New research from Roy Morgan has revealed a rise in satisfaction with private health insurance.
According to the the annual survey, Australians holding private health insurance rated their customer satisfaction at 72.2 per cent in August, up from 70.9 per cent at the same time last year.
Satisfaction remains lower than 2016 (74.5 per cent) and 2015 (76.3 per cent).
Speaking about the findings, Roy Morgan CEO Michele Levine pointed to the major differences in satisfaction levels between funds.
“The Tasmanian not-for-profit fund St.LukesHealth is performing far above average, with a satisfaction rating of 86%. Poorer performers could learn from it and other highly rated funds Defence Health (84%) and Health Partners (83%) in order to improve their chances of member retention.”
"Our research shows that customer satisfaction matters for customer retention. Of private health insurance customers who were dissatisfied with their current provider, more than 20% either intend to swap to another company, shop around and then decide, or not renew their policy at all. This compares to less than 5% for private health insurance customers who are satisfied with their provider," said Levine.