Westfund Health Insurance has welcomed the release of the 2019 Commonwealth Ombudsman’s State of the Health Funds Report.
The report, which is a detailed, comparative look at the performance and service delivery of health funds, covers the 2018-19 period.
In a pleasing trend for the broader private health insurance industry, complaints to the Ombudsman have decreased by 11 per cent; an indicator of general improvement across the industry.
More specifically, Westfund’s zero complaints investigated by the Ombudsman for the period is a strong result for the fund.
Equally pleasing was the fund’s member retention (hospital cover) rate of 88 per cent, the highest of any open fund with a market share greater than 0.5 per cent.
To calculate this retention percentage, the Ombudsman measures the total gain or loss of members over the last two years, which takes into account consumers who take up membership and leave within that two-year period.
Westfund was one of only two funds to achieve this figure.
In comparison, Medibank, who hold the largest market share in the industry (26.9 per cent), have a member retention rate (hospital cover) of 79 per cent.
“We are proud that our work in the retention space has paid off as demonstrated by the Commonwealth Ombudsman’s latest State of the Health Funds Report,” said Westfund’s Executive Manager – Sales and Member Experience Jon Goodgame.
Aside from the positive retention results, the overall membership numbers were positive for the fund, increasing by 12.5 per cent.
“It is a great result for our team, who are invested in supporting our members at every opportunity,” he said.
“Our focus is on serving our members and providing them with value in their policy for both existing and new members alike, which is reflected in these numbers.”
The comprehensive report also indicates areas in which Westfund can continue to work on improving for member benefit.
“While we are pleased with the overall results of the report, we will continue to look at ways we can improve and have a positive impact on our members.”
Read the 2019 Commonwealth Ombudsman’s State of the Health Funds Report here.