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
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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
Fidelity Life announces growth plans
Campbell Mitchell, Fidelity Life Chief Executive, has told delegates at the Engage Conference the company’s intentions to grow to a $1 billion company.
Campbell Mitchell, Fidelity Life Chief Executive, announced the company’s intentions to grow to a $1 billion company in eight years time. Mitchell was speaking to delegates at Fidelity Life’s Engage Conference in Auckland.
Fidelity Life was the fastest growing life insurer in New Zealand in the period ending September 30, with 150% growth in new business year-on-year across the last two quarters.
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mySolutions webinar 'New tools from Quotemonster' 13 November
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TAP announce partnership with Bizcap
BNZ has announced a strategic partnership with BlinkPay
BNZ has made a net profit of $1.506 billion for the 12 months to 30 September 2024
Over half of the country's mortgages are due to have interest rate reset within six months
Survey finds 70% of millennials believe they may never be able to buy a home
The cost of living for New Zealand households has risen 3.8% over the past year
Chubb launches underwriting chat service
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions.
Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.
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AIA NZ appoints Aaron Gilmore to the role of Regional Sales Manager – Northern
Asteron Life release their climate-related disclosures
AIA have updated their Change of Ownership forms
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More than 7,500 people made early KiwiSaver withdrawals during September
Southern Cross covers cochlear implants
Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members.
Southern Cross Health Insurance (SCHI) has become the first New Zealand insurer to cover cochlear implant surgery for eligible adult members. SCHI will cover one internal cochlear implant (excluding the external sound processor) for members who meet specific criteria which include:
· being at least 18 years old
· having severe to profound sensorineural hearing loss in one ear
· having moderate or worse hearing loss in the other ear
· having a hearing aid fitted for the ear scheduled for the implant
Those an audiologist deems likely to develop this level of hearing loss within 24 months may also qualify.
More news:
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The Co-operative Bank is a finalist in the 2024 LearnX Awards
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:
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Chubb’s Underwriting Click to Chat function is live on Adviser Hub
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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
FMA acts against misleading customers
The Financial Markets Authority (FMA) has been busy, with the news this week full of stories of AA Insurance New Zealand Ltd (AAI) being ordered to pay a penalty and civil proceedings lodged against ASB Bank Limited (ASB).
The Financial Markets Authority (FMA) has been busy, with the news this week full of stories of AA Insurance New Zealand Ltd (AAI) being ordered to pay a penalty and civil proceedings lodged against ASB Bank Limited (ASB).
AAI was ordered to pay a penalty of $6.175 million, for failing to apply multi-policy and membership discounts, as well as guaranteed no claims bonuses.
AAI was found to have misled customers about its multi policy discount offer in marketing material – marketing material said existing policy holders who added another policy would receive the discount immediately; however, AAI’s systems only applied the discount once the original policy came up for renewal. This issue affected 112,463 customers, who were overcharged approximately $4.89 million. In addition, AAI failed to apply discounts promised to NZAA members, affecting 90,129 customers who were overcharged approximately $2.95 million in total.
AAI were also found to have misrepresented that certain eligible customers would receive its guaranteed no claims bonus “for life”. Up until December 2011 AAI offered the bonus for each customer’s lifetime, as long as they remained insured with AAI. From 2012 the benefit only applied to the policy’s lifetime – yet AAI marketing continued to use the “for life” language without limitation. This affected 17,973 eligible customers, who were overcharged approximately $3.28 million.
Margot Gatland, FMA Head of Enforcement, said of the AAI judgement,
“AAI’s systems proved to be inadequate and its marketing was not kept in line with internal policies. This judgment sends a strong message to the industry that companies need to ensure their systems and processes are fit for purpose and customers’ interests put first.”
The FMA has filed civil proceedings against ASB for allegedly making false or misleading representations in regards to insurance products and banking services. Similar to AAI, ASB allegedly failed to apply multi policy discounts on ASB-branded insurance products, due to errors in the manual process at point of sale. Another issue arose when ASB staff misinformed customers with policies of insurance for caravans and trailers that they were eligible for the multi policy discount, despite those policies being ineligible. ASB also allegedly failed to consistently apply fee exemptions to certain customer accounts with access to ASB’s Fastnet Banking service, again due to failings in the manual processes. Between April 2014 and May 2022, a total of 23,062 customers were affected by the multi policy discount issue with the total value of overcharged premiums being approximately $2.8 million. During the same period, 2,435 customers were affected by the Fastnet Banking issue, totalling approximately $1,147,276 in overcharges. ASB has completed remediation work on both causes of action and has repaid affected customers, including use of money interest, and they self-reported the errors to the FMA.
