Nib health funds
Encyclopedia
nib health funds is an Australia
n health insurance
company. It is Australia's fifth largest private health insurer providing cover to more than 700,000 people nationwide.
In the 1970s, nib merged with South Coast Medical Fund and the Hunter Medical Benefits Fund boosting its membership by more than 18,000.
The fund officially changed its name to nib health funds limited in 1977 as it expanded its cover to all Australians. Its first Sydney branch was opened a few years later, while interstate operations began in Queensland, Victoria, South Australia and ACT in 1993.
In 1986, the first nib eye care centre was established in Newcastle, followed by nib dental care centres across NSW and Victoria. These operations are now controlled by Pacific Optical Group and Pacific Smiles Group, both Hunter-based companies.
nib became the first private health insurance fund to become publicly listed on the Australian Securities Exchange
(ASX). in 2007. The demutualisation saw a fundamental change in corporate structure and direction, allowing nib to become a truly national provider. This change also resulted in approximately 320,000 eligible nib policyholders being given the opportunity to receive shares in nib when they verified their details.
As part of the demutualisation, nib reaffirmed its commitment to the health and wellbeing of all Australians with a $25 million donation to establish nib foundation, a not-for-profit charitable organisation.
Since 2008, the foundation has donated more than $6 million to fund health and wellbeing initiatives throughout Australia through its national and community grants programs.
In 2010, nib entered into the International Workers and International Students’ businesses as it continued to expand its current portfolio of health, life and travel insurance cover.
In October 2010 nib made a $140 million takeover offer for Geelong, Victoria
based mutual health insurer GMHBA Limited, however the board of GMHBA rejected the offer. nib continues to look for opportunities for consolidation within the industry.
In financial year 2011, the health fund reached $1 billion in premium revenue for the first time, with pre-tax underwriting profit up 31% to $61.5 million.
nib currently employs almost 600 people who work out of its head office at Newcastle and 20 retail centres across Australia.
While retaining its roots in the Hunter, the health fund continues to expand its operations, opening its first retail centre in Perth in May 2011.
, has been the face of nib.
Paul’s sporting career includes more than 200 games for the Newcastle Knights, a record 20 consecutive State of Origin games for NSW, leading the Knights to premiership glory in 1997 and captaining the Australian rugby league team. Outside of his role with nib, Paul has been a rugby league commentator and is a former star of the Nine Network
’s The NRL Footy Show
.
Each cover is designed to suit typical life-stages (young singles, young families, older couples etc) and provides benefits for services that are relevant to a customer’s age and life-stage. Customers only pay for services they are more likely to use, not the services they won’t. This helps ensure the covers remain affordable.
In this latest range of covers, ancillary benefits like dental and optical are paid as a percentage of the cost (up to an annual limit). Depending on the health cover chosen nib customers can claim 50%, 65% or 75% of the cost back. For example, on nib’s highest level of cover, Top Cover, if a trip to the dentist costs $200, then the customer will get $150 back from nib.
nib’s core business is health insurance. However, nib also provides health cover to overseas visitors on 457 and other 400 series working visas. This is done through nib’s subsidiary company IMAN Australian Health Plans. Health cover for overseas students is also available.
nib is an authorised representative to provide travel insurance and life insurance (underwritten by Tower Insurance and Allianz Australia respectively).
The health fund has supported the Newcastle Knights
since the club’s inception in 1988, and in 2003 became the club’s sleeve sponsor.
Since 2007, nib has also sponsored the Geelong Football Club
AFL Club, signalling an exciting new era for the health fund as it expanded nationally.
In 2007, nib also announced its sponsorship of the NSW State of Origin team, with the nib logo appearing prominently on the sleeve of the players’ jerseys.
The health fund is also a major sponsor of Movember
, a month-long celebration of the moustache that highlights men's health issues, specifically prostate cancer and depression in men.
On 1 July 2010, nib became naming rights sponsor of Perth’s premier rectangular venue. nib Stadium is home to Emirates Western Force (Super Rugby Union), Perth Glory (A-League Football), WA Reds Rugby League and the South Sydney Rabbitohs (when playing in Perth). Additionally, nib Stadium delivers a number of large concert and entertainment events. In 2011 it will play host to The Eagles and Kings of Leon.
