nib’s A Healthier Approach Launch events run across February

nib is running nib Ultimate Life & Living insurance and nib Balance launch events  from 10 February - 3 March. The events will explore nib’s latest offerings, unveil comprehensive new nib products and insurance products and will feature a keynote speech from renowned psychologist, author and media personality, Nigel Latta.

• Tauranga 10 February

• Hamilton 11 February

• Auckland 12 February

• Wellington 14 February

• Christchurch 17 February

• Timaru 18 February

• Dunedin 19 February

• Invercargill 20 February

• Queenstown 20 February

• Auckland Central 24 February

• North Shore 24 February

• Nelson 25 February

• Palmerston North 26 February

• Napier 27 February

• Whangarei 28 February

• New Plymouth 3 March

Quotemonster team members will be at the following venues:

• Auckland 12 February

• Auckland Central 24 February

• Auckland North Shore 24 February

• Hamilton 11 February

We look forward to seeing you there.

More news:

Resolution Life has completed its acquisition of Asteron Life

nib’s 12 months free child health cover promotion ends 28 February

nib release their top 5 health claims for December 2024

MAS are looking for a Programme Director

Lifetime Financial Wellness Showcase on 4 February

AM Best reaffirms Partners Life ratings

AM Best has reaffirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Partners Life Limited, with the outlook for both remaining stable. AM Best categorises Partners Life’s balance sheet position as very strong.

More news:

TAP has launched a new AI Document Reader

Financial Advice NZ’s National Adviser Conference introduces sessions for new advisers

FSC Empower Women Networking Events 6 & 11 March

The Adviser Platform launch Insider Insights video series

68% of Australians are worried about paying for life insurance

Survey finds almost all diversified KiwiSaver funds achieved positive returns in the December quarter

Update to New Zealand Retirement Expenditure Guidelines released

David Seymour calls for option for kiwis to opt out of public health system in exchange for private insurance funding

Lee-Ann du Toit appointed new Chief Actuary at Chubb Life

Chubb Life New Zealand has announced the appointment of Lee-Ann du Toit as its new Chief Actuary. She will be part of the senior leadership team and report directly to CEO Gail Costa. Du Toit has more than 25 years of experience in financial services and comes to Chubb Life from Deloitte New Zealand where she served as lead partner for Actuarial Service. Du Toit is also the president of the New Zealand Society of Actuaries.

Gail Costa said

“With our industry rapidly evolving, Lee-Ann’s extensive expertise in driving strategic business outcomes and fostering customer-centric solutions will be invaluable to Chubb Life NZ. The chief actuary plays an important role in supporting both our board and senior leadership team to make strategic business decisions, and we’re looking forward to having Lee-Ann’s voice and unique perspective at the decision-making table.”

More news:

Women in Insurance Summit 26 February in Auckland

Expressions of interest open for Partners Life's new adviser training course 24 - 26 February

Steve Wright shares his thoughts on CPD for giving life and health insurance advice

Massey Fin-Ed Centre Retirement Expenditure Guidelines released

Westpac launches several initiatives to improve accessibility

Thoughts from advisers - Samuel Rees-Thomas

Thoughts from advisers

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 Samuel Rees-Thomas, Director and Financial Adviser at Harness Financial

What is the most rewarding part of your job?

Saving New Zealanders' lives. Literally. (Especially when it comes to Health Insurance advice paying off). 

If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?

Go through the Financial Advice process yourself multiple times with a few different advises and take notes.

Pay for the advice if a fee is involved. Buy insurance through an Adviser, take notes.

Go through the insurance sales process at your bank, take notes and compare the experience.

Start investing in a managed fund after receiving advice. 

What is something you are looking forward to about the industry over the next 10 years?

An increase in the nation's financial literacy.

What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?

20’s: Read Rich Dad, Poor Dad. Follow the principles. When you buy your first house, buy a 'house' because of its merit. Don't try and buy your long-term home.

"Work harder on yourself than you do in your job (but still work hard), that way your income earning potential will grow and so will your character." Jim Rohn (summarised). Buy 5 star Health Insurance and Income Protection.

