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.
Government announces reforms to strengthen NZ’s capital markets
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy.
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy. The Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. These changes are expected to be in place by May 2025.
The Government has also opened consultation on two proposals: enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. Consultation closes 14 February 2025.
The Financial Services Council (FSC) has expressed strong support for enabling KiwiSaver funds to invest in unlisted assets. FSC CEO Kirk Hope said,
“By enabling KiwiSaver investments in unlisted assets, such as infrastructure projects and innovative New Zealand businesses, we can unlock substantial capital for domestic growth.”
“This reform will not only provide Kiwi businesses with much-needed capital to innovate and expand but the opportunity of greater diversification for KiwiSaver.”
Some financial advisers warn that regulators need to get on board with the proposals, however. At a recent event we held in conjunction with the Financial Services Council, advisers asked questions about whether the Financial Markets Authority would be supportive of fund managers choosing to invest more in private assets and infrastructure projects which tend to be illiquid in nature. We think that these are good questions, and the answers will be highly sensitive to the context in each fund: for example, the scale of the investments relative to the total fund size and the liquidity of other assets, and the ages, balances, and probable withdrawal patterns of investing members.
More news:
Fidelity Life discounts on certain exclusions for Trauma covers are live
AIA release updated Working with AIA Guide
AIA webinar 'Webinar - Guide to Medical Conditions' 28 February
More locations offering AIA Vitality Fitness Assessments & Health Checks
Steve Wright dissects a recent FSCL complaint
nib promotion offers $300 woolworths vouchers to eligible applicants
Advice Link has appointed of a new general manager Sébastien Pierre
Tony Vidler writes of the importance of soft skills
Government announces hikes to ACC levies
Chapter Zero discusses experiences from year one of New Zealand's mandatory climate reporting
Significant increase in cyber incidents across New Zealand in Q3 2024
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
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.
More news:
mySolutions webinar 'New tools from Quotemonster' 13 November
nib release their top 5 health claims for August 2024
FSC Life Insurance Special Interest Group Networking Event is on 10 December
Tony Vidler says advisers need constant reinvention of value and service
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
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:
Fidelity Life release average turnaround times for September 2024
Fidelity Life share key takeaways from customer engagement forum
Westpac and nib called out for poor customer satisfaction scores at the Consumer NZ Yeah, Nah awards
NZFSG launch ‘MyInduction’ Programme
mySolutions webinar 'Premium structures' 30 October
The Co-operative Bank is a finalist in the 2024 LearnX Awards
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
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
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!
FSC sees opportunities for increased contributions to KiwiSaver
KiwiSaver has been in the news recently with the FMA releasing their KiwiSaver Annual Report 2024. The FSC have welcomed the insights from the FMA report and said they see opportunities for increased contributions.
KiwiSaver has been in the news recently with funds under management surpassing the $100b mark and the Financial Markets Authority (FMA) releasing their KiwiSaver Annual Report 2024. The Financial Services Council (FSC) have welcomed the insights from the FMA report and said they see opportunities for increased contributions. Kirk Hope, CEO of the FSC said,
“With KiwiSaver funds under management surpassing the $100bn mark, this is a great opportunity to look at KiwiSaver contribution settings and how we can make it affordable over time so that New Zealanders can have dignity in retirement.”
“Increasing contribution levels, in combination with financial literacy that helps New Zealanders understand the benefits and mechanisms of KiwiSaver, are key to driving better retirement outcomes,”
More news:
nib join the Sustainable Business Council NZ
Asteron Life, Chubb Life & Fidelity Life are finalists at the New Zealand Insurance Industry Awards
Fidelity Life employees have unlimited access to LinkedIn’s library of courses
IFSO take their first enforcement proceeding against a Participant
Jon-Paul Hale recommends advisers are clear in explaining unfunded medicines
Workplace Savings End of Year Function 2024 on 4 November
Fidelity Life offer advisers opportunity to go on professional development course
FinTech NZ Annual Meeting on 6 November
Mental Health Minister announces Child and Youth Mental Health and Addiction Prevalence Survey
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.
More news:
Shamubeel Eaqub notes the average Kiwi is unable to afford life insurance
Financial Advice NZ webinar 'Learnings from a FMA Monitoring Visit' 2 October
Financial Advice NZ Canterbury Branch Meeting 22 October
Setting Up for Success - How to Build a Great Mentor Relationship' webinar 15 Oct
mySolutions webinar 'Interviewing techniques: how to get people to open up' 18 Sep
mySolutions webinar 'Added benefits of mySolutions membership' 25 Sep
Resolution Life has appointed Moses Ojeisekhoba as its new President
Winners at the 2024 FSC Awards announced
Congratulations to all the winners, finalists and nominees at the 2024 Financial Services Council (FSC) Awards.
Congratulations to all the winners, finalists and nominees at the 2024 Financial Services Council (FSC) Awards. We’re lucky to work in an industry with so many dedicated, innovative people who have a passion for what they do; the awards recognise some of the best and brightest among us.
FSC Acting CEO Haydee Stroud said
“…it was a privilege to be able to see such a diverse range and high calibre of merit. Entrants contributions to the financial services sector and to the wider New Zealand community have all played a part in growing the financial confidence and wellbeing of all New Zealanders.”
Contribution to Community Award – Toi Ora - nib and Ngāti Whātua Ōrākei
Emerging Trailblazer Award – Leigh Bennett, Fidelity Life
Excellence in Governance Award – The Compliance Company
Workplace Savings Award – Bruce Kerr, Professional Trustee
Excellence in Sustainability Practices Award – AIA New Zealand
Excellence in Wellbeing & Inclusion Award – Southern Cross Health Insurance
Team of the Year Award – Operations Team, Sharesies
Chair’s Award for Services to the Industry – Ana-Marie Lockyer: Chief Executive Officer, Pie Funds
More news:
Steve Wright questions why we index life insurance but not health insurance
Financial Services Federation welcome CCCFA reforms
FAMNZ to launch the Adviser Elevate series on 2 October
The FMA plans to review the mortgage advice sector
Report estimates additional value advisers add
ASB wins Excellence in Social Purpose Driven Marketing Strategy at the New Zealand Marketing Awards
ASB sponsor the Climate Change & Business Conference 2024