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nib and Cigna join forces

Nib and Cigna have entered into a joint venture, which they say has the specific purpose of delivering better health outcomes for members and communities in New Zealand and Australia.

Wednesday, December 11th 2019, 12:18PM

Mark Fitzgibbon

Each will contribute A$10 million ($10.4 million) in start-up funding for the new healthcare data science and services company.

Cigna recently acquired the OnePath insurance business from ANZ.

The joint venture’s purpose is to analyse and interpret underlying individual disease risk; provide guidance on how this risk can be best prevented, mitigated, managed or treated; and deliver healthcare programmes, services and interventions relevant to the disease risk profile.

The venture will start with companies within the nib group but it is expected that other healthcare insurers and providers of healthcare services will eventually become involved.

Nib managing director Mark Fitzgibbon said the joint venture was the result of several years of research and preparation. 

"Today’s announcement shouldn’t be a surprise to anyone familiar with our business and vision of becoming as much about our member’s good health as it is their financial protection,” Fitzgibbon said.

“It’s a giant step in our ambitions to play a more substantive and cost effective role in healthcare. As a business we’re determined to help our members, in collaboration with their doctors, keep healthy rather than simply be there for them when they’re already sick or injured."

He said the first priority would be to deploy and build the necessary technology and capability.

“The purpose of the joint venture is to help people lead healthier lives. It will do this by using data science to understand their current and future health risks and needs and then actively help them prevent, manage or treat that risk. What we are attempting is the antithesis of what today is too much about cure versus prevention and ‘one size fits all’ healthcare,” he said.

“We’ve obviously found a world class partner in Cigna and there is strong alignment in how we see healthcare evolving with a greater emphasis upon the individual and more precise health risk management. Cigna is already significantly improving the health of the customers, clients and communities they serve around the world."

Tags: Cigna nib

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