Insurer Widens Outlook On Life
Newcastle Herald
Thursday February 21, 2008
SIGNALLING an expansion into other services, listed health fund provider NIB has announced it will partner with Tower Australia Group to offer life insurance.
NIB chief executive officer Mark Fitzgibbon said the move to provide a more diverse range of products was driven by the health fund's strong brand and its growing customer base."Over the past four years NIB has made significant progress in expanding from a predominantly NSW-based health insurance provider to a truly national brand," Mr Fitzgibbon said."This provides NIB with an ideal platform to enter into a new product market."As a result the company will launch NIB Value Life Insurance, initially targeting 10,000 customers nationwide.The products will be branded NIB and sold and administered by Tower.Mr Fitzgibbon said NIB Value Life Insurance would offer families protection with up to $500,000 cover with no medical test required.He said providing life insurance was seen as a natural fit for the health fund."Customer research conducted in 2006 revealed strong policyholder interest in NIB offering more than just health insurance," Mr Fitzgibbon said.He said NIB had successfully positioned itself in the marketplace as a provider of affordable health cover."This positioning has been a key factor in NIB's customer growth and these principles will carry through to our life insurance products," he said.In 2007 NIB became the first Australian health fund to demutualise and list on the Australian Securities Exchange.Tower Australia Group is Australia's fourth largest life insurance provider.NIB Holdings will announce its half-year results on Wednesday.
© 2008 Newcastle Herald