Medibank outlines growth strategy

Medibank outlines growth strategy | Insurance Business Australia

Life & Health

Medibank outlines growth strategy

Expanded partnerships unveiled

Life & Health

By
Roxanne Libatique

Medibank executives presented a business update and shared healthcare sector insights at this week’s Macquarie Australia Conference, where they also met with investors and fielded questions from Macquarie analysts.

During the event, Medibank executives emphasised the insurer’s commitment to customer value and choice.

In addition, customers with active hospital or extras policies as of June 30, 2024, will receive a share of a $200 million cash-back offer. Customers of the insurer’s ahm brand have also been given another year to use any remaining extras benefits, a measure valued at $15 million as part of the COVID-19 support package.

Medibank’s growth strategy

Medibank executives said the insurer would continue to focus on its targeted growth strategy, looking at corporate clients, families, and new customers while maintaining profitable growth in priority segments. The insurer expects to meet its FY24 target for policyholder growth, aiming for between 1.2% and 1.5%.

Claims growth per policy unit is projected at the lower end of the 2.2% to 2.4% range, helped by favourable age-based patterns and lower-than-expected non-surgical and extras claims.

Medibank is also refining its broader health offerings, emphasising differentiated customer experiences. It is increasing its health workforce and currently serves over 4.1 million customers while expanding services in wellbeing and prevention, primary and virtual care, and community care via short-stay hospitals.

Medibank is looking to grow its corporate health offerings, broadening the Live Better program, and leveraging Amplar Health’s partnership with Amwell.

In primary and virtual care, it aims to expand the Myhealth GP network after increasing its ownership in January, while its investments in virtual care are intended to improve patient access and the healthcare experience.

Medibank is strengthening partnerships with hospitals to expand community-based and short-stay care options, believing these will improve patient outcomes and lower costs.

The insurer also continues to advocate for healthcare reforms.