Adviser Roadshows: Product Refresh & Support Update

nib New Zealand (nib) national adviser seminar series begins today, (Tuesday 24 October) with briefings for advisers held in 14 locations nationally. The adviser briefings will outline nib’s updated health cover for members and streamlined operational processes. The initiatives announced will go-live in early 2024.

“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,” said Rob Hennin, Chief Executive Officer, nib New Zealand.

“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.”

nib also hopes the revamp results in faster processing for advisers, and their clients, and that simpler wording increases understanding of product terms and conditions. Mr Hennin said that there will be no impact to member premiums this year as a result of the changes.

Chris Carnall, Head of Distribution, nib New Zealand said the seminars will also cover the updated resources for advisers and changes to nib’s Intermediary Agreement and commercial terms.

"The updated Intermediary Agreement recognises the increased responsibilities and commercial impacts of the recent changes to the adviser regulations, and also incorporates the launch of nib’s life and living products,” Mr Carnall said.

“We want to ensure nib continues to remain competitive in the market and it’s important that advisers are compensated fairly given the subsequent increase in workload.”

nib will also update its adviser portal to make things easier and more streamlined for advisers.

A Brief Summary of product changes

nib will update its cover and benefits across most of its health insurance products. This includes changes such as higher benefit limits and expanded cover, however there will also be a minor reduction in some benefit terms. Mr Carnall said overall the changes will provide members with improved cover and a better experience.

“For example, the benefit limit for our Surgical Benefit is increasing from $150,000 to $600,000 per year for some members who hold a Hospital Cover product,” he said.

He said that in some instances, benefit cover may be reduced. For example, members who hold a Hospital Cover product will see a reduction to the cover on their Ambulance Transfer Benefit. Previously an ambulance transfer could be to any approved private hospital in New Zealand but under new cover an ambulance transfer must be to the closest private hospital.

The changes will be introduced over a 12-month period from 1 February 2024. nib will notify members of any changes at the date of their policy renewal and the changes will be automatically applied.

“We have also rewritten the current policy wordings to make policies easier to understand and updated our member portal to create a faster, simpler and better online experience for our members,” Mr Carnall said.

For more information - visit adviser.nib.co.nz or contact your Adviser Partner Manager.