be to the closest private hospital.
Rob Hennin, nib CEO, said
“The product refresh will also provide some operational efficiencies and a better overall experience for our members. Policies are simpler and easier to understand, and we have an updated member portal to create a better online experience”.
Members will face no impact on premiums in the current year due to these changes.The changes will be gradually implemented over the 12 months starting February 1.
More details on the changes can be found here.
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Financial Advice New Zealand release ‘Value of Financial Planning Consumer Research 2023’ report
Financial Advice New Zealand’s latest study on the value of financial planning has been released. The study was undertaken in February 2023 and questioned 1,001 New Zealanders over 25 years old who earned over $90,000 per annum or held over $50,000 of investable assets on the value of working with a financial planner.
Some highlights from the report include:
· 68% of clients of financial planners are highly satisfied with their wealth versus 33% of unadvised consumers.
· 9 in 10 of those who have seen a certified financial planner feel financially secure.
· 9 in 10 clients of certified financial planner say the benefits of financial planning outweigh the costs.
· Those who haven’t engaged with a financial planner report unmet financial needs, with 2 in 5 worried about enough money to live on, 1 in 3 worried about the ability to live their desired lifestyle and 1 in 3 not having a realistic plan for a comfortable retirement.
· 99% of those who have engaged a certified financial planner trust they are acting in the client’s best interest
· 100% of those who have engaged a certified financial planner are likely to continue the relationship with their financial planner.
· Clients reported the top benefits of working with a financial planner as better financial decision-making confidence; having simplify and explain financial matters; improved financial wellbeing and peace of mind; improved confidence in ability to achieve desired standard of living.
The report also has some interesting information on the different ways different generations like to engage with financial planners.
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Q&A with the Financial Advice NZ Risk Board Member Director (Risk) nominees
Sonja is self-employed, working under the SHARE FAP, advising clients on Risk and KiwiSaver investment. Sonja has over 20 years’ experience in the Financial Services industry and is also a Director at Habitat for Humanity, a Chairperson for Migrant Connections Taranaki Charitable Trust and a Justice of the Peace.
What attracted you to the insurance industry?
I love the flexibility and lifestyle that the industry offers, especially when you are self-employed, as well as the social aspect, meeting new people/clients, some of whom become lifelong friends.
If you were elected Member Director (Risk), what would your key priorities be?
Key priorities for me would be looking at a pathway for young people to join the industry, continuing to educate and assisting advisers navigating the new regulatory environment as well as looking at new strategies to maintain and enhance the wellbeing of advisers.
What is one thing you wish someone had told you when you were younger?
The one thing I wished someone had told me: don't sweat the small stuff… we worry about too many things sometimes, instead of looking at the big picture.
What’s the last book you read?
I read a lot of books, but the last book I read is 'Sand talk" by Tyson Yunkaporta, the author asks what happens if we bring an indigenous perspective to the big picture - to history, education, money, power? Can we, in fact, have proper concepts of sustainable life without Indigenous knowledge? He challenges us to think differently - a great read I picked up on my last visit to Sydney.
Zebunisso Alimova
Zebunisso has a variety of experience in the financial services sector, starting off in banking and now owning a Mike Pero Franchise. Zebunisso was recognised as one of MPA’s top advisers in New Zealand 2022 and 2023.
What attracted you to the insurance industry?
The insurance industry, in my view, represents a unique intersection of financial services, risk management, and the profound impact it can have on individuals and businesses. What truly attracted me to this industry is the opportunity it provides to make a real difference in people's lives. Insurance is about offering peace of mind, security, and a safety net when the unexpected occurs.
My journey into insurance began during my tenure at ASB Bank, where I witnessed firsthand how crucial insurance products were to our clients' financial well-being. I was drawn to the industry's ability to provide tangible protection against life's uncertainties, whether it's safeguarding a family's future, ensuring the survival of a business during challenging times, or offering stability in retirement.
Moreover, insurance isn't just about selling policies; it's about building trust, understanding clients' unique needs, and tailoring solutions to fit those needs perfectly. This client-centric approach resonated deeply with me, aligning with my core values of empathy and service.
The insurance industry is dynamic, constantly evolving to meet the changing needs of our society. This dynamic nature challenges me to continually learn, adapt, and innovate, making each day in the industry an exciting and fulfilling experience.
If you were elected Member Director (Risk), what would your key priorities be?
If I have the privilege of being elected as Member Director (Risk), my key priorities would revolve around enhancing the overall risk management framework within Financial Advice New Zealand. I believe that a proactive and comprehensive approach to risk management is essential for the sustainable growth and success of any organization. Here are some key priorities I would focus on:
1. Fresh Perspectives and Strategic Thinking: As mentioned in my video statement, I aim to bring fresh perspectives and strategic thinking to the role of Member Director (Risk). This approach involves looking at risk management from new angles, exploring innovative solutions, and ensuring that our risk management strategies align with our strategic objectives.
2. Diplomatic Voice for Collaboration: In the video, I emphasized the importance of maintaining a diplomatic voice that fosters collaboration and consensus-building within the organization. Effective risk management often requires input and cooperation from various stakeholders. I would work diligently to ensure that all voices are heard and that decisions are made with the best interests of the organization in mind.
3. Addressing Industry Challenges: I am acutely aware of the challenges the industry is currently facing, such as the struggle to attract young talent due to evolving regulations. These challenges were discussed in my video statement, and I am committed to addressing them both as a business owner and as an advocate for our industry's growth. This includes exploring ways to make our industry more appealing to emerging professionals.
4. Client-Centric Approach: Just as I emphasized the importance of a client-centric approach in my video statement, I believe that risk management should ultimately serve the best interests of our clients. This means ensuring that our risk management practices protect our clients while also allowing them to access the products and services they need.
What is one thing you wish someone had told you when you were younger?
If I could impart one piece of wisdom to my younger self, it would undoubtedly be the importance of securing a fixed-rate loan when interest rates were historically low, such as the opportunity to fix the loan for five years when rates were at 2%. This financial decision can have a significant impact on one's long-term financial stability and mortgage affordability.
Understanding the intricacies of interest rates and financial planning early in life can empower individuals to make informed decisions that set them on a path to financial security. It's a reminder that even seemingly small financial choices can have a substantial cumulative effect on one's financial well-being over time. Planning for the future, whether through smart borrowing or prudent saving and investing, is a key lesson I've learned and would encourage others to embrace.
What’s the last book you read?
The last book I read was "French Village Book Lovers." This delightful book by Martin Walker takes readers on a journey through the charming villages of rural France. It's a captivating exploration of the intersection between French culture, history, and the love of literature. As someone who values cultural diversity and the enrichment that comes from literature, this book was a delightful and enlightening read. It reinforces the idea that books have the power to connect us with different worlds and broaden our perspectives, much like the diverse and dynamic field of finance, which I'm passionate about.
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