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November 2016
Alan Rafe and Russell Hutchinson
www.chatswood.co.nz
Chatswood Data Services
2016 Review
Products and Planne...
GOOD INTELLIGENCE HELPS YOU
MAKE GOOD CHOICES
2 www.chatswood.co.nz
Strategy does not take place in a vacuum. Whether you ...
ECONOMY – KEY QUESTIONS
3 www.chatswood.co.nz
1. What is New Zealand’s GDP?
2. How fast is it growing?
ECONOMY – KEY QUESTIONS
4 www.chatswood.co.nz
Q: What is New Zealand’s GDP?
A: About $240 billion
Q: How fast is it growin...
5 www.chatswood.co.nz
MARKET – KEY QUESTIONS
1. What is the population of New Zealand?
2. What proportion are working age?...
5 www.chatswood.co.nz
MARKET – KEY QUESTIONS
Q: What is the population of New Zealand?
A: About 4.7 million - http://stati...
INDUSTRY SIZE
6 www.chatswood.co.nz
1. What is the in-force premium of the life insurance sector (FSC member
data) in June...
INDUSTRY SIZE
6 www.chatswood.co.nz
Q: What is the in-force premium of the life insurance sector (FSC member
data) in June...
7 www.chatswood.co.nz
DISTRIBUTION
1. What proportion of the personal (life, IP, trauma, and TPD) insurance
market is sold...
7 www.chatswood.co.nz
DISTRIBUTION
1. What proportion of the personal (life, IP, trauma, and TPD) insurance
market is sold...
LAW AND REGULATION
8 www.chatswood.co.nz
1. Who is the prudential regulator for New Zealand life insurers?
2. How many QFE...
MORE INDUSTRY DATA
9 www.chatswood.co.nz
Chatswood Consulting Likes to collect data on a wide range of subjects for the
in...
MARKET DATA AGENDA
10 www.chatswood.co.nz
• Our intention: to always seek to bring good quality data to life and
personal ...
INSURANCE: LIFE & PERSONAL MARKET
11 www.chatswood.co.nz
Existing
Competitors
New
Entrants
Buyers
Substitutes
Suppliers
Di...
MARKET INFORMATION SERVICES
12 www.chatswood.co.nz
Product Content Clients Freq. Number
Price /QTR+GST
(at Nov 2016)
Life ...
OTHER DATA AVAILABLE
13 www.chatswood.co.nz
• Client lapse and repurchase model
• Adviser sales and revenue
• Regulatory c...
WHY RESEARCH?
14 www.chatswood.co.nz
We believe:
1. Good decisions are built on good data
2. Understanding your environmen...
LIFE PRICING DATABASE
12 www.chatswood.co.nz
MEDICAL PRICING DATABASE
12 www.chatswood.co.nz
COMMISSION COMPARISON
12 www.chatswood.co.nz
QUARTERLY LIFE REPORT
12 www.chatswood.co.nz
QM DATA
12 www.chatswood.co.nz
BANCASSURANCE RATES
12 www.chatswood.co.nz
PRODUCT RATING DATABASE
12 www.chatswood.co.nz
CHATSWOOD CONSULTING
Chatswood Consulting Limited specialises in providing marketing,
distribution, and product developmen...
12 www.chatswood.co.nz
We are the only management consultancy specialising is in the marketing
and sales challenges of dis...
24 www.chatswood.co.nz
CHATSWOOD CONSULTING
Accuro Health Insurance Nib NZ Limited
AIA New Zealand OnePath Life (NZ) Limit...
28
THANK YOU!
© Chatswood Consulting Limited
Visit us at
www.chatswood.co.nz25
www.chatswood.co.nz
November 2016
www.chats...
