nib NZ rolls out adviser roadshows

nib NZ rolls out adviser roadshows | Insurance Business New Zealand

Insurance News

nib NZ rolls out adviser roadshows

Product changes also detailed

Insurance News

By
Kenneth Araullo

nib New Zealand launched its national adviser seminar series Tuesday, with briefings for advisers being held in 14 locations across the country.

These adviser briefings, nib NZ said, are designed to introduce nib’s updated health cover offerings for its members and to streamline operational processes. The new initiatives are slated to go live in early 2024, benefiting both advisers and their clients.

One of the key goals of these updates is to expedite processing for advisers and their clients, with simpler wording in product terms and conditions to improve understanding. nib NZ CEO Rob Hennin said that there will be no impact on member premiums this year as a result of these changes.

“We have a number of legacy products that require a refresh and the changes we are talking to advisers about will ensure more consistent cover for our members across our product range. These changes will ensure those products provide more contemporary levels of cover for our members. The product refresh will also provide some operational efficiencies and a better overall experience for our members,” Hennin said

Chris Carnall, head of distribution at nib NZ, highlighted the broader aspects of the seminars, including updates to resources for advisers and modifications to nib’s Intermediary Agreement and commercial terms.

The product changes outlined by nib NZ are as follows:

nib will revamp its cover and benefits across most of its health insurance products, including higher benefit limits and expanded coverage
Some minor reductions in benefit terms may occur in certain instances, but the changes are overall aimed at providing members with improved cover and a better experience
Notably, the surgical benefit’s benefit limit is increasing from $150,000 to $600,000 per year for some members with a Hospital Cover product
In specific cases, benefit cover may be slightly reduced; for example, members with a hospital cover product will see changes to their Ambulance Transfer Benefit, with transfers now required to be made to the nearest private hospital

These changes will be implemented over a 12-month period starting from Feb. 1, 2024. nib will notify members of any changes at the date of their policy renewal, with the adjustments being automatically applied.

Additionally, nib NZ said that policy wordings have been rewritten to enhance understanding, and the member portal has been updated to offer a faster, simpler, and better online experience.

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