nib invests in Australian digital start-up

nib invests in Australian digital start-up | Insurance Business Australia

nib invests in Australian digital start-up

Things are looking up for nib holdings limited (nib) as it shares more good news after it resumed travel insurance sales in Australia and New Zealand this month.

Yesterday, nib announced that it has taken a 50% equity stake in Australian digital start-up Midnight Health for a total consideration of $4 million.

Founded in 2020, Midnight Health aims to democratise healthcare through a patient-led digital platform that simplifies experiences, improves accessibility, and enhances patient outcomes.

nib managing director Mark Fitzgibbon said the deal will help the insurer accelerate its payer to partner (P2P) strategy as it moves towards being as much about good health and disease prevention as it has for 70 years. He added that the deal is another step in delivering personalised health treatment packages in the broader healthcare market.

“There's a large marketplace for healthcare products and services we're generally not able to cover through private health insurance so to this extends our reach. It also allows us to offer additional personalised support for private health insurance members,” Fitzgibbon said. “Importantly, it will introduce many young people to nib who may not yet be ready for private health insurance.

“Midnight Health [has] recognised the healthcare market is diverse and that consumers are demanding products and services aligned with their individual needs. And that increasingly, delivery will be heavily reliant upon digital platforms which know them and are easy to access and navigate.”

Read more: nib resumes travel insurance sales in Australia and New Zealand

Aside from entering partnerships to improve its customers' health, nib recently implemented a new rule to take better care of its people.

Called “Life at nib,” the new flexible work arrangement encourages its workforce to work from home at least four days a week and only come to local office “hubs” for a purpose, such as meetings and social events.

The insurer also implemented various health and wellbeing initiatives to ensure its employees are on top of their health at home, including delivering experiences that foster connections and camaraderie across the organisation, such as physical challenges, panel discussions, and buddy programs.