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Chatswood Data Services for Insurance Industry Participants

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Good data improves decision-making. Find out about people, the economy, prices, outlooks, regulatory and legal change and competitor actions and product. This presentation gives an overview of the data services for insurers available at Chatswood Consulting Limited

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Chatswood Data Services for Insurance Industry Participants

  1. 1. November 2016 Alan Rafe and Russell Hutchinson www.chatswood.co.nz Chatswood Data Services 2016 Review Products and Planned Developments
  2. 2. GOOD INTELLIGENCE HELPS YOU MAKE GOOD CHOICES 2 www.chatswood.co.nz Strategy does not take place in a vacuum. Whether you are an adviser contemplating a business purchase, or sales or marketing executive at an insurance company you know that strategy does not exist in a vacuum. The environment, and what changes we can expect in: the economy, legal and regulatory changes, competitors, and society as a whole. Do you know enough about the current environment? Well, here is a suggested self-test. Just ten quick questions. This is not meant to be an exhaustive list, just a quick check-up. It is all in this presentation on our Slide Share page. It gives questions, and then answers and links to the data on the next page of the presentation.
  3. 3. ECONOMY – KEY QUESTIONS 3 www.chatswood.co.nz 1. What is New Zealand’s GDP? 2. How fast is it growing?
  4. 4. ECONOMY – KEY QUESTIONS 4 www.chatswood.co.nz Q: What is New Zealand’s GDP? A: About $240 billion Q: How fast is it growing? A: Growing at around 3% p.a. in October 2016 More information: http://m.stats.govt.nz/browse_for_stats/economic_indicators/GDP/GrossDomesticProduct_HOTPJun15qtr ?gclid=CjwKEAjw1qHABRDU9qaXs4rtiS0SJADNzJisqXAfx07gAUagcqQQRaoiGUvd0FF_lnIrZ9YndXdlkx oCLH7w_wcB
  5. 5. 5 www.chatswood.co.nz MARKET – KEY QUESTIONS 1. What is the population of New Zealand? 2. What proportion are working age? 3. What is the median income? 4. What proportion of Auckland’s population was born outside New Zealand?
  6. 6. 5 www.chatswood.co.nz MARKET – KEY QUESTIONS Q: What is the population of New Zealand? A: About 4.7 million - http://statistics.govt.nz/tools_and_services/population_clock.aspx Q: What proportion are working age? A: Just over 3 million - http://www.stats.govt.nz/browse_for_stats/population/estimates_and_projections/NationalPopulationEstim ates_HOTPAt30Jun16/Commentary.aspx Q: What is the median income? A: About $95,000 p.a. –per household http://www.stats.govt.nz/browse_for_stats/people_and_communities/Households/HouseholdEconomicSur vey_HOTPYeJun15.aspx Q: What proportion of Auckland’s population was born outside New Zealand? A: About 40% of Aucklanders were born overseas compared with about 18% of people outside of Auckland - http://www.stats.govt.nz/Census/2013-census/profile-and- summary-reports/qstats-culture-identity-auck-mr.aspx
  7. 7. INDUSTRY SIZE 6 www.chatswood.co.nz 1. What is the in-force premium of the life insurance sector (FSC member data) in June 2016 (roughly this means, the in-force premium for the industry – excluding health, but including groups)? 2. How much business is written in a typical quarter? 3. How much premium was in-force 10 years earlier, in June 2006?
  8. 8. INDUSTRY SIZE 6 www.chatswood.co.nz Q: What is the in-force premium of the life insurance sector (FSC member data) in June 2016 (roughly this means, the in-force premium for the industry – excluding health, but including groups)? A: About $2.3 billion in-force in June 2016 http://fsc.org.nz/site/fsc/FSC%20Trad%20Risk%20Summary%202016-06.pdf Q: How much business is written in a typical quarter? A: About $62 million new business in the quarter - http://fsc.org.nz/site/fsc/FSC%20Trad%20Risk%20Summary%202016-06.pdf Q: How much premium was in-force 10 years earlier, in June 2006? A: About $1.2 billion in June 2006 - http://fsc.org.nz/site/fsc/files/Statistics/2006//TraditionalRiskBus30.6.2006(Sum1).pdf
  9. 9. 7 www.chatswood.co.nz DISTRIBUTION 1. What proportion of the personal (life, IP, trauma, and TPD) insurance market is sold by advisers? 2. How much is direct?
  10. 10. 7 www.chatswood.co.nz DISTRIBUTION 1. What proportion of the personal (life, IP, trauma, and TPD) insurance market is sold by advisers? 2. How much is direct? About 50% of all business (excluding group) is sold by advisers. About 11% is direct Based on FSC data channel share analysis, analysts reports, and news publications – estimate by Chatswood Consulting Limited June 2016.