30’s: Don't wait too long to have kids as you'll never have more time or energy than you do now.

Push yourself and take new career opportunities.

Make sure your retirement planning pathway and the associated disciplines are locked down and underway. Date your spouse even when you've been together for a long time.

40’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines are aligned.

50’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines remain aligned.

60’s: Revisit wealth generation & retirement strategy, ensure your goals and disciplines remain aligned.

Thoughts from advisers - Louise Grinstead

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 Louise Grinstead, Director and Insurance Adviser at The Insurance Team

What is the most rewarding part of your job?

The clients, the relationships forged. I love when they call be to advise they have started gym, had kids, stopped smoking etc.

If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?

If you have a passion for helping people, do it. I don’t believe you should do it “just for the money”. Do it because you want to help.

What is something you are looking forward to about the industry over the next 10 years?

Hopefully, they will sort out the trail issue i.e we work for clients that want to work with you and not a previous broker. This may be as they have retired, do not contact clients etc but they still get ongoing trail and no liability, and you are servicing the client for free and have liability. I believe absolutely in a transition period but after a year I think this should just be transferred. 

What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?

Take out insurance, speak to a broker to help, have cover on Level as to save premiums when older. Invest, make it automatic that you have money going into some kind of savings – diversify portfolio. And health insurance – you may be fine in your 20’s but in yours 60’s you’ll be thankful you have it.

What’s the last book you read?

The laws of lifetime growth – Dan Sullivan 

Legal and regulatory update for the life and health insurance sector

11 Dec 2024 - APRA has released its quarterly private health insurance performance statistical publication for the September 2024 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-performance-statistics-for

12 Dec 2024 - RBNZ has issued the second amendment to the Interim Solvency Standard 2023, which will take effect for all relevant insurers from 1 March 2025. https://www.rbnz.govt.nz/hub/news/2024/12/second-amendment-to-insurance-interim-solvency-standard-issued

13 Dec 2024 - The FSC has come out in support of the Government’s announcement to allow KiwiSaver funds to be invested in unlisted assets. https://blog.fsc.org.nz/media-statement-13-december-2024

13 Dec 2024 - The Government is progressing a package of reforms to help ensure our capital markets are working to support a productive economy. As a first step, 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. This will give businesses more flexibility and bring New Zealand closer in line with other countries like Australia. These changes are expected to be in place by May 2025. The Government has also opened consultation on two specific proposals that will help create more effective capital markets: Enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. https://www.mbie.govt.nz/about/news/strengthening-new-zealands-capital-markets

13 Dec 2024 - APRA has released its annual private health insurance statistical publication for the 2023-2024 year. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-annual-private-health-insurance-statistics-for-2023

13 Dec 2024 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q4 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html

16 Dec 2024 - The XRB has published a document that provides: information on their plan to consult on Aotearoa New Zealand Climate Standards (NZ CS), focusing on the topic of differential climate-related reporting and context to readers of the MBIE discussion document Adjustments to the climate-related disclosures regime. https://www.xrb.govt.nz/dmsdocument/5355/

Linking health providers to life providers

Find out how to link any health provider together with any life provider on Quotemonster.

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. 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

AIA's latest CPI rate is 2.2%

The FSC is gathering feedback on life after licensing

O’Hagan Homes Loans & Insurances has merged with Apex Advice

Banks start New Zealand launch of Confirmation of Payee

The FSC has released its latest Money & You research

The Financial Services Council (FSC) has released their latest research report, Money & You: Managing Risk Through Challenging Times, which explores the attitudes of New Zealanders towards risk management. Some of the key findings are below.

• Only 41% of respondents had life insurance, 39% had health/medical insurance, 23% had trauma/critical illness insurance, 18% had total and permanent disability insurance.

• For the 12 months to 30 September 2024, FSC industry data showed 1,521,740 health insurance policies and 4,145,287 life insurance products (one person may have more than one policy e.g. life insurance, income protection insurance and total and permanent disability insurance policies).

• The majority (66%) who have life and health insurance consider it value for money.

