With insurance companies releasing their half year results over the past week, many are taking another look at their strategies and reshaping them to fit a ‘post-COVID’ world - or as close as New Zealand is able to get, with borders still closed and global uncertainty looking unlikely to die down.
nib New Zealand CEO Rob Hennin said that at this stage, the sector has moved past the ‘recovery’ phase and is now looking towards growth, digital transformation and planning for the future. He said that while things are still far from ‘normal’, there is some tentative optimism from insurers as they think about their strategies, with many of those in the health and life space looking to expand their role in the lives of their customers.
“I think we’re past ‘pandemic recovery’ at this point, and I think we have been for some time,” Hennin commented.
“But we are cognisant that this is a rapidly changing environment, so while we feel very confident here in New Zealand about the way COVID-19 is being managed, we’re still isolated and our borders are still closed. We also do still suffer some sporadic outbreaks and lockdowns, as we saw recently.”
“So, I think our approach from a business point of view will be around prudence and cautious optimism,” he explained.
“From a business strategy point of view, we are very focused on growing the services that are available to our members.”
Hennin said nib New Zealand is looking to move beyond being a health insurer that pays claims, to being more of a ‘health partner’ - a strategy that it has been working on for the last several years.
“We are continuing to evolve and change our business, and we want to move from the business we have today which is primarily around health insurance and paying your claims, to a business where we become more of a personalised health partner,” he said.
“That’s been our strategy for a number of years, it’s gaining momentum, and while we’re very conscious of the environment that we’re working in, we are pursuing that strategy with vigour.”
Suncorp New Zealand CEO Jimmy Higgins says that its own strategy will be primarily centered around its people - both internal and external. He said the disruption felt by every insurer over the past year means that staff support has become a vital aspect of business strategy, and that this, along with service proposition, would be the key focus over 2021.
“The first and foremost goal for me is around people,” Higgins said. “We’re only as good as the people around us, and we need to make sure that they’re supported - particularly during these disruptive times.”
Read more: nib New Zealand releases half-year results
“We don’t know if there’s going to be another lockdown, we don’t know what kind of disruption we’re going to see over the next six to eight months,” he explained.
“So, our first priority is making sure that all of our people are well supported and engaged. The second thing to focus on is our service proposition, and we are continuously evaluating what it is that we want to be known for, both in our life and our general business.”
Higgins said that this side will be all about making sure that Suncorp’s customers are supported, and making sure that staff have the right internal tools and training to be able to service them properly. He said the business will also be making significant investments into its digital side.
“To deliver that service in the longer term, we also need to simplify and automate our business through the digital investments that we’re making,” he said.
“We haven’t started from scratch on this, we’re well on our way and we’ve got good foundations already built. It’ll just be about expanding further on that, and getting back to the core of who we are and what our purpose is, which is protecting the future of our customers. That’s what we’re going to focus on every day.”
