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nib on Kiwi insurance acquisition, and more daily news

nib NZ CEO Rob Hennin has shared insight into the decision for nib to acquire Kiwi Insurance. Hennin has said the transition reflects nib’s goal of providing greater access to personalised health risk assessment, treatment and care for members. Hennin has said that the move will also offer members a wide range of services to better align with the insurer’s purpose of supporting New Zealanders bettering their health.

“For a total consideration of around $45 million, nib New Zealand is snapping up the whole of life insurance business Kiwi Insurance, and here nib NZ chief executive Rob Hennin (pictured) talks about the “real opportunity” for the health insurer.

“Expanding into life and living insurance is a great reflection of nib’s payer-to-partner (P2P) transformation where we seek to provide greater access to personalised treatment and care for our members as we move away from being a traditional payer of claims and towards our ambition of becoming a true health partner,” Hennin told Insurance Business.

“It will allow us to provide greater value to our members by giving them access to a suite of health, life, and living covers in line with our purpose of ‘your better health’.”

The New Zealand CEO also echoed group boss Mark Fitzgibbon’s sentiment that, through the swoop, more people will benefit from the investment being made by nib in more personalised health risk assessment and management.

The transaction, which is expected to cross the finish line early next year, will see nib NZ offer Kiwi Insurance’s life and living insurance products and services alongside the upcoming new owner’s health insurance proposition.

“Life and living insurance reflects our purpose of supporting Kiwis’ better health,” said Hennin. “It’s also a great opportunity for members to bundle their health, life, and living products in a complementary way.

“We’ll be offering the same great customer service, support, and value-for-money products in the life and living insurance space as we already do for health insurance.”

According to seller Kiwi Group Holdings, which is also the name behind Kiwibank, customers’ existing insurance policies will continue under their current terms and conditions. The pertinent claims processes also remain unchanged, in that those making a claim will be able to do so as usual.

Additionally, the Kiwi Insurance team will still be accessible via the same channels and contact details.

Hennin, similarly, offered assurances that no action will need to be taken by Kiwi Insurance policyholders. He said all current benefits will be honoured and that nib NZ is committed to providing a seamless transition, which is expected to take a period of 12 months.” Click here to read more  

In other news:

ASB: Just 30 seconds for broker to save a bank customer 30 per cent on his ASB insurance

Financial Advice: Financial Advice NZ gets new chair


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