Plans for the future of Nib have been shared by the firm’s CEO Rob Hennin. He says the firm’s priorities include meeting the demand for health and wellbeing services while navigating inflationary pressures, and wider adoption of technology.
“The latest inflation figure I saw was about 5.6%,” he says. “What we’re seeing in medical claims inflation is running at least double that.
“In terms of affordability, it’s a real challenge in that your input cost – the cost of providing the services in health – is rising at a rate that’s higher than just standard inflation.”
Hennin says the firm’s goal is to focus on improving efficiency and productivity to help mitigate financial strains, adding that technology along with better drugs, and more telehealth options will also play a part.
We have a significant opportunity to expand the value that we offer…
His priorities for the year include increasing value for clients, helping vulnerable communities, and wider use of AI technology.
“We have a significant opportunity to expand the value that we offer to our members, both by differentiating the products that we have in the marketplace and also adding health management programmes or wellbeing services,” he says.
“This approach is called the ‘P2P’ strategy and aims to transform Nib from a payer into a true health partner with our members.”
Hennin says he is committed to making a meaningful impact on vulnerable populations, particularly the Māori community.
He envisions “…real-time access to the healthcare system and then improving their long-term health outcomes”.
He also says leveraging innovation and technology, including AI, data science, and telemedicine, will help the firm “…deliver efficient and personalised services to members”.