Two major insurers cut ties with each other

Two major insurers cut ties with each other | Insurance Business

Two major insurers cut ties with each other

New Zealand’s largest locally owned and operated life insurer Fidelity Life and leading health insurer nib have mutually agreed not to continue their relationship once their existing agreement ends on 30 June 2019.

Fidelity Life has represented nib health insurance products in the New Zealand adviser market for five years, and has supported insurance advisers through its joint quoting and application capabilities.

“With significant changes underway in the financial services sector, the time is right to explore new opportunities to help more New Zealanders get the benefit of insurance protection,” the companies said in a statement.

Commenting on the development, Fidelity Life Chief Distribution Officer Adrian Riminton said:

“Fidelity Life and nib have enjoyed five successful years together but the changes underway in the sector mean we need to think about things differently. We’ll consider what this decision might mean for our approach to health insurance, as part of our goal of setting advisers and ourselves up for a sustainable and successful future, with the customer at the centre of everything we do.”

nib New Zealand Chief Executive Officer Rob Hennin stated:

“Our relationship with Fidelity Life has been very successful and mutually beneficial. We’ve been able to establish strong relationships with advisers, reinvigorate our products and build our service offering through tools such as the First Choice network, mynib and more.”

“Our focus is now on the future where we remain committed to supporting the adviser market and will increase our assistance to advisers to ensure their clients access health cover that protects them and their families.”