Suncorp’s health insurance push gains momentum

Two of Suncorp’s subsidiaries will soon offer health insurance policies for the first time.

Suncorp’s push into health insurance appears to be gathering momentum, with its AAMI Insurance and Suncorp Insurance units to offer policies within the next two months.

The development will see Suncorp extend its relationship with ASX-listed health insurer NIB following an initial 2014 joint venture in relation to Suncorp’s Apia unit.

In a statement to the market this morning, the two companies said the new arrangement will see customers able to access health insurance through the Suncorp brand from December and through the AAMI brand from January.

The offerings will be available through Suncorp’s distribution channels, while NIB will serve as the underwriter, handle claims and provide administrative support.

“The extension of our relationship with NIB gives our customers the flexibility to select a health insurance product which is tailored to suit their lifestyle and budget,” Suncorp managing director Michael Cameron said.

The managing director of NIB, Mark Fitzgibbon, added the expanded partnership was a sign of its development as a significant player in the sector, which has seen it reach fourth place in terms of market share.

“We’ve invested heavily in recent years building our capabilities to partner with companies like Suncorp,” he said.

“This extension connects us with Suncorp Insurance and AAMI customers across the country.”