Australia: New approaches needed with changing claim trends
Source: Asia Insurance Review | Oct 2017
Claim trends are changing among young policyholders. The first private health insurance claims filed by young women today is predominantly a mental health claim while women having their first baby are no longer the hook it once was to buy private health insurance.
Such changing trends mean that private health insurers have to be mindful of how issues are changing in society and adjust their policies, said Dr Rachel David, chief executive of the industry body Private Healthcare Australia.
This is part of the discussion about Australia’s health insurers looking to reinvent their approach to encouraging young people to buy their products.
NIB Chief Executive Mark Fitzgibbon said it is important to educate millennials on the benefits of insurance, and to do that, insurers need an attractive digital offering that allows them to search, find and book a doctor, plus share their experiences with others online.
“If we don’t invest in mobile technology and a specific application to the under-40s, we will fail,” he said at an industry roundtable discussion on the sector, hosted by The Australian.
Analysis of APRA data showed that since 2013, there had been a 6.72% fall in the number of Australians aged 25-29 with private hospital cover. A