  11. 11. LAW AND REGULATION 8 www.chatswood.co.nz 1. Who is the prudential regulator for New Zealand life insurers? 2. How many QFEs are there? 3. What is the Authorised Financial Adviser Code Standard Eight? The Reserve Bank of New Zealand is the Prudential Regulator for Insurers. If you thought the Financial Markets Authority that’s because they are the conduct regulator for licensed financial entities – which includes insurers. - http://www.rbnz.govt.nz/regulation-and-supervision/insurers There are 57 QFEs at the time of writing - http://fma.govt.nz/compliance/lists-and- registers/qualifying-financial-entities-qfe/ The AFA Code of Conduct states that Code Standard Eight is - Code Standard 8 When providing a financial adviser service to a retail client, an Authorised Financial Adviser must agree with the client the nature and scope of the service to be provided - http://www.financialadvisercode.govt.nz/assets/Code-of-Professional-Conduct- for-AFAs/Code-of-Professional-Conduct-May-2016.pdf
  12. 12. MORE INDUSTRY DATA 9 www.chatswood.co.nz Chatswood Consulting Likes to collect data on a wide range of subjects for the insurance industry. We regularly publish updated market information covering: • Premiums – life, trauma, TPD, IP, and mortgage insurance • Premiums – health / medical insurance • Premiums – Bank and direct insurance premiums • Advisers – advisers, membership of groups • Buying behaviour – Analysis of quoting activity by advisers using Quotemonster • Commissions – insurance commission offers • Industry News – a quarterly review of all the main news in the life and health insurance industry. • Legal and regulatory review – a tracking review of all changes in law and regulation related to a the broader financial services industry We believe that data helps to make better decisions. The more data, the less guesswork.
  13. 13. MARKET DATA AGENDA 10 www.chatswood.co.nz • Our intention: to always seek to bring good quality data to life and personal lines marketing management decisions • Background: Chatswood Consulting Limited, Quality Product Research Limited, Confidentiality • Overview of Market Information Services: Chatswood: Life Pricing, Medical Pricing, Commission Comparison, Quarterly Life Report, QM Data, Bancassurance, Group Medical, Direct Pricing API, People Like Us Data Quality Product Research Limited: Product Rating Database, QPR API Access for premiums and research. • Discussion of your information needs and desired roadmap for information use and new developments. Walk through and questions as we go.
  14. 14. INSURANCE: LIFE & PERSONAL MARKET 11 www.chatswood.co.nz Existing Competitors New Entrants Buyers Substitutes Suppliers Distributors Dealer Groups Professional Associations Product Prices Commission Rates Agency Terms Insurers Activities Product Changes Regulatory and Legal Changes Technology Changes
  15. 15. MARKET INFORMATION SERVICES 12 www.chatswood.co.nz Product Content Clients Freq. Number Price /QTR+GST (at Nov 2016) Life Pricing Database 220,000+ observations, charts and tools – Life, TPD, Trauma, and IP Life Insurers Constant 9 $5,000 Medical Pricing Database 60,000+ observations, charts, and tools – medical insurance Medical Insurers Constant 5 $3,000 Commission Comparison Full dynamic comparison of remuneration systems including business modelling & groups Life Insurers Constant 7 $3,000 Quarterly Life Report Quarterly news, information, and commentary Life insurers Quarterly 8 $3,000 QM Data Product and advice process insights based on more than 100,000 quotes per month done on Quotemonster Life insurers Quarterly 4 $3,000 Bancassurance Rates Adds premium rates for Life and Trauma for ANZ, ASB, BNZ, Westpac, and KiwiBank Life Insurers Demand- based 4 $3,000 (per update) Group Health Comparison Compares major group health products and highlights key points of difference and total score differences Health Insurers Demand- based New $6,000 (per update) Above services are provided by Chatswood Consulting Limited. Those below are provided by Quality Product Research Limited Product Rating Database 25,000+ data points comparing all personal lines (inc. medical) All Insurers Constant 12 $2,000 QPR API Access Allows access to premium calculation engine and rating for advised insurance services only (like site users) Advice businesses Demand- based 2 Depends on data selected
