Health insurer NIB has entered a joint venture with US giant Cigna to create a data science and services company to help catch health issues earlier and cut down on costly hospitalisations.
NIB and the New York-listed insurer and provider will each put $10 million into the project, which will be independent of both and led by NIB executive Rhod McKensey.
NIB, which says there are more than 740,000 avoidable hospitalisations in Australia each year, expects the JV to partner with other insurers and providers to improve outcomes across Australia and New Zealand.
“It’s a giant step in our ambitions to play a more substantive and cost effective role in health care,” NIB managing director Mark Fitzgibbon said.
Mr Fitzgibbon said the joint venture will use data science to help people “understand their current and future health risks and needs and then actively help them prevent, manage or treat that risk”.
Its immediate priority will be deploying the necessary technology and capability, drawing on technology and expertise from Cigna.
AAP
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