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.
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.”
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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
KiwiSaver financial hardship withdrawals continue to rise
KiwiSaver hardship withdrawals are up significantly from this time last year. We take a look at the limited set of circumstances under which members can make hardship withdrawals.
There is a limited set of circumstances under which members can make hardship withdrawals: if you cannot pay your minimum living expenses; if you can’t keep up with your mortgage or rent; if you need to modify your home to meet special needs; if you need to pay for medical treatment or funeral expenses; or if you’re suffering from a serious illness. The withdrawal function is intended to be a last resort when you have no other options available.
The Financial Services Council has a set of guidelines illustrating how applications will be covered. The intent is to limit withdrawals to meet the basic necessities of everyday living. For example, accommodation expenses can include rates, insurance and basic maintenance but if someone was living in excessively luxurious accommodation and could move to more modest accommodation their excess accommodation costs aren’t regarded as a ‘minimum living expense’. Members are generally unable to claim for things like paying off fines, hire-purchase debt for non-essential expenses or travel to see a sick relative.
So how do members file for a financial hardship withdrawal? Members need to fill out the application, which can include a lot of paperwork – you may need to provide bank statements, proof of identity, pay slips, proof of address, quotes, information about your partners income, assets and expenses and so on. If a member is applying as they cannot meet their minimum living expenses, KiwiSaver Managers and Supervisors will use a weekly budget spreadsheet to analyse the members income, expenses, assets and liabilities to determine if there is a deficit. The budget will take into account basic food and grocery items, accommodation and associated costs such as rates, basic clothing, utilities, transport (up to two vehicles per household and public transport as applicable), general and medical insurances, medical and dental costs (excluding non-essential medical costs such as cosmetic dental treatment), school attendance costs, purchase and maintenance of normal and basic household items, reasonable costs for dependants with special needs.
The member may also need to show they had tried to find other ways of getting by, like accessing government assistance schemes or arranging different repayment arrangements from the bank. Reasonable alternative sources of funding need to have been explored and exhausted – If you have other liquid savings or investments, you will most likely need to have used those up first before withdrawing from KiwiSaver is an option.
After a holistic assessment of the member’s circumstances, if the member establishes they are unlikely to be able to meet minimum living expenses, then the withdrawal is permissible.
If you have a serious illness, you can withdraw up to the full value of your accumulation; however, if you are withdrawing due to an inability to meet minimum living expenses then you will generally be approved for living cost payments in 13 week allocations.
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FMA chief to speak at Financial Services Federation conference
BNZ, Westpac and ASB offer assistance to customers affected by severe weather
Survey highlights increasing concerns among kiwi workers about their mental and physical health
The 2024 Workplace Wellbeing survey has found that 80% of respondents have been negatively impacted by the current cost-of-living crisis.
The 2024 Workplace Wellbeing survey, conducted by nib New Zealand and the Employers and Manufacturers Association (EMA), has found that 80% of respondents have been negatively impacted by the current cost-of-living crisis.
64% are concerned for the mental health and wellbeing of their family
56% are worried about their own mental health and wellbeing
52% are concerned about the risk of burnout at work
50% said the rising cost of living has negatively impacted their mental health (rising to 63% of 16 – 30 year olds)
In more positive news, 61% said their workplace proactively manages wellbeing, up from 53% in 2022. Fewer employees are being impacted by understaffing (47% down from 64%), poor work-life balance (36%, down from 42%), and the pressure to work long hours (34%, down from 39%).
Kiwis are putting more value on systems that prioritise employee wellbeing, with 60% rating Employee Assistance Programmes (EAP) as important, and 72% valuing wellbeing initiatives and subsidies. The value of employer-provided insurance continues to grow, with 64% considering medical and health insurance a benefit they look for when switching jobs, up from 57% in 2022, 48% valuing income protection illness cover and 43% looking for life insurance benefits.
Rob Hennin, Chief Executive at nib New Zealand, said
“There’s no better time than now for employers to stand up and proactively support their teams’ mental and physical health, empowering them to perform at their best knowing there’s someone in their corner no matter what happens. Fostering this positive workplace culture starts from the top down, so it’s just as important for business leaders to embody these values in their day-to-day.”
The survey collected responses from 1,229 NZ workers this May.
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Quotemonster offers advisers information on KiwiSaver products
Commissioner of Health NZ says reducing treatment delays is his main priority
nib launches an AI-driven symptom checker
nib has launched an AI-driven symptom checker, to help direct kiwis to the appropriate treatment, based on their needs.
nib has launched an AI-driven symptom checker, to help direct kiwis to the appropriate treatment, based on their needs. The symptom checker is available to all nib health policyholders through the my nib app.
Users input their symptoms and the symptom checker gives information on possible conditions as well as when and where to seek care. For a limited time, users advised to book a telehealth GP appointment will be able to get an appointment with Tend’s nationwide online GP service, at no additional cost.
nib New Zealand Chief Executive Officer, Rob Hennin, said
“It’s part of nib’s mission to help Kiwis take a more proactive approach to their health and wellbeing no matter where they are… AI-powered health tools, such as symptom-checkers, can help keep non-urgent medical cases out of hospital emergency departments, relieving some of the pressure on hospitals and emergency department staff, and help ensure people get the right level of medical attention.”
The symptom checker platform was developed by Infermedica and has been used in more than 30 countries, reaching more than 17 million users internationally.
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The ANZIIF Group Life Seminar is on 3 September in Sydney
Level 5 certificate to remain the minimum requirement for advisers
INFINZ seek feedback on 'Shifting the Dial on Diversity' report
New Zealand’s unemployment rate rises to 4.6% in the June quarter
Feedback requested on the Code of Professional Conduct for Financial Advice Services
The Financial Advice Code Committee is seeking industry feedback on proposed amendments to the Code of Professional Conduct for Financial Advice Services.
