Members Health funds continue to enjoy extremely high levels of customer satisfaction, according to new independent research.
“The annual Discovery Research survey collected more than 17,000 responses from customers of Members Health funds and found overall satisfaction averaged 96 per cent across the funds surveyed, a well-deserved achievement as these insurers continually strive to improve the member experience,” said David Williams, Managing Partner of Discovery Research.
Members Health funds represent about two thirds of all health insurers in the marketplace and provide cover for more than 2 million Australians, with that number continually growing. CEO Matthew Koce said the survey results were a fantastic achievement that reflected the consumer centric focus of the funds.
“A 96 per cent satisfaction rate is very impressive and once again demonstrates the enormous commitment that the Members Health funds have towards serving the needs and expectations of their policyholders.
“Members Health funds are entirely consumer centric and therefore have enormous integrity. They are sometimes described as the industry superfunds of health insurance.”
“With affordability and value for money in private health insurance an ongoing point of discussion, the fact that there is a diverse range of funds operating solely in the interests of consumers is of growing significance,” Mr Koce said.
Mr Koce said while the larger, for-profit funds need to generate a financial return for shareholders, Members Health funds do not.
“Instead, our funds return around 90 cents in every premium dollar back to members in benefits, while the rest of the industry returns about 85 cents in the dollar. In general insurance, the average is just 65 cents,” he said.
Collectively, Members Health funds continue to grow at many times the industry average and have customer retention rates that far surpass that of the bigger for-profit funds.
“Big is not always better and consumers are becoming increasingly aware of the superior value and service offered by the smaller not-for-profit, member owned and community based health insurers and are voting with their feet.”
“With more than 17,000 customers surveyed, the customer satisfaction survey results paint a comprehensive and accurate picture of the strong value and performance of participating Members Health funds.”
Consumers need to be aware that not all health funds are the same. Whether it be quality of health cover, communication to members, fast payment of claims, value for money or price competitiveness, the independent research once again proves that Members Health funds are performing at extremely high standards.
All Members Health funds share one or more of the following characteristics, being not-for-profit, member owned and community based. Existing only to serve the needs of consumers, Members Health funds provide access to vital health services both nationally and to key industry groups, such as teachers, doctors, nurses, police, emergency services and military personnel. Many also serve key regional communities, being based in Townsville, Mildura, Newcastle, Lithgow, Wollongong the Latrobe Valley, Burnie and Launceston.
Download the release and supporting graphs here: Members Health Customer Satisfaction
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