Southern Cross reports healthy result
Southern Cross says its health insurance membership is growing solidly.
Friday, September 15th 2017, 1:58PM
It has released its latest annual report, which shows it has more than 853,000 members, up 4% on last year.
The insurer now represents 62% of the market and pays 73% of the country’s claims.
It paid 90c in claims for every $1 received in premiums over the past year - covering $830 million across 3.2m claims.
It made a surplus of $6.2m in the year.
Chairman Greg Gent said Southern Cross had invested in digital technology over the past year.
"More than 80% of the claims we receive are now submitted electronically, and close to 200,000 members are registered to use My Southern Cross online," he said.
Gent said the tools were cost-effective and made the claim process easier.
The number of affiliated providers contracted to provide services at agreed prices rose from 1300 last year to 1850 this year.
Southern Cross reported a 48% increase in the number of corporate group schemes initiated via the adviser channel last year.
"This significant growth has been brought about by more advisers moving into the B2B area of employee benefits, coupled with a simplified product set being offered across all sales channels. Changes in the health and safety legislation may also have been a contributor.”
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