reasonable and clear protection that is available on demand, so that people only have to pay for coverage when they believe they are at danger of injury. The new product, called Flip’s Day Pass, provides a single day of injury coverage for $6, with coverage beginning instantly upon purchase.
Flip, which is supported by Australia’s leading not-for-profit health insurer HCF, claims that its latest product is a simple and convenient alternative to regular insurance that gives Australians peace of mind. Individuals may obtain coverage with the press of a button and receive quick cash reimbursements into their bank account after a claim is authorized. Customers may also sign up to the insurtech anytime to get an injury insurance for just $9 per week, which can be turned on and off as required and includes a Boost feature that pays twofold payment on days when customers feel most vulnerable.
Sheena Jack, CEO and managing director of HCF, spoke about the need for health insurance to Australians. He 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 created the new insurance product in collaboration with BCG Digital Ventures (BCGDV), which is the Boston Consulting Group’s corporate innovation and digital business-building arm. Kathleen Weaver and Chris Borrett, who were the company’s chief executives selected in 2021 to introduce the insurtech to the Australian market, used their professional expertise in medicine, health insurance, consulting, and business development to manage the initiative.
Weaver discussed the company’s policies. He said, “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.”
