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HCF works with BCG Digital Ventures on new insurance offering Flip Australian health insurer HCF has joined with BCG Digital Ventures to launch insurtech start-up Flip, which offers innovative on-demand injury cover designed for active young Australians. With the support of Boston Consulting Group’s innovation and business-building arm BCG Digital Ventures, the insurtech start-up Flip has launched with a novel new offering; on demand injury cover and direct payouts for active and adventurous Australians. BCG Digital Ventures director and lead architect Chris Borrett has now been appointed as co-CEO of Flip, alongside Kathleen Weaver of private health insurance venture partner HCF. Among Flip’s coverage options is a $6 daily pass with up to $20,000 in coverage, and, in the words of the company, “if you sprain, strain, snap, slice, shatter or smash it” the policy-holder gets cash straight back into their pocket to spend however they so please – be it on medical expenses, Uber-rides, or even comfort food. There are no lock-in contracts, and weekly coverage is just $9 with the opport
Not-for-profit health funds HCF and RT spruik post-merger value The bosses of health insurers HCF and RT Health are banking on not-for-profit funds becoming more attractive to Australians post-COVID, as the two mutual funds get ready to merge. HCF confirmed to this masthead back in June there was a process underway to absorb RT, a 130-year-old fund that covers transport and energy sector employees. Meanwhile, RT began looking for a partner last year as it faced the realities of declining membership and rising capital expenditures.RT Health chief executive Simone Tregeagle told The Age and The Sydney Morning Herald the deal came about against a backdrop of affordability challenges and an increasingly difficult environment for smaller funds to meet the expectations of their members. “As much as members might have a great passion for the organisation, they want more -—and they know you can’t give them more,” she said.
HCF Catalyst Accelerator Program Tell us what have been the highlights of the HCF Catalyst Accelerator program? The highlight for me has really been the vast range of ideas that we’ve seen. I think that it’s really fantastic that through the Catalyst program we’re able to support those businesses, because whether we invest or not they’re really great ideas that can actually help shape how healthcare works in Australia. Another highlight has been seeing the connections form between the different businesses. Often there’s value in the idea in its own right, but there can be another level of value that comes from connecting the businesses up and actually knowing what other people are working on in the healthtech space.
Health Insurance Award Winners – National HFC has won the national Award for the sixth consecutive year, and performed particularly strongly in the area of hospital cover, where it picked up awards in almost every state and territory.
SCREENTIME WARNING TO SAVE KIDS’ SIGHT Parents are being urged to watch out for signs of eyestrain in their children during home-schooling lessons, as HCF data reveals a 21 per cent increase in school-aged children claiming for glasses or contact lenses in 2020, compared with just five years earlier. The Covid-19 pandemic has led to an increase in reliance on technology for education, work, and leisure, with children in particular spending more time inside, looking at screens. Claims data from HCF Australia, Australia’s largest not-for-profit health fund, has also revealed a 28.8 per cent increase in claims for high-school aged students requiring glasses or contact lenses; and a 9.53 per cent increase in primary school aged students in 2020 compared to 2015. HCF Senior Optometrist Whitney Lam said more young patients were being diagnosed with myopia, or short-sightedness, and that screen time was a contributing culprit. “Myopia is one of the most prevalent problems HCF Optometrists are managing with younger patients,” Ms Lam said.
HCF recognises that many may be feeling overwhelmed by the information out there, however it’s important that all members understand what value their policy brings,” HCF CEO and MD, Sheena Jack (pictured) said. “To give our members the utmost peace of mind during this time we made the early decision that all hospital policies would cover any COVID-19 related hospital admissions at no extra cost to our members. “At such a stressful time, the last thing people need to be thinking about is whether they are covered,” she concluded. One area the company is specifically focusing on, according to Jack, is mental health. “We know mental wellbeing is just as important as physical wellbeing, especially in the current challenging times of the COVID-19 outbreak,” she said. In addition, the mental health measures also include HCF funding half day mental health hospital attendances, that will be delivered via video or telephone on a continuous basis, to services that were previously provided in hospital.