In the Hunter, nib is one of the founding sponsors of the Hunter Academy of Sport and naming rights partner of its flagship event, the nib Hunter Festival of Sport. The academy supports young athletes in the region through development programs and the nib Festival of Sport which encourages young people to get active and participate in sport.
In 2008, the health fund reaffirmed this commitment through the establishment of nib foundation – a not-for-profit charitable organisation that supports programs aimed at improving the health and wellbeing of all Australians.
The foundation is funded by a $25 million donation from nib, which was raised through the issue of new shares at the time of listing nib on the Australian Securities Exchange in November 2007.
nib foundation’s vision is to partner with best practice organisations to make a real and measurable improvement to national health and wellbeing issues.
Since its establishment, the foundation has committed more than $6 million to fund programs that address health issues that have either a specific regional and/or national relevance.
nib foundation’s major partners include Canteen, Hunter Medical Research Institute, Hunter Institute of Mental Health and the Blackdog Institute.
By 2015, nib foundation aims to have directly and positively impacted more than 50,000 Australian lives through funding programs in the foundation's focal areas of support including: carers, young people, wellbeing, equity and access, and education and training.
For more information visit www.nibfoundation.com.au
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n health insurance
Health insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
company. It is Australia's fifth largest private health insurer providing cover to more than 700,000 people nationwide.
History
The health fund was established in 1952 by workers at the BHP Steelworks in Newcastle, NSW and was originally known as Newcastle Industrial Benefits Hospital Fund.In the 1970s, nib merged with South Coast Medical Fund and the Hunter Medical Benefits Fund boosting its membership by more than 18,000.
The fund officially changed its name to nib health funds limited in 1977 as it expanded its cover to all Australians. Its first Sydney branch was opened a few years later, while interstate operations began in Queensland, Victoria, South Australia and ACT in 1993.
In 1986, the first nib eye care centre was established in Newcastle, followed by nib dental care centres across NSW and Victoria. These operations are now controlled by Pacific Optical Group and Pacific Smiles Group, both Hunter-based companies.
nib became the first private health insurance fund to become publicly listed on the Australian Securities Exchange
Australian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
(ASX). in 2007. The demutualisation saw a fundamental change in corporate structure and direction, allowing nib to become a truly national provider. This change also resulted in approximately 320,000 eligible nib policyholders being given the opportunity to receive shares in nib when they verified their details.
As part of the demutualisation, nib reaffirmed its commitment to the health and wellbeing of all Australians with a $25 million donation to establish nib foundation, a not-for-profit charitable organisation.
Since 2008, the foundation has donated more than $6 million to fund health and wellbeing initiatives throughout Australia through its national and community grants programs.
In 2010, nib entered into the International Workers and International Students’ businesses as it continued to expand its current portfolio of health, life and travel insurance cover.
In October 2010 nib made a $140 million takeover offer for Geelong, Victoria
Geelong, Victoria
Geelong is a port city located on Corio Bay and the Barwon River, in the state of Victoria, Australia, south-west of the state capital; Melbourne. It is the second most populated city in Victoria and the fifth most populated non-capital city in Australia...
based mutual health insurer GMHBA Limited, however the board of GMHBA rejected the offer. nib continues to look for opportunities for consolidation within the industry.
In financial year 2011, the health fund reached $1 billion in premium revenue for the first time, with pre-tax underwriting profit up 31% to $61.5 million.
nib currently employs almost 600 people who work out of its head office at Newcastle and 20 retail centres across Australia.
While retaining its roots in the Hunter, the health fund continues to expand its operations, opening its first retail centre in Perth in May 2011.
The face of nib
Since 1991, rugby league legend, Paul HarragonPaul Harragon
Paul "The Chief" Harragon OAM is an Australian rugby league football identity. A retired Australian international and New South Wales State of Origin representative forward, he played his club football for the Newcastle Knights whom he captained to the 1997 ARL premiership...
, has been the face of nib.
Paul’s sporting career includes more than 200 games for the Newcastle Knights, a record 20 consecutive State of Origin games for NSW, leading the Knights to premiership glory in 1997 and captaining the Australian rugby league team. Outside of his role with nib, Paul has been a rugby league commentator and is a former star of the Nine Network
Nine Network
The Nine Network , is an Australian television network with headquarters based in Willoughby, a suburb located on the North Shore of Sydney. For 50 years since television's inception in Australia, between 1956 and 2006, it was the most watched television network in Australia...
