nib expands its distribution

nib has today inked a deal to provide health insurance through the Warehouse's new financial services offering.

Friday, November 6th 2015, 12:21PM 1 Comment

nib has joined forces with retailer, The Warehouse Group to offer private health and travel insurance products. Through the relationship The Warehouse Group will sell nib health and travel insurance under the Warehouse Money brand.

nib chief executive Rob Hennin said the strategic relationship with The Warehouse Group presents a fantastic opportunity to further grow nib’s New Zealand operations.

“Since entering the New Zealand market in late 22012 with the acquisition of TOWER New Zealand’s medical insurance business we have been exploring a number of growth opportunities, including white labelling distribution agreements with iconic Kiwi brands,” Hennin said.

“The Warehouse Group selected nib dude to our industry-leading product range, focus on innovation and first class customer service. Plus we bring to the relationship considerable knowledge and experience in white labelling following our successful partnership with Apia in Australia,” he said.

Hennin added that nib’s recent acquisition of World Nomads Group also meant travel insurance could be bundled into thee product mix as well.

Under the strategic relationship nib will manage all customer service and administration requirements for The Warehouse Group including sales, policy administration and claims management for health and travel insurance products. The initial term of the relationship is five years, with nib confirming it was exploring additional white labelling distribution opportunities with other well-known New Zealand brands..

The strategic relationship with The Warehouse Group will have a negligible impact on nib’s FY16 consolidated underlying and statutory operating profit, however is expected to be a more material contributor to nib’s earnings in the following year.

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