• The biggest drivers of taking out life and health insurance policies are peace of mind and worry about financial consequences.

• The most common reason given for not having life and health insurance was that insurance is too expensive (74%), followed by being healthy and not seeing the need for it (14%), and not trusting insurance companies (13%).

• Cost of living meaning people can no longer afford insurance was the top reason given for no longer having insurance across life, trauma or critical illness, income protection, total and permanent disability and health/medical.

• For those without insurance, 64% would consider taking out an insurance policy if they had more money, 25% would take out an insurance policy if their health started declining and 18% would take out an insurance policy if they started a family. There is a gap in understanding of how insurance works, with only 3% of those who would consider taking out an insurance policy if their health started declining knew that they might not be able to get cover for certain health issues or they might face higher premiums because of them.

• The majority of health (61%) and life (77%) insurance policies are paid by individuals, with the remainder being partially or fully subsidised by employers.

• When it comes to health/medical insurance or life insurance being provided by employers, 54% really want this and a further 35% might possibly want this.

• 45% of respondents have a poor understanding of the relationship between risk and return.

2,002 online survey responses were collected during March 2024 and were representative of the NZ consumer population in terms of age, gender and income.

It is worth noting that as a low engagement product, life and health insurance is something that respondents find hard to recall accurately. That leads to interesting results - this survey contains a probable over-estimate of the number of people who own health insurance, and a probable under-estimate of the number of people who hold life insurance. But the recalled level of cover is, in itself, interesting. For example, if you think you do not have life, trauma, or income insurance, but in fact you do, you or your estate may fail to claim when you may be eligible to do so.

Readers interested in contrasting these survey results with data on the eligible population should contact us.

More news:

Partners Life has decided to stop using its Customer Outcome Matrix

Southern Cross Health Insurance appoints Grant McIvor as chief digital officer

MAS looking for a Head of Technology Strategy and Architecture

Legal and regulatory update for the life and health insurance sector

28 Nov 2024 - Kiwibank has been fined $1.5 million after pleading guilty to 21 breaches of the Fair Trading Act, resulting in overcharges to 35,000 customers totaling $6.8 million. https://comcom.govt.nz/news-and-media/media-releases/2024/systemic-breaches-of-consumer-law-lead-to-$1.5million-fine-for-kiwibank

28 Nov 2024 - The FMA will publish its first climate-related disclosures insights report in early December. It will include findings and areas for improvement based on the reviews of climate statements prepared for reporting periods ended between 31 December 2023 – 31 March 2024. The FMA will be running webinars on Tuesday 10 and Thursday 12 December to discuss the report and answer questions.

28 Nov 2024 - Following consultation in July on proposed guidance for references to climate statements in disclosure documents, the FMA have decided to pause work on this project. https://www.fma.govt.nz/assets/Exemption/Submissions-report-CRD-PDS-proposed-guidance.pdf?utm_medium=email&utm_campaign=FMA%20UPDATE%20NOVEMBER%202024&utm_content=FMA%20UPDATE%20NOVEMBER%202024+CID_ba79ea243bfbf23eb5e123188c21af00&utm_source=FMA%20Campaign%20Monitor%20Emails&utm_term=available%20here

28 Nov 2024 - The FMA release Navigating KiwiSaver Episode 4: KiwiSaver fees. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-4/

28 Nov 2024 - APRA has released its quarterly private health insurance publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-6

29 Nov 2024 - The Office of the Privacy Commissioner has confirmed that Privacy week 2025 will run from the 12-16 May 2025, with the theme "Privacy on Purpose". https://us18.campaign-archive.com/?u=5b61763783257eac3d863f400&id=e5ffb9f447

2 Dec 2024 - The FMA have released the results of its first Consumer Confidence Survey. Findings included 98% of kiwis have at least one banking product; credit card ownership is down 3% while buy-now-pay-later is up 5%; 86% of all kiwis have at least one insurance product; 85% of NZers have at least one investment product. https://www.fma.govt.nz/news/all-releases/media-releases/inaugural-consumer-confidence-survey/