nib Health Funds

nib Health Funds Limited
Public
Traded as ASX: NHF
Industry Insurance
Founded 1952
Founder BHP Steelworks workers
Headquarters Newcastle, NSW,
Australia
Key people
 Steve Crane (Chairman),
Mark Fitzgibbon (CEO and Managing Director)
Products Health Insurance,
Travel insurance,
Life Insurance
Revenue $1.5 Billion
Profit $72.3 Million
Number of employees
 More than 800
Website www.nib.com.au

NIB health funds (nib, formerly Newcastle Industrial Benefits) is one of Australia’s largest health insurers, providing health and medical cover to more than 1.1 million Australian and New Zealand residents.[1] Established in 1952 by workers at the BHP Steelworks in Newcastle, the fund’s early membership centered on the NSW Hunter Region, before expanding operations in 1993 into Queensland, Victoria, South Australia and ACT.[2]

History

Privatisation

In 2007, nib became the first private health insurance fund to list on the Australian Securities Exchange (ASX).[3]

A series of meetings of Eligible Policyholders and Company Members held in Newcastle on 19 July 2007 voted overwhelmingly in favour of demutualisation of the health fund.[4] The Federal Court of Australia then approved the vote the following week with the demutualisation completed on 5 November 2007.

The share price opened at $AUD0.85.

International Expansion

In 2010, nib set about expanding the business globally, entering into the International Workers and International Students market.[5][6]

To support this expansion, nib purchased IMAN International Pty Ltd, a specialist provider of health cover for temporary migrant workers in Australia for approximately $25 million.[7]

nib New Zealand

The most significant acquisition in nib’s history occurred in November 2012, when the company purchased New Zealand health insurer, TOWER Medical Insurance Limited (TOWER Medical) , for approximately NZ$102 million (A$80 million).[8] nib New Zealand is the country’s second largest health insurer, providing health and medical insurance to around 160,000 New Zealanders.[9]

The Board of nib New Zealand is chaired by Alan Clarke, Managing Director and Chief Executive of Abano HealthCare.

Whitecoat

Whitecoat[10] is a free online search and comparison service that was developed and launched by nib in 2013. Healthcare professionals have to opt out from the website, as they are included automatically.

In 2014, Whitecoat allowed reviews from the public for the first time. Previously the website was sold to healthcare professionals as a review from members who were sent emails for review, rather than a company owned website that allowed public reviews.

The service is available to all Australians across the country and is designed to enable nib to strengthen their marketing to determine which modalities strengthen their position in a competitive market.

nib Options

Launched by nib in March 2014 nib Options is a fee-for-service product that provides safe and reliable choices for consumers wishing to undertake cosmetic and major dental procedures in Australia or overseas.[11]

It is a bundled, one-stop service from the initial medical consultation assessment, actual surgery and post-surgery care, as well as travel arrangements, accommodation, concierge services for consumers who go overseas.

Customers have a choice during the early assessment stage about where they would like to seek treatment, with nib Options accessing leading Australian plastic surgeons as well as fully qualified and credentialed plastic surgeons and dentists in overseas facilities.

nib has leveraged its existing capability in developing the product offering that aligns with its commitment to helping people finance their health care and to capitalise on the growing medical travel sector.

As of Financial Year 2014, CEO, Mark Fitzgibbon admitted in his annual address to staff that nib Options had only accrued 4 customers. This was despite substantial investment and advertising.

nib global health

In September 2014 nib partnered with leading global medical insurer AXA PPP International in launching a global health cover pilot product in New Zealand. nib global health provides comprehensive health and medical insurance cover to Kiwis in most countries around the world.[12]

Under the strategic alliance, nib underwrites the cover with AXA to service the product, including providing 24-hour customer assistance, claims management and access to their worldwide provider network.

nib is looking to expand the product offering to Australians in calendar year 2015.

nib foundation

One of the greatest legacies of nib’s demutualisation was the establishment of nib foundation.[13] It was launched in 2008 following a $25 million donation from nib health funds, raised through the issue of new shares at the time of listing nib on the Australian Securities Exchange (ASX) in November 2007.

Each year, the foundation aims to provide up to $2 million in funding to support a range of Multi-Year Partners and Community Partners.

Since inception, more than $12 million in grant funding has been provided to aid the development and delivery of unique and practical health and wellbeing initiatives. The foundation has already made a positive difference to the lives of more than 45,000 Australians through its partnership with 60 Australian charities at a local and national level.

Reputation

nib is ranked sixth of ten health insurance companies by social media service quality ranking website ServiceRage with 19% of all comments being positive.[14]

Sponsorship

nib sponsors a number of major sporting organisations in Australia and New Zealand, including the Geelong Cats (AFL), Newcastle Knights (NRL),[15] NSW State of Origin team (NRL) and the Auckland Blues (Super Rugby).[16]

nib is also the naming rights partner of Perth’s premier rectangular venue, nib Stadium, which is home to Western Force (Super Rugby), Perth Glory (A-League), WA Reds Rugby League and the South Sydney Rabbitohs (when playing in Perth).[17]

nib Brand Ambassadors

Rugby league legend, Paul Harragon, has been the face of nib in Australia since 1991.

References

  1. ↑ nib health funds
  2. ↑ nib health funds Company History
  3. ↑ ASX nib holdings limited
  4. ↑ "nib shares debut at healthy premium". The Age. 5 November 2007. Retrieved 25 November 2014.
  5. ↑ nib health funds OSHC
  6. ↑ nib health funds Overseas Visitors
  7. ↑ "nib enters migrant insurance market". ninemsn. 5 July 2010. Retrieved 25 November 2014.
  8. ↑ "nib completes nz tower medical acquisition". Australian Financial Review. 30 November 2012. Retrieved 25 November 2014.
  9. ↑ "nib buys nz health group". Australian Financial Review. 2 November 2012. Retrieved 26 November 2014.
  10. ↑ "new website whitecoat lets nib users compare physiotherapists dentists and chiropractors". news.com.au. 7 November 2013. Retrieved 26 November 2014.
  11. ↑ "nib health fund to offer medical tourism". The Australian. 26 October 2013. Retrieved 26 November 2014.
  12. ↑ nib Press Release - "Kiwi company launches international health insurance cover”, 5 September 2014
  13. ↑ nib foundation
  14. ↑ http://servicerage.com/health-insurance/nib
  15. ↑ "knights and nib announce extension". Newcastle Knights. 31 July 2014. Retrieved 25 November 2014.
  16. ↑ "nib backs the Blues". The Blues. 30 January 2014. Retrieved 26 November 2014.
  17. ↑ "nib signs naming rights deal". business news. 9 June 2010. Retrieved 25 November 2014.

Corporate Websites

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