After a competitive pitch, JWT NZ has been appointed by Australasian health insurer, Nib to launch the company’s brand and new product range in New Zealand later this year.
“The acquisition of Tower Medical Insurance, including the transition and separation of the business, has gone smoothly, with all the key milestones we set ourselves being met,” says Rob Hennin, chief executive of Nib New Zealand in a release. “In the next few months we will re-brand Tower Medical Insurance Limited as Nib New Zealand, as well as launch an exciting new product range, which will be the first of its kind in New Zealand. Our goal is to position and develop the business as a challenger in the New Zealand market, and we believe JWT is the ideal agency to help us executive this strategy."
Nib, which is one of Australia’s fastest-growing health funds and has 900,000 customers throughout Australia, purchased the business for $102 million in late 2102. It is the only ASX-listed Australian private health insurer and the face of the brand in Australia is league hard man Paul Harrogan.
At the time of the purchase, Nib’s managing director Mark Fitzgibbon said the acquisition was in line with its strategy of expanding its operations into international markets.
“Nib has been investigating opportunities in New Zealand for some time. Tower Medical meets Nib’s strict investment criteria in terms of strategic rationale and return on investment. With a market share of approximately 13 percent, Tower Medical provides an opportunity to emulate the success Nib has achieved in Australia since its listing in 2007 through brand building, product design, distribution and outstanding customer service. In addition to leveraging our own core capabilities, Tower Medical has had success working with financial advisers and we look forward to working with them to further develop this important distribution channel to grow market share."
JWT has also added Trade Me Jobs and Contact Energy to its list of clients in recent months.