Putting members’ health before profit

Members Health funds lead on customer retention

Members Health, the peak body representing 24 not-for-profit and member-owned health insurers, welcomed today’s release of the Commonwealth Ombudsman’s State of the Health Funds report.

The report, which provides comparative information on the performance and service delivery of private health insurers, highlighted that consumers who are with the group of Members Health funds stay for longer.

As a group, Members Health funds achieved an impressive average member retention rate, exceeding 87 percent for hospital cover. This is particularly noteworthy when compared to the rest of industry average of 84 percent, which includes the Big 3 for-profit providers.

“We are delighted to see the alliance of Members Health funds achieve an average member retention rate exceeding 87 per cent in what is a highly competitive market” said Matthew Koce, CEO of Members Health. “This figure outperforms the rest of industry and surpasses the average retention rates of the Big 3 for-profits”.

“Members Health funds share a people first set of values and principles that prioritises policyholders wellbeing above all else,” Mr Koce said. “Our health funds are dedicated to providing Australians with the best possible health coverage at an affordable price, while also offering trusted guidance and support to help people navigate the healthcare system to get fast access to the high-quality care when they need it.”

Positive customer retention rates reported by the Ombudsman reinforces independent research from IPSOS showing Members Health funds achieving remarkable customer satisfaction levels. An IPSOS survey of 15,000 Members Health fund customers revealed an outstanding overall satisfaction average of 91 per cent.

“Whether it be member retention rates or customer satisfaction scores, they all point to delivering on the exceptional commitment Members Health funds have towards better service.” Mr. Koce said.

“Members Health funds prioritise member well-being, invest in quality healthcare services, and deliver exceptional customer service. It is pleasing to see this is translating into long-term member loyalty and satisfaction with our community of health funds  growing to cover over 5.3 million lives.”

Members Health is the peak industry body for an alliance of 24 health funds that are not-for-profit or part of a member-owned group, regional or community based. They all share the common ethic of putting their members’ health before profit. Our funds represent the interests of more than 5.3 million Australians.

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