The consultation outlines three proposed amendments to the Code:
Formally recognise version 3 of the Level 5 Certificate, noting those who can demonstrate their competence, knowledge, and skill by reference to version 1 or version 2 of the Level 5 Certificate, or an equivalent qualification don’t need to update their qualification.
Retain the Level 5 Certificate qualification outcomes as the minimum standard for investment planning competence and remove the interim status of Code Standard 7.
Clarify the requirements for continuing professional development in CS9.
Code Committee Chair Angus Dale-Jones said
“The proposed amendments reinforce the importance of continuing professional development for financial advisers. That’s fundamental for the availability and quality of financial advice for all New Zealanders.”
Submissions are due by 5pm on Wednesday 14 August 2024. The committee will give an online presentation about the consultation on Thursday 4 July, you register here.
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Financial Advice New Zealand has launched its Connect Tour 2024
Megan Beer awarded Honorary Life Membership at the ANZIIF Outstanding Contribution Awards
Retirement Commissioner asks financial services industry to raise KiwiSaver report with politicians
Roxanne Salton talks about how insurance firms can counter phishing attacks
Fidelity Life offers new customers 3 months' premium-free
Fidelity Life is offering new customers their first 3 months’ premiums free.
Fidelity Life is offering new customers their first 3 months’ premiums free. The offer applies to all eligible Platinum Plus, Platinum Plus Level Term, Mortgage Protector and NZHL Life policies that are:
illustrated between 1 May until 31 August 2024 and
applications are submitted within 30 days of the illustrations being generated and
a policy is issued within the 6 months of the offer period end date.
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nib publish their top five medical claims
New Zealand Underwriting Agencies Council Expo 23 May
The Co-operative Bank win Consumer People's Choice Award
BNZ's net profit after tax for the six months to March 31 was $762 million
FSC reports 70% of Kiwis now frequently worry about their finances, the highest level since 2020
Bill could modernise insurance law
On March 21st, a Member’s Bill was drawn that, if passed, could modernise insurance law. Labour Party MP Duncan Webb, a former insurance lawyer, says his Insurance Contracts Bill will require “…insurance contract terms to be both clear and fair”.
If the Bill is passed, it would introduce penalties for insurers who failed to act in good faith, such as not completing a claim in a timely manner. The Bill requires polices be clearer and in plain language, to better help consumers understand the terms of the insurance they’re signing up for.
We’ll keep an eye on this and report back as the situation progresses.
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Clive Fernandes talks about Generative and Customer-Facing AI impact on financial advisers
Steve Wright talks about how advisers need to be wary of the Dunning Kruger effect
Jeff Royle says banks have been slow to disclose to customers about clawbacks
The Financial Services Council has launched Empower Women
TSB receive three Canstar awards for their credit cards
Jon-Paul Hale talks of how identity fraud and paper document security concerns are on the rise
Gallagher Bassett publish annual insurer survey report The Carrier Perspective: 2024 Claims Insights
Chubb Life has partnered with Kiwi charity Keep New Zealand Beautiful
The latest ANZ Business Outlook Survey shows business confidence levels fell 12 points
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nib updates health insurance cover and benefits
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions.
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions. For example, members with ‘Hospital Cover’ will have an increase in Surgical Benefit from $150,000 to $600,000 per year; they will also have a reduction in cover on their Ambulance Transfer Benefit – with the ambulance transfer must be to the closest private hospital.
Rob Hennin, nib CEO, said
“The product refresh will also provide some operational efficiencies and a better overall experience for our members. Policies are simpler and easier to understand, and we have an updated member portal to create a better online experience”.
Members will face no impact on premiums in the current year due to these changes.The changes will be gradually implemented over the 12 months starting February 1.
More details on the changes can be found here.
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Andrew Bayly says CoFI will undergo a targeted review
The FSC and Financial Advice New Zealand have welcomed the Government’s announcement to simplify CoFI regulations
mySolutions workshops 'Can we simplify the process?' will run across February
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New Zealand Financial Services Group appoints Baden Martin as new chief executive
Gareth Allen takes on acting General Manager Adviser Engagement role at Partners Life
Partners Life announces new CEO
Partners Life has announced that Michael Weston will be appointed CEO following Naomi Ballantyne’s departure.
Partners Life has announced that Michael Weston will be appointed CEO following Naomi Ballantyne’s departure. Weston is currently working as Head of Transformation and Strategy for Manulife Asia. Weston will start the new role on 4 March next year, leaving time for a handover from Ballantyne before she retires from Partners Life on 31 March.
Partners Life Board Chair, Jim Minto says
“Michael’s extensive background in Financial Services Operational, Transformational, and Strategy roles, coupled with his in-depth knowledge of multiple international markets makes him an ideal candidate to continue Partners Life’s journey of using intelligent innovation and excellent execution to deliver outstanding customer and stakeholder value.”
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Asteron Life sees more than 150% growth in employee insurance schemes over a five-year period
Suncorp appoints new Chief Customer Officer
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function.
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function. Phillimore-Smith is currently the Chief Marketing Officer at Westpac New Zealand, and will move to her new role at Suncorp on March 4. Phillimore-Smith has a range of experience working with some of the world’s largest brands, having held a range of marketing, strategy, brand and communications roles at Westpac, Vodafone and Sony.
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nib release holiday period dates for new Group Health and Group Life & Trauma quotes
Link Financial Group selected as one of NZ Adviser’s Top Mortgage Employers for 2023
AIA complete their annual pricing review to account for the latest change in the CPI
AIA webinar 'Eat Well - Webinar by Katie Hunter' 5 December
KiwiSaver hardship withdrawals double
Auckland Centre of Research holding 'Women in Finance' event on 8 December