NSF Members to Gain New Banking and Insurance Provider: KLP Selected After Competitive Tender
OSLO, norway – September 25, 2023 – The Norwegian Nurses’ Organisation (NSF) has chosen KLP as its new provider for banking and insurance services, a move set to impact up to 140,000 members. The transition from current providers DNB and Framtind will begin on January 1, 2026.
The decision follows a extensive market assessment initiated after a member survey revealed interest in exploring financial benefits related to banking and insurance. “We had a member survey on the financial membership benefits,especially for banking and insurance. Then we got guidance that indicated that we would make some probes in the market,” explained Randi Moan Riiber,Head of Department at the NSF Insurance Office. The process, which began this spring, involved evaluating offers from multiple insurance companies, including both KLP and DNB.
KLP,owned by municipalities and health enterprises with a non-profit dividend structure,was ultimately selected for its alignment with NSF’s values and its established experience serving public sector employees. Currently, 90,000 nurses already have public occupational pensions managed by KLP. Riiber emphasized the strategic importance of the partnership, noting that NSF is the sole institution with such an agreement with KLP and that KLP views NSF as a key partner given its relatively smaller market share.
While NSF’s previous mortgage agreement with DNB faced criticism regarding borrowing rates, Riiber clarified that DNB consistently offered competitive rates to NSF members. She also highlighted that KLP offers its own banking services for members seeking loan options.
Members with existing collective insurance policies – including coverage for contents, travel, liability, life insurance packages, extended life insurance, and child insurance - will be automatically transitioned to KLP and will receive new contract documents from the NSF Insurance Office in early December 2023. Individual banking and insurance products, such as home and auto insurance, will require members to contact KLP directly for information and enrollment.
