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.
Changes to KiwiSaver announced by Government
The Government has announced a raft of changes to the KiwiSaver scheme, effective from 1 July 2025. We’re updating our tools to reflect the new KiwiSaver rules—including contribution increases and reduced government top-ups—so you can continue to deliver great advice, confidently.
The Government has announced a raft of changes to the KiwiSaver scheme, effective from 1 July 2025.
Default contribution rates increasing. The default KiwiSaver employee and employer contribution rate will be moving from 3% of salary and wages to 3.5% on 1 April 2026, then to 4% on 1 April 2028. Employees will be able to opt to contribute at a lower 3% rate and have that lower rate matched by their employer. Contributions will be reset to the default rate after 12 months, but employees can choose to reselect the lower rate again.
Government contribution has been halved. Currently, for every $1 a KiwiSaver member contributes (up to a maximum of $1046.86) in a year, the Government puts in 50c. The government contribution rate will be halved to 25c for every $1 contributed, up to a maximum of $260.72 annually.
High income earners no longer qualify for Government contribution. The Government contribution will be removed for KiwiSaver members with a taxable income over $180,000 per annum.
KiwiSaver eligibility extended to 16- and 17-year-olds. The Government contribution and employer matching will be extended to 16- and 17-year-olds in the workforce.
The Financial Services Council (FSC) has come out in support of the changes to increase the default contribution rate, and extend contributions to 16- and 17-year-olds. However, they have cautioned that the Government’s decision to reduce its contribution could disincentivise participation in the scheme, particularly for the self-employed. With 40% of members not actively contributing (for example, those on contributions holidays or people in irregular work), halving the government contribution makes it even less appealing for these members to start investing in KiwiSaver again.
Kiwimonster is evolving with KiwiSaver
We’re updating our tools to reflect the new KiwiSaver rules—including contribution increases and reduced government top-ups—so you can continue to deliver great advice, confidently.
While the new rules aim to increase participation, they don’t do enough to support the 40% of KiwiSaver members who aren’t actively contributing. That’s where Kiwimonster can help.
Even for those not currently contributing, Kiwimonster enables advisers to project future retirement outcomes. For example:
Self-employed clients – whether or not they’re making regular contributions.
People on a break – such as those on parental leave or overseas on their OE.
Using existing balances, advisers can still create meaningful forecasts—giving clients clarity, even if they’re pressing pause on contributions.
If you would like to find out how, give us a call.
More news:
mySolutions webinar 'Living an intentional life and building a legacy business' is on 4 June
Pinnacle Life awarded Most Trusted Brand for Funeral Insurance
Possible changes to probate threshold
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration.
The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate or letters of administration. The probate threshold of $15,000 (per asset) was last updated in 2009 and is set in the Administration (Prescribed Amounts) Regulations 2009. KiwiSaver was only in its infancy the last time the threshold was updated, and it has not been adjusted for inflation since.
The Ministry are seeking feedback on: how many payments are made without the need for probate; data on the average size of assets people hold when they die; how easy or difficult the current situation is to navigate when deciding whether to pay out; if there are any situations where account above $15,000 are unclaimed; what an appropriate new threshold would be.
Members of the FSC can contact the FSC if they want to contribute to the FSC’s submission.
More news:
Financial Advice NZ webinar 'Are you Cyber Savvy enough?' 13 November
Steve Wright identifies areas where FAPs and advisers need to improve
Steve Wright has examined the FMA’s FAP monitoring report and gone through the findings to highlight areas advisers and FAPs need to keep their eyes on.
While the FMA was for the most part happy with the results of their monitoring visits to around 60 FAPs, they did highlight a number of gaps where improvement is needed. In particular, the FMA identified ‘tick-box’ approaches to compliance as a root cause of some of these gaps.
Some areas that were identified as needing improvement were proper oversight of advice; identifying and working to close knowledge gaps; a considered approach to continuing professional development (CPD) with the identified learning achieved and recorded; some situations where the advice given was ‘unsatisfactory’; consideration of clients’ future needs.
More daily news:
mySolutions webinar 'Camilla Tumai, Bizcap Offering' 26 June
Pinnacle Life has been shortlisted for the 2024 Best Places to Work Awards
Southern Cross Healthcare supports Bowel Cancer New Zealand’s awareness campaign
Southern Cross Healthcare organises volunteer beach cleanups
Tony Vidler discusses the importance of an individual brand
TAP introduce the TAP Adviser Steering Committee
The US surgeon general seeks tobacco-like warning labels on social media platforms
Southern Cross Health Insurance CMO talks about biggest challenges and opportunities
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Southern Cross Health Insurance Chief Marketing Officer Regan Savage has been interviewed by Campaign Asia about the biggest challenges and opportunities they’re facing and where they're investing marketing budgets this year.
Savage calls out high inflation, the cost-of-living crisis and proving the value of premiums even when people aren’t claiming as the three biggest marketing challenges right now. In terms of opportunities, Savage mentions investing in newer, more capable communications platforms, how they are proactively offering members options to manage premiums as their needs change, and looking for opportunities to utilise AI to automate repetitive tasks.
