nib Health Funds

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nib Health Funds Limited
Public
Traded asASXNHF
IndustryInsurance
Founded1952
FounderBHP Steelworks workers
Headquarters,
Key people
Steve Crane (Chairman),
Mark Fitzgibbon (CEO and Managing Director)
ProductsHealth Insurance,
Travel insurance,
Life Insurance
Revenue$1.5 Billion
$72.3 Million
Number of employees
More than 800
Websitewww.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 November 2012, nib acquired the New Zealand health insurer, TOWER Medical Insurance Limited (TOWER Medical), for approximately NZ$102 million (Au$80 million).[7] nib New Zealand is the country’s second largest health insurer, providing health and medical insurance to around 160,000 New Zealanders.[8]

nib established its first whitelabelling partnership in May 2014, entering a strategic distribution alliance with Apia to sell private health insurance under the Apia brand.[9]

Since then nib has been developing their whitelabelling capability further through partnerships with Qantas, Suncorp and AAMI in Australia while in New Zealand they’ve partnered with AA Health and Fairfax Media New Zealand.

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.[10] Further nib took health cover global for Aussie expats in September 2016, with the launch of nib Expatriate Health Insurance Cover.[11]

In July 2016, nib announced the acquisition of World Nomads Group, Australia's third-largest distributor of travel insurance, for $95 million.[12]

While in October 2017, nib completed the acquisition of GU Health, Australia’s only established specialist corporate group health insurer, servicing over 34,000 policyholders across more than 260 corporate clients, for $155.5 million.[13]

Whitecoat[edit]

Whitecoat[14] 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 40 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.[15]

In 2016, Bupa and HBF announced a joint venture with nib and signed a heads of agreement to join nib as investors and participants in expanding the Whitecoat healthcare provider platform. With the participation by Bupa and HBF along with foundation investor nib, Whitecoat will increase its reach to approximately six million Australians. When fully developed, Whitecoat will allow consumers to find, book, review and pay for healthcare treatment with their chosen provider.[16]

nib foundation[edit]

nib established the nib foundation in 2008,[17] 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, almost $16 million in grant funding has been provided to aid the development and delivery of health and wellbeing initiatives. The foundation has partnered with 100+ Australian charities at a local and national level.

Sponsorship and ambassadors[edit]

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

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. ^ "OSHC".
  5. ^ "IMAN".
  6. ^ "IMAN announcement" (PDF).
  7. ^ "AFR article".
  8. ^ "nib NZ" (PDF).
  9. ^ "Apia".
  10. ^ "International health insurance".
  11. ^ "Expat health cover".
  12. ^ "WNG" (PDF).
  13. ^ "GU Health".
  14. ^ "new website whitecoat lets nib users compare physiotherapists dentists and chiropractors". news.com.au. 7 November 2013. Retrieved 26 November 2014.
  15. ^ "Whitecoat".
  16. ^ "Whitecoat".
  17. ^ "nib foundation is a charitable grant making organisation - Public Site". www.nibfoundation.com.au.

External links[edit]