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nib is taking an approach of integrating its health offering into its life one.
General manager, Adviser Life and Living, Chris Carnall says this is a “new chapter,” for nib and its offering is about taking a healthier approach to cover.
He says, “prevention is a vital part of being health partner.”
nib’s new Ultimate Life and Living products include life, trauma, TPD, income protection and mortgage protection.
It is currently running roadshows around the country outlining its new products (check out South Island dates and locations here).
While it is launching the products now, they will be available next month, and pricing is not being released until closer to the policies being in the market.
However, they have been rated by QPR and come out very favourably.
Carnall says the pricing is being held off “until the last minute,” but he promises they will be competitive.
He told advisers in Auckland, it is a “competitive suite of products to add to your repertoire.”
The suite is built on six pillars: Product quality, pricing, commercial terms (commission), service, relationships and brand.
Amanda Savill, who leads the adviser distribution team, acknowledged service has “not always been perfect but (nib) is committed to making it better.”
“Things are happening behind the scenes,” she says. “We are not tweaking things. We have but building something stronger and faster than it has been.”
The company is offering a 10% premium discount to new customers who buy a bundled health insurance policy alongside its Ultimate Life and Living one.
The discount isn’t being extended to current members who have health cover.
But it is offering multi-cover discounts when someone buys life, trauma, TPD and income protection or mortgage protection.
These discounts start at 10% and go up to 15%.
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Chris, I hope you've streamlined some of the underwriting processes. When I submitted an application in the early stages of your development a couple of years ago the underwriting team contacted the client directly about a loading without any reference to me. They also quoted the loaded premium fortnightly when the client applied for monthly premiums. She, of course, agreed because the premiums seemed so low. We managed to get the cover cancelled only after I discovered what had happened.
How will CoFi feel about you offering bundled discounts to new clients but not to existing clients?