’s The NRL Footy Show
The NRL Footy Show
The Footy Show is a Logie Award-winning Australian sports variety television programme, shown on the Nine Network and its affiliates. Following the success of the AFL program of the same name, the Nine Network quickly developed a version for the rugby league market. The rugby league version has...
.
Products
nib believe health insurance should be easy to understand, easy to use and above all great value. In 2006 nib introduced a new range of hospital and extras packages designed to reflect this philosophy.Each cover is designed to suit typical life-stages (young singles, young families, older couples etc) and provides benefits for services that are relevant to a customer’s age and life-stage. Customers only pay for services they are more likely to use, not the services they won’t. This helps ensure the covers remain affordable.
In this latest range of covers, ancillary benefits like dental and optical are paid as a percentage of the cost (up to an annual limit). Depending on the health cover chosen nib customers can claim 50%, 65% or 75% of the cost back. For example, on nib’s highest level of cover, Top Cover, if a trip to the dentist costs $200, then the customer will get $150 back from nib.
nib’s core business is health insurance. However, nib also provides health cover to overseas visitors on 457 and other 400 series working visas. This is done through nib’s subsidiary company IMAN Australian Health Plans. Health cover for overseas students is also available.
nib is an authorised representative to provide travel insurance and life insurance (underwritten by Tower Insurance and Allianz Australia respectively).
Sponsorship
nib is committed to supporting a range of events, organisations, initiatives and health-related programs.The health fund has supported the Newcastle Knights
Newcastle Knights
The Newcastle Knights are an Australian professional rugby league football club based in Newcastle, New South Wales. They compete in Australasia's premier rugby league competition, the National Rugby League premiership...
since the club’s inception in 1988, and in 2003 became the club’s sleeve sponsor.
Since 2007, nib has also sponsored the Geelong Football Club
Geelong Football Club
The Geelong Football Club, nicknamed The Cats, is a professional Australian rules football club, named after and based in the city of Geelong, playing in the Australian Football League . The club has been the VFL/AFL premiers nine times, with a record equalling 3 in the AFL era. Geelong has also...
AFL Club, signalling an exciting new era for the health fund as it expanded nationally.
In 2007, nib also announced its sponsorship of the NSW State of Origin team, with the nib logo appearing prominently on the sleeve of the players’ jerseys.
The health fund is also a major sponsor of Movember
Movember
Movember is an annual, month-long event involving the growing of moustaches during the month of November. The Movember Foundation runs the Movember charity event, housed at Movember.com...
, a month-long celebration of the moustache that highlights men's health issues, specifically prostate cancer and depression in men.
On 1 July 2010, nib became naming rights sponsor of Perth’s premier rectangular venue. nib Stadium is home to Emirates Western Force (Super Rugby Union), Perth Glory (A-League Football), WA Reds Rugby League and the South Sydney Rabbitohs (when playing in Perth). Additionally, nib Stadium delivers a number of large concert and entertainment events. In 2011 it will play host to The Eagles and Kings of Leon.
In the Hunter, nib is one of the founding sponsors of the Hunter Academy of Sport and naming rights partner of its flagship event, the nib Hunter Festival of Sport. The academy supports young athletes in the region through development programs and the nib Festival of Sport which encourages young people to get active and participate in sport.
Community
For more than 50 years nib has been committed to promoting and supporting healthy Australian communities.In 2008, the health fund reaffirmed this commitment through the establishment of nib foundation – a not-for-profit charitable organisation that supports programs aimed at improving the health and wellbeing of all Australians.
The foundation is funded by a $25 million donation from nib, which was raised through the issue of new shares at the time of listing nib on the Australian Securities Exchange in November 2007.
nib foundation’s vision is to partner with best practice organisations to make a real and measurable improvement to national health and wellbeing issues.
Since its establishment, the foundation has committed more than $6 million to fund programs that address health issues that have either a specific regional and/or national relevance.
nib foundation’s major partners include Canteen, Hunter Medical Research Institute, Hunter Institute of Mental Health and the Blackdog Institute.
By 2015, nib foundation aims to have directly and positively impacted more than 50,000 Australian lives through funding programs in the foundation's focal areas of support including: carers, young people, wellbeing, equity and access, and education and training.
For more information visit www.nibfoundation.com.au