nib New Zealand initiates comprehensive health insurance overhaul
nib New Zealand initiates comprehensive health insurance overhaul | Insurance Business New Zealand
Life & Health
nib New Zealand initiates comprehensive health insurance overhaul
Changes focus on cover and benefits
Life & Health
By
Roxanne Libatique
nib New Zealand has updated the cover and benefits of its health insurance products.
The initiative follows a comprehensive review of existing products to address evolving member needs.
“nib has provided health insurance to Kiwis for over a decade, and a number of our legacy products required a refresh to continue to meet members’ needs,” said nib New Zealand CEO Rob Hennin (pictured).
Why change the cover and benefits?
The changes, scheduled for gradual implementation over a 12-month period starting Feb. 1, aim to deliver higher benefit limits and expanded coverage for many members.
Hennin emphasised that these adjustments will ensure more consistent and contemporary levels of cover across the product range.
“The product refresh will also provide some operational efficiencies and a better overall experience for our members. Policies are simpler and easier to understand, and we have an updated member portal to create a better online experience,” he said.
Members will face no impact on premiums in the current year due to these changes. The alterations, affecting benefit limits, cover expansions, and some minor reductions, will be communicated to members at the time of their policy renewal and automatically applied.
Product changes
The suite of product modifications is designed to bring about operational efficiencies and a streamlined experience for members.
Hennin noted that policies will become simpler and more understandable, complemented by an updated member portal for an improved online interaction.
Benefit changes
Dave Hartland, head of product, marketing, and DTC at nib, provided a brief overview of the benefit changes.
Notably, the surgical benefit’s limit increased substantially, from $150,000 to $600,000 per year for specific members holding the hospital cover product. However, a reduction in the ambulance transfer benefit for the same product was introduced, restricting transfers to the closest private hospital.
Members need not take any action, as the changes will seamlessly integrate into their policies during the renewal process.
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