  16. 16. OTHER DATA AVAILABLE 13 www.chatswood.co.nz • Client lapse and repurchase model • Adviser sales and revenue • Regulatory changes tracking • Sales reference standards – all legal and regulatory requirements for personal insurance sales • Channel market share • Pace of change data • Average basket of insurance sold • Numbers of members of groups and dealer groups • Market share of quoting • Pricing index • Market structure • Competitor profile • Advice use cases
  17. 17. WHY RESEARCH? 14 www.chatswood.co.nz We believe: 1. Good decisions are built on good data 2. Understanding your environment is critical to thriving in it 3. We can learn from the mistakes of others 4. An external view helps to shake up complacency and dislodge assumptions 5. Modelling tools can help you create alternatives and test hypotheses
  18. 18. LIFE PRICING DATABASE 12 www.chatswood.co.nz
  19. 19. MEDICAL PRICING DATABASE 12 www.chatswood.co.nz
  20. 20. COMMISSION COMPARISON 12 www.chatswood.co.nz
  21. 21. QUARTERLY LIFE REPORT 12 www.chatswood.co.nz
  22. 22. QM DATA 12 www.chatswood.co.nz
  23. 23. BANCASSURANCE RATES 12 www.chatswood.co.nz
  24. 24. PRODUCT RATING DATABASE 12 www.chatswood.co.nz
  25. 25. CHATSWOOD CONSULTING Chatswood Consulting Limited specialises in providing marketing, distribution, and product development services to financial sector companies: insurers, fund managers, banks, financial advice firms, and industry associations. Chatswood works with companies to develop and manage new marketing opportunities channels for financial services business. Russell Hutchinson Alan Rafe Rob Dowler Kelly Pulham Frances Hutchinson Nicola Reynolds 22 www.chatswood.co.nz Our team includes: Strategy, sales and marketing consulting, research Distribution strategy, product research Industry and compliance consulting Business development manager Database and report writing Researcher Albert Liu IT manager
  26. 26. 12 www.chatswood.co.nz We are the only management consultancy specialising is in the marketing and sales challenges of distributing insurance products in New Zealand. How Chatswood Can Help You. Half our work is made up of syndicated research services covering agency terms, commission rewards, life insurance and medical insurance product pricing. We also conduct a quarterly industry survey. Chatswood Research Services. The balance of our work is bespoke management consulting around specific sales and marketing objectives. Recent projects include: Recent Achievements and Projects. Our terms of engagement are flexible and competitive. We cover the requirement for confidentiality and how we charge, work, and report to you. Review Engagement Information. For details about the Chatswood Team, our clients, and published commentary see following slides CHATSWOOD CONSULTING
  27. 27. 24 www.chatswood.co.nz CHATSWOOD CONSULTING Accuro Health Insurance Nib NZ Limited AIA New Zealand OnePath Life (NZ) Limited AMP Services (NZ) Limited Partners Life Limited Asteron Life Limited Pinnacle Life Limited Bank of new Zealand Quality product Research Limited Cigna Life Insurance NZ Limited Reserve Bank of New Zealand Crowe Horwath Rothbury Insurance Brokers Fidelity Life Assurance Sovereign Financial Markets Authority Tarawera Publishing Limited Kiwi Insurance Limited - KiwiBank The Co-Operative Bank Limited Contact us for details of who to contact at each client to ask for a reference on the quality of our work Like many brokers, we do business with everyone, and have no dominating relationship
  28. 28. 28 THANK YOU! © Chatswood Consulting Limited Visit us at www.chatswood.co.nz25 www.chatswood.co.nz November 2016 www.chatswood.co.nz25 This report is a confidential publication. This material is Copyright. No reproduction permitted in whole or in part except without the prior approval of Chatswood Consulting Limited. Public reference to material in the report requires reference to Chatswood Consulting Limited and must be sought and received in advance. While every effort has been made to ensure the accuracy of the information contained in this document, Chatswood Consulting Limited takes no responsibility for actions undertaken by readers that may have been made either in whole or in part on the basis of the information contained in this report.

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