What’s the difference between private health insurance and Medicare?
We answer the big question - Why private health cover?
It’s been a decade since nib listed on the ASX following an overwhelming vote by our policyholders to demutualise – a move which has not only helped a local Newcastle-based company become an international player in the industry but it’s also given us the opportunity to continue to invest in product and technology innovation to provide our customers with value and awesome customer service.
“It’s a great story - a decade ago we were predominantly a Hunter-based operation with 600,000 customers, about $600 million in revenue and a listing share price of 85 cents; now we are a $3 billion company with operations in eight countries, more than 1.3 million customers and a share price getting close to $7,” nib Managing Director, Mark Fitzgibbon muses.
“But I’m proud to say that we’ve never forgotten our origins which have always centred on a commitment to customers, our people and our can-do attitude. It’s these values that have allowed us to grow into a global organisation.
“The delivery and financing of healthcare in Australia and around the world is forever challenging and competitive. We are well placed to tackle these challenges through our ongoing dedication to innovation, delivering value for money health cover, continually improving the customer experience and empowering our customers to make more informed decisions about their healthcare,” Mr Fitzgibbon added.
So to celebrate, we’ve put together a few of the highlights and achievements from the last decade.
On becoming a public company, nib holdings issues approximately 460 million free shares to its 320,000 eligible policyholders. We were the first private health insurer to list on the ASX, with a listing price of 85 cents.
nib has always had a passion for Aussie sports and in 2008, we brought that passion to life when we became the NSW Blues’ sleeve sponsors in their attempt to win back the State of Origin Shield. Although Queensland took home the series win, we continue to back our home state – we’re still a major sponsor!
Through the demutualisation of nib, we were able to establish our charitable organisation, nib foundation with a $25 million donation. nib foundation helps people and communities to live healthier lives by supporting Australian charities to deliver innovative health and wellbeing initiatives. Since its launch, it has supported more than 105 programs through $15.8 million in grants, leading to more than 50,000 people gaining positive health benefits. Here’s a snippet of some of the work from one of our valued charities:
In 2010, we were the first fund to provide our customers with the ability to claim and manage their policy using our smartphone app. Today, we strive to make health insurance as simple as possible and continually update our nib app with new functionalities to meet the changing needs of our customers.
In order to provide migrants to Australia with the peace of mind that comes with having health insurance, nib acquired IMAN – a temporary migrant worker health insurer. Since then, we’ve protected more than 33,000 workers.
Finishing 2010 on a high, we launched our Overseas Students Health Cover range – offering policy options specifically designed to help international students studying in Australia pay for medical and hospital treatment. Today we cover almost 95,000 international students.
Five years ago, we acquired TOWER Medical in New Zealand and in October 2013, we launched nib New Zealand, bringing nib’s quality healthcare to our friends across the ditch.
As part of our commitment to empowering Aussies to make better healthcare decisions, we established Whitecoat – a search and comparison site allowing users to find local doctors and specialists. In July 2016, we joined forces with Bupa and HBF to expand Whitecoat even further. Described as ‘the TripAdvisor for healthcare’, Whitecoat allows you to search more than 210,000 providers, read reviews from previous patients, book your next appointment and check location and payment options.
Ten years after being listed, nib holdings limited is named as one of the 200 largest stocks on the ASX.
We announce plans to explore a proposed collaboration with Chinese pharmaceutical company Tasly Holding Group, looking to possibly expand into China.
Our love of sports also includes the AFL! In 2017, we announced a partnership with the Richmond Tigers which will see us take pride of place on the team’s home and away Guernsey from season 2018.
In 2017, we focused on expanding our business even further - acquiring specialist corporate health insurer, GU Health.
Always looking to use technology and innovation to make lives easier for our customers, we become the first Aussie health insurer to welcome a chatbot to our family. Named nibby, this artificial technology will allow customers to get quick answers to some of their more simple questions.
2018 will bring forth a new set of challenges, but we remain committed to investing in innovation, reimagining the current system and ensuring our customers access and afford world class healthcare when and where needed. Interested in finding more about the nib journey? Check out the company history on our About Us page.