nib (ASX:NHF) partners with ING Bank Australia

Health insurer nib (ASX:NHF) has announced a new distribution partnership with ING Bank Australia that will allow Australians to purchase ING health insurance underwritten by nib.

“With more than two million customers, there is great potential for us to connect with ING’s existing customer base and offer affordable health insurance,” said nib chief executive of Australian residents health insurance, Ed Close.

The impact of this partnership is reflected in nib’s Australian Residents Health Insurance business FY22 net policyholder target range of 2–3 per cent which was disclosed in their FY21 results presentation on 23 August this year.

“We’ve developed a market leading whitelabel capability and today this channel accounts for about 20 per cent of all our health insurance sales. It’s a great example of how two businesses can work together to better connect and empower Australians to finance and access healthcare.”

Nib noted that Australians are now able to purchase the range of ING Health products from ING’s distribution channels by phoning or visiting their website. nib will act as the underwriter, including member service and handling claims. 

Shares in nib (ASX:NHF) are trading 0.3 per cent lower at $6.80.