Two industry bodies announce merger

Two industry bodies announce merger | Insurance Business

Two industry bodies announce merger

The Financial Services Council (FSC) has announced its merger with the Health Funds Association of New Zealand (HFANZ). The two organisations will become a single body under the FSC banner from 1 December 2020.

The merger will create a membership association of almost 90 organisations, and will bring together the health and life insurance, KiwiSaver and investment sectors. Its focus will be on achieving good customer outcomes, ensuring sector sustainability and upholding high standards of professionalism for sector members.

Commenting on the merger, FSC Chair Rob Flannagan said it was a “major milestone,” and a great opportunity to present a strong, unified voice for the health and life sector.

Read more: FSC outlines five areas of focus for navigating COVID-19

“The merger is a great opportunity to bring the health and life insurance industry together under one roof and focus the efforts of our joint members on the important issues of the day, and most importantly of all, driving better consumer outcomes,” he stated.

HFANZ Chair Len Elikhis said he was looking forward to working with the FSC, and thanked HFANZ members for their work over the course of the year.

“The private health insurance sector supports 1.4m New Zealanders to meet their health care costs,” Elikhis said.

“We believe that a well-balanced and integrated health system is key to achieving great patient outcomes.

“I would like to take this opportunity to thank our members for their significant contribution and we look forward to playing an active part within the Financial Services Council.”

Read more: FSC acknowledges progress made in the financial sector

“Coming together to build a stronger association is exciting and important for protecting the health of Kiwis,” FSC CEO Richard Klipin added.

“With a bigger, stronger and larger organisation of around 90 members, this merger will focus our work in the sector and create a stronger voice that will help shape the future financial wellbeing of Kiwis.”