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 - Jeremy Bernstein
Hear from Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher.
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 Jeremy Bernstein, Senior Adviser - Life & Health at Gallagher
What is the most rewarding part of your job?
I get huge satisfaction from writing insurance for people that are not otherwise insured, new policies for new clients, creating financially resilient families & businesses and growing the insurance market.
If you could give one piece of advice to someone looking to get into the financial services industry, what would it be?
Find ways to enjoy continuous learning. Over time, aim to understand every corner of detail of how these policies work - understand that attention to detail is absolutely vital in this industry.
What is something you are looking forward to about the industry over the next 10 years?
I look forward to the industry maturing into regulation and contributing to higher standards of ethics and professionalism.
What steps can people take to set themselves on the best financial path in their 20s, 30s, 40s, 50s, and 60s?
20’s: Find a career they love and one where you are not simply renumerated by wages alone i.e. share in profits through professional partnership or business ownership or a role that offers bonuses if sales targets are achieved. Contribute to KiwiSaver with high growth asset allocation with low fee investments. If not already insured, apply for Private Medical Cover with Partners Life, apply for Loss of Earnings Income Protection with Level Premium until age 70 with Asteron Life.
30’s: Buy a home and review insurance to ensure Life Cover is sufficient.
40’s: Work hard to achieve career goals and find ways to enjoy continuous education. Stay healthy and try hard to keep relationships intact i.e. divorce is a massive financial setback.
50’s: Apply for higher professional roles and actively seek opportunities for business growth and increased income, repay mortgage and step up investment.
60’s: Stay married, stay happy, stay healthy, stay professionally relevant and stay working!
What’s the last book you read?
How Star Wars Conquered the Universe - Chris Taylor.
Recent rate changes on Quotemonster
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 January 2025.
Dear Quotemonster users,
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 January 2025.
nib Ultimate Health and Ultimate Health Max
AIA monthly policy fee
If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz
Happy Crunching!
Thoughts from advisers - Louise Grinstead
Hear from Louise Grinstead, Director and Insurance Adviser at The Insurance Team.
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
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
Recent rate changes on Quotemonster
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 December 2024.
Dear Quotemonster users,
We are pleased to confirm that the following rate changes are live on Quotemonster effective 1 December 2024.
Southern Cross Wellbeing One and Two (no changes were made to the GP and Prescriptions or Dental and Optical Options)
If you have any questions or comments on these changes please reach out to us on info@quotemonster.co.nz
Happy Crunching!
Steve Wright talks about reducing advice risk
Steve Wright tackled the question of reducing advice risk recently in a Good Returns article.
Steve Wright tackled the question of reducing advice risk recently. He asserts that in light of the largely untested ‘principles-based’ requirements FAPs and advisers must stick to, he’s not surprised that some advisers are experiencing stress. Steve sets outs a range of steps advisers could take for reducing advice risk. A good read if this is something you want to tackle.
More news:
Fidelity Life wins Security Team of the Year at the 2024 iSANZ Awards
Fidelity Life release CPI adjustments for policies renewing from 1 January 2025
Financial Advice NZ webinar 'Economic Insights: Perspectives from leading experts' 28 November
ANZ New Zealand reported a cash NPAT of $2.286 billion for the year ending September 30
Tiffany Koh awarded the 2024 Chubb Life Actuarial Scholarship
Whooping cough epidemic declared across NZ; health authorities urge pregnant women to get immunised
Updating your Product and Provider settings
Here’s a quick explainer on how to set up product and provider settings.
Our video is a quick explainer on how to set up product and provider settings, whether it’s setting your preferred premium frequency, or linking health and life providers.
Insurance Pricing Reports
Find out how to get more information on pricing for a specific insurer when generating a research report.
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
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:
mySolutions webinar 'How non-PHARMAC drugs are covered in our Private Medical offering' 23 October
Chubb’s Underwriting Click to Chat function is live on Adviser Hub
AIA health premiums increasing from 1 November
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