HCF start-up 'flips' insurance with the industry’s first single-day injury cover

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An insurtech start-up has launched Australia’s first on-demand injury cover that could challenge consumer perceptions of insurance.

Flip provides affordable and straightforward protection. It is on-demand, meaning people only need to pay for cover when they feel at risk of injury.

Flip is a wholly-owned subsidiary of HCF.

People can quickly get coverage and receive fast cash-payouts in their bank account when a claim is approved.

In a first for Australian insurance, Flip’s 'Day Pass' offers a single day of injury cover for just $6. There is no waiting period.

"People can create an account while being strapped into a harness and be covered by the time they’re abseiling down the mountain," said Flip in a statement, adding people can also subscribe to Flip’s Always On injury cover for just $9 a week.

Always On can be turned on and off as needed, and has an option called Boost that doubles the payout on days people feel most at risk.

CEO and managing director Sheena Jack said, “At HCF, we believe every Australian should have access to quality, affordable protection but we know nearly half of Australians don’t have any form of private health insurance.

"Flip is helping to fill this market gap with a truly innovative offering that provides the flexibility and affordability many Australians need to protect their health and wellness.”

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

Chief officers Kathleen Weaver and Chris Borrett combined professional backgrounds in medicine, health insurance, consulting and business development to lead the venture and were appointed in 2021 to bring Flip to market. The start-up is growing rapidly with a mission to create insurance people love by daring to be different.

“The insurance industry is long overdue for disruption. By creating a new category of on-demand insurance, we’re shifting the power back to the consumer. Flip is different from traditional insurance and fills an important gap for Australians who might be deterred by current offerings. There’s now a quick, simple, affordable and flexible alternative to suit their lifestyle,” said Ms Weaver.