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.
Thoughts from advisers - Camilla Tumai
Hear from Camilla Tumai, NZ General Manager of BizCap
We reached out to some advisers and other experts in the industry for their thoughts and opinions on the job, advice they’d give to people looking to get into the financial services industry, what they’re looking forward to and steps people can take to set themselves on the best financial path at different stages.
Thoughts from Camilla Tumai, NZ General Manager of BizCap
What was the most rewarding part of being an adviser?
For me, the most rewarding part of being an adviser was witnessing firsthand how strategic financial planning can transform lives. Whether it was helping clients protect their financial future through insurance, guiding them toward their first home with KiwiSaver, or showing them how to live their best life in retirement, each experience was a chance to make a real impact. It’s incredibly fulfilling to empower clients with the knowledge and tools they need to achieve their dreams.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
My biggest advice would be to focus on building relationships and trust. Being an adviser is about more than just financial products; it’s about understanding each client’s unique goals and guiding them with empathy and integrity. Take time to educate yourself and your clients—financial knowledge is powerful, and when clients trust that you genuinely have their best interests at heart, you’ll create meaningful, lasting relationships.
What is something you are looking forward to about the industry over the next 10 years?
I'm excited about the growing focus on financial education and accessibility in our industry. With digital tools and resources expanding, more people are gaining access to personalised advice that can support them at any stage of life. I look forward to seeing an industry where everyone, regardless of their financial starting point, has the guidance they need to make empowered decisions for their future.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20s: Begin with good habits—set up a budget, start an emergency fund, and begin contributing to retirement savings, even if it’s small. Getting familiar with investing early is invaluable.
30s: This is a time for more focused planning. Grow your investments, increase retirement contributions, and consider insurance to protect yourself and loved ones.
40s: Start building wealth more aggressively while managing debt. Regularly review your financial goals and ensure your retirement plan is progressing as planned.
50s: Focus on accelerating savings and clearing high-interest debt. Take time to review your retirement goals and adjust investments to secure your financial future.
60s: It’s time to transition into wealth preservation. Assess your income sources and create a sustainable withdrawal plan for retirement.
Financial planning is a journey that evolves with every decade, and taking proactive steps at each stage creates the foundation for a secure and fulfilling financial future.
What’s the last book you read?
Atomic Habits by James Clear
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
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Southern Cross Health Insurance has appointed Cath Lomax as its Chief People and Strategy Officer. Lomax joins from Fisher Funds, where she was the Chief Client Officer.
Nick Astwick, CEO of Southern Cross Health Insurance said
“As well as being in the business of health, we're also in the business of people – be it serving our members or our people. Cath brings to this role a wealth of experience which will undoubtedly allow us to build on our reputation for being a great employer.”
Lomax was recently awarded the Auckland Emerging Director Award from the Institute of Directors Auckland branch for her work at Surfing NZ.
More daily news:
FMA proposes to run pilot on 'outcomes' style regulation with industry
Financial Advice NZ Masterclass - The psychology of financial planning on 4 March
Southern Cross Health Insurance appoints Cath Lomax to Chief People and Strategy Officer
Finance and Mortgage Advisers Association of New Zealand (FAMNZ) sets up in NZ
FSC produce a Retirement Planning Guide
The Financial Services Council (FSC) have produced a Retirement Planning Guide which introduces people to some key retirement planning considerations.
The Financial Services Council (FSC) have produced a Retirement Planning Guide which introduces people to some key retirement planning considerations.
The guide has a retirement planning overview, a ‘how to’ guide for Sorted tools and explains how to use the NZ Society of Actuaries’ rules of thumb.
The key considerations in retirement planning are how much you should save for retirement and what you can reasonably spend in retirement. The guide gives examples of matters within your control and variables outside your control which will impact on both of these considerations.
The Sorted tools that are particularly relevant are the KiwiSaver calculator and the Retirement calculator and the guide gives some tips on how to adjust these to reflect your situation.
