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Russell Hutchinson
Auckland
I'm the principal the Chatswood Consulting Limited, live and work in New Zealand.
Interests: Family, financial services management consulting, living a good life in New Zealand. I love to read, run, work out, and soon I may admit to gardening.
Recent Activity
The increase in happiness associated with having a best friend is equivalent to something like an extra $150,000. Click here to listen what it’s really worth to have a best friend. Continue reading
Posted yesterday at moneyblog
Geoff Annals has announced his retirement from CEO at Accuro stating “I have reached retirement age and am planning to spend more time with my family and particularly my two new grandchildren, including the latest arrival on the other side... Continue reading
Posted yesterday at moneyblog
Suncorp, Vero and Asteron Life are now part of the "shielded Sites" network. Shielded sites is an initiative aimed at helping New Zealanders experiencing domestic violence to safely gain support. Visitors to the websites are able to click on the... Continue reading
Posted 2 days ago at moneyblog
The daily progress report for parliament yesterday shows the introduction into Parliament today of the Financial Markets (Conduct of Institutions) Amendment Bill. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-11-december-2019/ The draft bill can be found on the legislation.govt.nz site - or you can just download your... Continue reading
Posted 2 days ago at moneyblog
According to this article "Global reinsurers are stepping up their warnings to life insurer clients about the potential risks of vaping, putting pressure on underwriters to charge certain vapers higher rates than smokers, or even exclude them altogether." This is... Continue reading
Posted 3 days ago at moneyblog
Aviva has decided to split its business into five divisions, Investment; Savings and Retirement; UK Life; General Insurance; Europe Life; and Asia Life. Revealing that it is going sell its share in Hong Kong joint venture, Blue, to Hillhouse Capital,... Continue reading
Posted 3 days ago at moneyblog
Partners Life has an impressively long list of policy wording changes made. Arguably, each of the individual items is small, and some merely clarify, but in sum the changes are significant, and clarity is good and should always be an... Continue reading
Posted 5 days ago at moneyblog
Collectively life insurance companies have lost close to $3.4 billion over the past five years as a result of the sale of disability income insurance to individuals. The Australian Prudential Regulation Authority is responding to ongoing losses of insurance companies... Continue reading
Posted 5 days ago at moneyblog
The Australian Securities and Investments Commission (ASIC) is set to ban cold calling for life and consumer credit insurance sales from January 2020. This has change has been justified as addressing poor sales practices that ASIC believes has led to... Continue reading
Posted 7 days ago at moneyblog
A grieving family in South Africa took the corpse of their dead relative to the insurance company office after the insurer delayed payment of funeral insurance without sufficient paperwork to prove he was dead. "We thought if the documents do... Continue reading
Posted Dec 5, 2019 at moneyblog
This article from The Economist discusses how companies from Silicon Valley are creating products that are much more suited to males than females, alienating half of their potential customers. This is in some surprisingly obvious ways: most mobile phones and... Continue reading
Posted Dec 4, 2019 at moneyblog
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A new version of the premium comparison database has been released. The most interesting part of the release is the new 'Price Change History' feature. There is a new button labelled ‘Price Change History’ in the menu - see image... Continue reading
Posted Dec 4, 2019 at moneyblog
Minister's announcement can be found at this link: https://www.beehive.govt.nz/release/insurance-contracts-become-easier-understand-and-fairer-consumers Changes the Government has agreed on include: Placing the responsibility on insurers to ask consumers the right questions when processing new insurance policies, rather than leaving it to consumers to know... Continue reading
Posted Dec 3, 2019 at moneyblog
The Economist has this article on the curious decline in life expectancy in the United States. It's complicated, but apparently systemic, and clustered in economically deprived areas of the country. Link. Continue reading
Posted Dec 3, 2019 at moneyblog
Angela Martyn, a financial planner in Melbourne has revealed that her practice spends $4.50 for every $100 of revenue on compliance – including personal indemnity insurance, industry memberships, audits and training. Martyn has said that personal indemnity insurance makes up... Continue reading
Posted Dec 3, 2019 at moneyblog
In case you missed it here is a link to the most recent Quotemonster newsletter with all the latest news on changes and additions to the site. Continue reading
Posted Dec 2, 2019 at moneyblog
This message contains an invitation to attend the Get in Shape Summit in February 2020, along with information on an optional MasterClass - Unlocking the Code: Adding value for your clients and building trust in you, their adviser. Click here... Continue reading
Posted Dec 2, 2019 at moneyblog
According to a recent release from KPMG Australia's profitability in life insurance has dropped to the extent that the sector is now loss-making in aggregate. The analysis showed that Australia's life insurers made an $86 million loss from risk products... Continue reading
Posted Nov 30, 2019 at moneyblog
The Swiss have a law that requires coffee retailers to hold a three month supply. It's like the United State's strategic petroleum reserve, but for coffee. I really respect that, and think maybe our government should be following the excellent... Continue reading
Posted Nov 28, 2019 at moneyblog
A lot of time goes into producing statements of advice (SOAs) - and yet not everyone who receives advice in New Zealand receives an SOA today. Advisers can cut the time they spend on producing SOAs via automation - the... Continue reading
Posted Nov 28, 2019 at moneyblog
Partners Life have been nominated for Campaign of the Year award for their “Get Life Right” campaign at the annual Stoppies Awards. The campaign has reached 4.1m viewers and worked to increase brand awareness from 17% to 25%. Partners Life... Continue reading
Posted Nov 27, 2019 at moneyblog
QPRV12_9 is now live, this version includes the following changes: Updates to policy documents and ratings for the below: Accuro SmartCare ACC7124 08/2019 Accuro SmartCare+ ACC7125 08/2019 AMP RPP NZPD00291 TraumaPlus 2017 AMP RPP NZPD0305 Trauma 10/2019 Asteron Continuous Trauma... Continue reading
Posted Nov 25, 2019 at moneyblog
You can apply for a transitional licence at this link: https://www.fma.govt.nz/compliance/role/fap-new-regime/ Continue reading
Posted Nov 24, 2019 at moneyblog
A new type of exclusion has appeared. The average policyholder has nothing to worry about. Perhaps it would be more accurate to say - only the most extraordinary policyholders have any concerns, and if they did, we should probably have... Continue reading
Posted Nov 24, 2019 at moneyblog
Some RBNZ resources on IFRS17 see page 23 of the RBNZ Statement of Intent and Reserve Bank Governor, Adrian Orr's recent speech. Continue reading
Posted Nov 24, 2019 at moneyblog