nib goes it alone with advisers

Health insurer nib is setting out to increase its own presence in the adviser market with an enhanced distribution model, after its current partnership with Fidelity Life ends.

Friday, June 21st 2019, 9:00AM 1 Comment

Over the past five years, Fidelity Life and nib have had an agreement through which Fidelity Life has represented nib health insurance products in the adviser market and supported advisers through joint quoting and application capabilities.

That no longer exists as of July 1, although nib has flagged that the relationship will continue in a different form.

Chief executive Rob Hennin said instead, the insurer would work to increase its own presence in the market.

It is hiring new adviser partner managers in Auckland, Wellington and Christchurch and introducing new digital tools to make it easier for advisers to write nib policies.

Nib wanted to become a one-stop shop for advisers, he said, with 24-hour access to applications, claims and commission information.

It is running a series of Health Comes First roadshows for advisers around the country over the coming weeks.

“We’ve been in the market for more than five years and it’s gone really well,” he said. “We have been very successful as a specialist private health insurance provider.”

But he said nib had identified there was still an opportunity to explore in the adviser market, particularly to bring advice to younger clients.

At the moment, half of new business was coming through advisers, he said.

“The adviser channel has always been really important but we are increasing our presence.”

Hennin said nib would become a licensed entity under the new regime. It operates as a QFE at present.

“From on-the-ground dedicated support teams to improved join processes and servicing capability, our focus is on putting advisers and their clients at the heart of everything we do to deliver a world-class experience,” Hennin said.

“We’ve also improved the service experience for members by making it even easier to claim and providing integrated healthcare programmes through our local clinical specialist team.

Hennin said the new model would also expand nib’s capability in the adviser distribution channel in line with its strategic ambitions to grow the private health insurance market, and in turn nib’s share.

“We have invested in our relationships with advisers as we are committed to helping more Kiwis access and afford healthcare. Advisers play an integral role in achieving this by starting healthy conversations with their clients about the health protection they need."

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