nib Health Funds

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nib Health Funds Limited
Public
Traded as ASXNHF
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 an Australian financier and facilitator of health care in Australia. It was established in the NSW Hunter Region in 1952 to provide health insurance for workers at the BHP Steelworks, and has since grown into a national and international operation,[1] providing health and medical insurance to more than one million Australian and New Zealand residents.

History[edit]

Privatisation[edit]

In 2007, nib became the first private health insurance fund to list on the Australian Securities Exchange (ASX).[2]

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.[3] 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.

Diversification and Expansion[edit]

In 2010, nib set about expanding the business globally, entering into the international workers and international students market.[4][5]

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.[6]

In July 2016, nib announced the acquisition of World Nomads, Australia's third-largest distributor of travel insurance, for $95 million as it diversifies away from the heavily regulated health insurance market.[7]

nib New Zealand[edit]

In November 2012, nib acquired the 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]

Whitecoat[edit]

Whitecoat[10] is a free online search and comparison service that was developed and launched by nib in 2013.

Whitecoat provides contact details and ratings information for more than 210,000 Australian healthcare providers across 25 different provider types, including dentists, optometrists, and physiotherapists. Along with providing publicly-available contact details for different healthcare providers, the Whitecoat website carries ratings information regarding availability, listening skills, explanation of treatment and likelihood to recommend as well as comments from customers about their overall service experience.

In 2014, Whitecoat allowed reviews from the public for the first time. Reviews are now sourced from Whitecoat users as well as members of affiliated private health insurers who have been provided with a billable service from the provider. It hosts more than 250,000 customer reviews and while the platform now includes allied healthcare providers such as dentists, physiotherapists, and general practitioners, it is looking to expand to include medical specialists. The site has been likened to being the 'Trip Advisor' of the healthcare sector.[11]

nib Options[edit]

In March 2014 nib launched nib Options, a fee-for-service product aimed to provide safe and reliable choices for consumers wishing to undertake cosmetic and major dental procedures in Australia or overseas.[12]

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 global health[edit]

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 New Zealanders in most countries around the world.[13]

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 foundation[edit]

nib established the nib foundation in 2008,[14] 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 health and wellbeing initiatives. The foundation is partnered with 60 Australian charities at a local and national level.

Reputation[edit]

nib is ranked sixth of ten health insurance companies by social media service quality ranking website ServiceRage with 19% of all comments being positive.[15]

Sponsorship and ambassadors[edit]

nib sponsors a number of major sporting organisations in Australia and New Zealand, including the Newcastle Knights (NRL),[16] NSW State of Origin team (NRL) and the Auckland Blues (Super Rugby).[17]

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).[18]

Retired rugby league player, Paul Harragon, has been the face of nib in Australia since 1991.

References[edit]

  1. ^ nib health funds Company History
  2. ^ ASX nib holdings limited
  3. ^ "nib shares debut at healthy premium". The Age. 5 November 2007. Retrieved 25 November 2014. 
  4. ^ nib health funds OSHC
  5. ^ nib health funds Overseas Visitors
  6. ^ "nib enters migrant insurance market". ninemsn. 5 July 2010. Retrieved 25 November 2014. 
  7. ^ "nib says World Nomads Group is a 'good strategic fit'". Financial Review. 8 July 2015. Retrieved 19 April 2017. 
  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. ^ "Find the best, cheapest doctor in Australia, TripAdvisor style". NewsComAu. Retrieved 19 April 2017. 
  12. ^ "nib health fund to offer medical tourism". The Australian. 26 October 2013. Retrieved 26 November 2014. 
  13. ^ "Kiwi company launches international health insurance cover". www.nib.com.au. 
  14. ^ "nib foundation is a charitable grant making organisation - Public Site". www.nibfoundation.com.au. 
  15. ^ http://servicerage.com/health-insurance/nib
  16. ^ "knights and nib announce extension". Newcastle Knights. 31 July 2014. Retrieved 25 November 2014. 
  17. ^ "nib backs the Blues". The Blues. 30 January 2014. Retrieved 26 November 2014. 
  18. ^ "nib signs naming rights deal". business news. 9 June 2010. Retrieved 25 November 2014. 

External links[edit]