The guide also explains the different rules of thumb developed by The New Zealand Society of Actuaries: 6% rule, inflated 4% rule, fixed date rule and life expectancy rule.
We think that the most valuable step you can take towards securing a good retirement is to get some advice. Although the DIY tools suggested in this guide can be useful in getting you thinking, this is a complex area in which an adviser adds real value. We suggest talking to a financial adviser with the right skills, experience and qualifications to help you set up a plan, monitor it and revise the plan when circumstances change.
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.
More daily news:
AIA special offer could save clients up to 31% in premiums
Partners Life is switching to email communication for customers who want it
Katrina Shanks writes of findings on the value of financial planning services
Katrina Shanks is confident she's leaving Financial Advice NZ with a good framework in place
mySolutions are holding roadshows across the country in November
Official Cash Rate remains at 5.50%
FSC calls for a comprehensive review of KiwiSaver
Nominations for Insurance Business’s annual Elite Women are open
Malcolm Mulholland laments the lack of funded medicines in NZ
Sleep regularity is important for longevity
2023 Value of an Adviser Report out now
Russell Investments have published their 2023 Value of an Adviser report. In 2023 they rated the value of an adviser in New Zealand at approximately 5.9%. Russell Investments refer to how an adviser’s role has broadened over time from that of a simple stockbroker to an agent who can help with everything from insurance needs to legacy planning. Some of the highlights from the report are below.
· One of their key tenets is an adviser can act as a behavioural coach, helping clients take a long-term view. Sometimes that will involve taking a step back and removing the emotions from financial decisions.
· They write of how advisers will need to personalise their offerings, and how that personalisation can mean different things to different generations.
· Planning needs to be done on a regular basis to keep in step with a client’s changing needs.
· The adviser acts as a guide during the entire process of a client’s financial plan, pulling in experts (such as accountants, estate lawyers) where required.
· They point out time is often an adviser’s scarcest resource and encourage advisers to look at low value activities that could be stopped or reduced.
I’d also suggest looking at opportunities for outsourcing or better utilising technology such as Artificial Intelligence (AI) to help reduce the burden of administrative tasks or deliver better engagement. Quotemonster have recently made some enhancements to our service using AI to pull through information from insurer quotes and automatically input into your Quotemonster Client and Benefit Details and we’ve also added voice to text conversion in the needs analysis fields, cutting down on administration time for advisers.
If you’re interested in finding out more about AI in the insurance space, we wrote a use case for AI including challenges, limitations, beneficial areas and potential use examples in our June 2023 quarterly report. If you would like a demo of any of Chatswood Consulting subscription services or to purchase a past report, please get in touch with Kelly Pulham on 021 311 660 or email kelly.pulham@chatswood.co.nz.
More daily news:
AIA NZ welcomes Snap Fitness as a new gym partner and provider of AIA Vitality Fitness Assessments
MDRT Roadshow coming to Auckland and Christchurch
What is MDRT?
Million Dollar Round Table (MDRT) is a global, independent association of life insurance and financial services professionals. They have more than 66,000 members from more than 700 companies across 80 nations and territories. MDRT offers a variety of virtual and in-person networking events, peer mentoring options, volunteering opportunities and educational materials to help industry professionals aim higher and achieve more. Members must demonstrate “…exceptional professional knowledge, strict ethical conduct and outstanding client service”.
When are the roadshows?
The MDRT Roadshow is on in October featuring keynote presentations from Nick Longo, a financial adviser and Rico Gomes, a high-performance mental health coach; a member spotlight; and professional development insights.
Auckland: 9:30am October 17 at Ellerslie Racecourse. Register here.
Christchurch: 9:30am October 18 at Addington Racecourse. Register here.
More daily news:
Fred Ohlsson talks about the challenges of selling an advice business
nib survey finds 49% of parents said financial uncertainty is main source of household stress
Katrina Shanks responds to National's pledge to rollback CCCFA
Benefits and concerns of using AI in the financial services industry
KiwiSaver report shows total scheme funds under management $93.6 billion as at March 31