Both of these cases demonstrate the willingness of the FMA to prosecute organisations who don’t fulfil their obligations to customers. They also highlight the importance of language in customer communications being crystal clear and that it is essential organisations have the systems-wide processes and checks in place to honour any discounts and offers made to customers. The FMA expect that if you make commitments to customers, you need to keep them, which we think is fair enough.
More news:
Executive Team changes at Partners Life
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan is now Chief Distribution Officer and Kate Dron is now Chief Customer Solutions Officer.
From 1 October 2024, there will be some changes to the executive team at Partners Life. Andries van Graan, previously Chief of Adviser Distribution, will be Chief Distribution Officer. Kate Dron, previously Chief and Appointed Actuary, will be Chief Customer Solutions Officer.
Van Graan’s new role will focus on strengthening partnerships with independent financial advisers and working to amplify Partners Life’s customer referral partnership with BNZ.
Dron’s new role will focus on ensuring that Partners Life’s solutions service a wide range of customer needs with a particular focus on enhanced simplicity and accessibility and includes establishing a establishing a business led data, analytics, and insights team.
More news:
nib extends three months free offer until 31 October 2024
mySolutions webinar 'KiwiMonster' 9 October
Financial Advice NZ webinar 'Understanding artificial intelligence in financial services' 16 October
New Active Benefits are now available to Accuro policyholders
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership.
Accuro Policyholders now have access to a range of Active Benefits, as part of their UniMed membership. While policy cover remains the same since the transfer of Accuro’s insurance portfolio to UniMed on 31 May, Accuro members can now access a range of UniMed member benefits. Benefits include:
20% off sitewide Parachute first aid (available until 31 Oct 2024)
15% Off Allianz Travel Insurance
20% Off MoleMap Checkups
30 days free at Snap Fitness
Get an intro to 9Round Fitness
Free Hearing Health Checkups
Discounts at Specsavers Optometrists
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Terry Ball says Robo-advice has a long way to go
KiwiSaver passes milestone of $100 billion of funds under management
The Banking Ombudsman Scheme saw a record number of cases
Calls for a public education campaign around consumer data right (CDR) regime
Organisational changes afoot at nib
In the lead up to nib launching their Life and Living Benefits suite of products early next year, the health insurer has made some organisational changes.
In the lead up to nib launching their Life and Living Benefits suite of products early next year, the health insurer has made some organisational changes. A new distribution leadership team has been created, with the three key distribution role reporting to Chief Executive Rob Hennin.
Chris Carnall, Head of Distribution, is moving to the role of General Manager – Adviser Life and Living, leading the development of nib's new Life and Living Benefits suite for advisers.
Amanda Savill is joining nib to lead the adviser distribution team, where she will create a strategic and operational plan to deliver on service and growth for their advisers.
Pippa Leydon takes on the role of National Manager - Group, with responsibility for the strategy and growth of nib’s Group business, developing commercial and strategic relationships.
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Shamubeel Eaqub notes the average Kiwi is unable to afford life insurance
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Financial Advice NZ Canterbury Branch Meeting 22 October
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Resolution Life has appointed Moses Ojeisekhoba as its new President
AIA appoints new Chief Technology Officer
AIA NZ has appointed Luke Longney as Chief Technology Officer.
AIA NZ has appointed Luke Longney as Chief Technology Officer. Longney joined AIA in 2021 as Head of Technology – Digital and progressed to Head of Technology Experience.
AIA NZ CEO Nick Stanhope said
“We’re aiming to deliver the best possible online experience for our customers, advisers and partners, as well as our employees that support them. With his extensive experience and commercial background, Luke is well placed to lead the teams responsible for enabling and uplifting our digital delivery and capability into the future”.
More news:
Bell Gully have a good overview of the recently announced financial services regulation reforms
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AIA are finalists for two awards at the 2024 NZ Law Awards
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