A NEW INNOVATION IN INSURANCE

HCF has recently launched Australia’s first on-demand accidental injury cover, a new innovation in insurance designed for people who need quick and simple cover for a day, a week, or even longer.

For the past 90 years, HCF has been committed to fostering innovation in the healthcare system. As the country’s largest not-for-profit health fund, we launched the first corporate-backed health-tech accelerator program, Catalyst, supporting over 80 health startups in their mission to improve the health and wellbeing of all Australians.

In 2021, we backed another first, launching Australia’s first on-demand accidental injury insurance through the establishment of Flip Insurance Pty Ltd, our wholly-owned subsidiary that promotes and distributes Flip (Flip is issued by our other wholly-owned subsidiary, HCF Life Company Pty Ltd). It’s just another way we’re driving innovation in the sector by offering young Aussies straightforward protection with quick and simple cover that fits in with their lifestyle.

Innovating in the insurance industry

Flip^* is insurance with a difference. It offers cover designed to help suit an active lifestyle, allowing Aussies to activate accidental injury cover before doing activities where they feel they most need it.

HCF partnered with BCG Digital Ventures (BCGDV), the corporate innovation and digital business-building arm of The Boston Consulting Group, to design an innovative new insurance product. The Flip concept was born through this partnership.

HCF’s Chief Officer Kathleen Weaver has a professional background in medicine, health insurance and strategy, and is excited to lead the venture with a mission to create insurance people love by daring to be different.

“The insurance industry is long overdue for disruption. Flip is creating a new category of on-demand accidental injury insurance, and helping to shift the power back to the consumer. Providing an alternative to traditional insurance, Flip fills an important gap for young Australians with quick and simple cover to suit their lifestyle,” Kathleen says.

How does Flip work?

So, if you sign up for a ski lesson or plan a weekend cycling trip and activate Flip and pay before hitting the snow or getting on the bike, you’re covered for specified injuries that are caused by an accident while your cover is active (cover would be active for a two day weekend by booking 'Always On' cover or two consecutive 'Day Passes' before the weekend – further information provided below).

The outdoor lifestyle of getting out and about and being adventurous is synonymous with the Australian way of life, and we want to support Australians in their outdoor pursuits by helping to provide protection for specified injuries, whether for a day, a week or even longer (multiple 'Day Passes' or 'Always On' cover is required to cover more than one day – further information provided below).

Flip is there to help ease the stress of unexpected costs that may come when you suffer specific injuries, like out-of-pocket expenses, so Aussies can do more of the things they love.

“We want as many Australians as possible to have access to quality, flexible protection, which is why we’re backing Flip – a new category of accidental injury cover designed to help young, active Australians protect themselves when they suffer specific injuries,” says HCF CEO and managing director Sheena Jack.

Cover options from $6 a day

It’s quick, simple and flexible. Flip’s Day Pass offers a single day of injury cover for $6. Sign up online and there’s no waiting period, so cover can start straight away for the rest of the day when you buy it (or book up to three months in advance).

You can create an account online quickly and easily by answering some simple questions in minutes. Then it’s just a matter of paying for a day pass either for the rest of that day or for a day in the future up to three months in advance.

Claims can total up to $20,000 under our accidental injury range to be used however the insured person sees fit. Use the cash to help cover medical costs, pay for taxis to follow-up doctor’s appointments or book a housekeeper to help with day-to-day chores (if you suffer more than one injury in the same accident, we only pay a cash payout in respect of the specified injury with the highest amount).

Other options include the Always On option, which costs $9 per week and can be cancelled at any time, with coverage continuing until 11.59pm on the last day of your current billing cycle. There’s also the option to Boost your insurance for another $6, which doubles your claims payout amount for accidents occurring during the boosted period.

You can book a Day Pass or your Always On up to three months in advance while you’re planning your adventure and cancel with a full refund if your plans change any time before your cover is activated.

What’s more, Flip has recently added cover for Aussies when they’re on their adventures in New Zealand.

Always On cover for climbing adventures

Flip member Jake is an avid climber. He’s always getting injured but he’s never had insurance. A freak neck injury caused temporary blindness in one eye and prompted him to find cover. He’s now a set-and-forget user of Flip, with an Always On subscription and he doesn’t even notice the payments.

Recently he got an accidental injury at his local climbing hangout. He needed to go to the doctor to get a referral for scans, so getting a medical certificate to submit in the Flip claim at the same time was simple. He filed a claim while walking home and his claim was paid and in his account within less than 24 hours. He used his claim money to get Ubers and a finger splint (with plenty left over to cover coffee and a comfort burger).

Uncommon Achievements

Throughout our 90-year history, our pioneering spirit has led to innovations like launching health and wellbeing programs like My Health Guardian and making the cost of healthcare more transparent with our Find a Provider tool. With Flip, our industry-first innovative on-demand accidental insurance model is helping to cover Australians in a flexible way – we call that Uncommon Care.

For Flip ambassador Michaela Davis-Meehan, who is a freeride snowboarder, having cover when she needs it means she can take to the snow with the knowledge she's covered for specified injuries.

“With great sports come great injuries, but there's always going to be that risk of injury, no matter what you're doing. Flip helps to give me back-up if something goes wrong.”

Words by Carrie Hutchinson

Published August 2022