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Australians value car insurance over private health insurance

Australians value car insurance over private health insurance 

   

A new study has found Australians prioritise car insurance over private health insurance with the industry failing to attract new customers.


The Pureprofile (ASX:PPL) research of 1,000 people in March 2017 covered ownership and attitudes towards fully comprehensive car, home and contents, private health cover, life and income insurance.

 

The survey found 72 per cent of Australians have comprehensive car insurance and 62 per cent have home and contents insurance. 55 per cent have private health insurance, only 22 per cent life insurance and 12 per cent income protection.

 

While every second respondent considered private health insurance “very important” or “essential”, a quarter of people with private health rated their cover as “only somewhat important”.

 

Kelvin Kirk, Managing Director, Pureprofile said “The data indicates a large number of the Australian population is not convinced private health insurance is worth it and are likely to discontinue their cover”.

 

“It is surprising that more isn’t being done to win new customers as the data tells us there is an opportunity for private health insurance providers to focus on demonstrating the benefits of membership to people who don’t have cover, especially younger customers,” he said.

 

The report shows:

-       private health insurance market is concentrated by two large brands - Bupa (26 percent) and Medibank Private (24 percent) followed by HCF (16 percent) and NIB (13 percent).

-       16 percent claim to have switched private health providers in the last three years. Among PHI owners this share increases to one in four showing the volatility of the market.

-       Nearly every second switch (46 percent) was prompted by the renewal notification. Comparison websites like iSelect, choosi and Compare the Market are used by 54 percent of switchers.

-       Every second Australian recalls advertising for private health providers. Cut-through is highest for women (54 percent) and 18-34 year olds (55 percent). TV is the most effective channel, (90 percent of total advertising recall).

 

For the report visit http://businesses.pureprofile.com/insurance-report-request

 

For interviews contact Lizzie Babarczy, Pureprofile lizzie@pureprofile.com or +61 437 358 571.

 

About Pureprofile (ASX: PPL)

Pureprofile is a data insights and programmatic media company. It sits at the heart of where programmatic media, big data and quantitative research converge. Through its deep connection with real people, Pureprofile delivers the next generation in marketing solutions for brands, publishers and researchers. 

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