More daily news:
Pinnacle Life are looking for a Head of Finance
The new Fidelity Life E-App is up and running
mySolutions webinar 'The Thousandth Client' 5 June
Southern Cross recognised at the 2024 Reader’s Digest Trusted Brand awards
Jon-Paul Hale says it's time to review how commission is paid when clients move to a new adviser
The Brand Experience Gap Study found insurers were among worst performers in NZ
Financial Advice NZ webinar 'Post Budget Webinar - Economic and Consumer Impacts 5 Jun
MAS is calling for nominations for the role of Practitioner Trustee of MAS Members’ Trust
Bell Gully summarise the Customer and Product Data Bill that has been introduced to Parliament
New Zealand is 485 GPs short, with this number expected to grow
Zurich develops AI systems to streamline life insurance applications
UniMed give followers a chance to win a double pass to the Crusaders game this Friday
MAS publish their latest Member-exclusive quarterly magazine, OnMAS
Asteron Life and AIA awarded at the ANZIIF NZ Insurance Industry Awards
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) held the 11th New Zealand Insurance Industry Awards on 22 November. Asteron Life were awarded the Life Insurance Company of the Year award. AIA were recognised as winners of the Excellence in Workplace Diversity and Inclusion (D&I) and Excellence in Environmental, Social and Governance Change categories.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) held the 11th New Zealand Insurance Industry Awards on 22 November.
Asteron Life were awarded the Life Insurance Company of the Year award. It is the fourth time they have won this award, having also won it in 2013, 2014 and 2021. Judges were impressed by Asteron Life’s Voice of Customer program, which provides insights into the customer experience; their high customer satisfaction scores overall; their policy wordings being accredited with the WriteMark standard; and attention to helping customers with affordable levels of cover. In particular the judging panel praised the variety of customer and people initiatives Asteron Life have implemented, ranging from Connected Care to Kids Cover to a Professional Supervision Programme.
AIA were recognised as winners of the Excellence in Workplace Diversity and Inclusion (D&I) and for Excellence in Environmental, Social and Governance Change. At AIA all leaders are expected to take responsibility for DE&I measures in recruitment, development, remuneration and the overall workplace environment. AIA recently achieved the Accessibility Tick and implemented a Menopause Tookit initiative. AIA has a five-pillar ESG strategy that incorporates sustainable operations, investment, health and wellbeing, people and culture and effective governance. They have committed to being net zero by 2050 and have already put in place many actions to work towards that goal, including new buildings aligning with green standards. They are committed to ethical investment and have a co-created employee wellbeing strategy in place.
More daily news:
Fidelity Life are holding three Adviser practice manager and admin summits across NZ in February
Fidelity Life are accepting registrations of interest for Adviser Edge 2024
Fidelity Life's last commission run for 2023 is 28 December
Southern Cross announce winners of the 2023 Southern Cross Health Insurance Wayfinder Awards
ASB launch two new Aggressive Funds
Pinnacle Life voted Most Trusted Online Life Insurance Company
Graeme Edwards takes on role of Lifetime Group director and chairman
FSC circulate submission template for feedback on FMA's approach to outcomes focused regulation
Chris Carnall talks about nib’s soon to be launched life and living expansion
Chris Carnall spoke to Insurance Business about nib’s life and living insurance expansion. Back in March, nib New Zealand completed the separation of Kiwi Insurance from the customer systems of Kiwibank. From 1 June advisers will be able to start selling nib’s life and living services.
Carnall referred to the product launch as an interim solution, with a full-featured version for advisers looking to be at least another year away.
“We’re going to market with it because we are going to be having a direct-to-consumer advertising for the solution set that starts about the same time, and we need to make sure that advisers have access to the same sort of products that anyone can buy if they did go through direct channels with us, given that advisers are the cornerstone of our business.”
Roadshows across the country will explain what the products are, who they’ll likely appeal to and how advisers can get involved. Advisers can register to attend the roadshow of their choice here.
22 May - New Plymouth, Palmerston North
23 May 2023 - Napier
24 May 2023 – Wellington, Nelson
25 May 2023 – Auckland Central, Hamilton
26 May 2023 - Tauranga
29 May 2023 – Queenstown, Invercargill
30 May 2023 – Dunedin, Timaru
31 May 2023 - Christchurch
1 June 2023 - Whangarei
2 June 2023 - Auckland North Shore
More daily news:
nib partners with EMA to deliver Employee Experience Workshops
Fidelity Life’s Billy Miller is speaking at Tech Week about tech careers in the insurance industry
ANZ and Westpac economists increase forecasts for OCR peak
Pinnacle Life offer life insurance through the Quashed portal
Julia Vahry talks about how people are still happy to spend on life and health insurance
NZ sees spike in hospital admissions for respiratory conditions, especially for under-5s