HBF prepares for national expansion
Western Australia’s leading health insurer signs agreement with iSelect as it prepares to take on eastern states funds
Western Australia’s leading health fund, HBF, today signed an agreement with iSelect, paving the way for a national expansion. The agreement means HBF products will be actively sold to Australians outside Western Australia for the first time in the fund’s 75 year history.
HBF Managing Director, Rob Bransby said the partnership with iSelect was a key part of HBF’s strategy to grow its membership in the east at the expense of funds such as Medibank, Bupa and Nib. Currently over 97% of HBF’s members are in WA.
“HBF is Australia’s fifth largest health fund and the undisputed market leader in WA but we’re largely unknown outside our home state,” Mr Bransby said.
“We believe the time is right to cross the Nullarbor and stir things up a little. I want to see HBF become the third largest fund in Australia and a truly national player.”
Mr Bransby said that recent changes in the health insurance landscape, including the listing of Medibank and the growing dominance of for-profit funds in all states except WA, provided an opportunity for a sophisticated not-for-profit fund.
“We have the scale and capabilities to more than match the funds that dominate in the east and we can show that members of a not-for-profit fund are better served”.
“It’s no fluke that HBF’s member retention and member satisfaction is far higher than funds like Medibank, Bupa and Nib. We deliver a better experience,” Mr Bransby said.
HBF intends to win members with a range of health insurance products that it believes are more flexible than those offered by other funds.
In addition to attracting members through iSelect, HBF intends to attract eastern states-based members through its own digital channels.
Media contact: Andrew Walton: 08 9265 6181 / 0438 925 050 / firstname.lastname@example.org
About HBF Health Ltd
- HBF has been the leading health insurer in Western Australia since its founding in 1941.
- HBF is the fifth largest of Australia’s 34 health funds with 7.4% of the national health insurance market.
- 97.5% of HBF’s members are in Western Australia.
- More than half (54%) of all West Australians with private health insurance are HBF members.
- HBF is a not-for-profit fund and the largest of the Members Own Health Funds.
- HBF has the highest rate of member retention and the lowest rate of member complaints of any of Australia’s major funds.*
- In 2014 Canstar named HBF as the fund offering ‘Outstanding Value’ in both Extras Cover and in Combined Hospital and Extras cover in WA.
- In WA HBF is known for giving more back and leaving members with smaller out of pocket costs when it comes to hospital and dental cover.
- In WA HBF has developed a growing range of wellness services for members, ranging from free fitness training, and discounted gym memberships to free health checks, hearing checks and flu vaccinations.
- HBF is the leading corporate wellness provider in WA.
*2014 State of the Health Funds Report (Private Health Insurance Ombudsman)