Teachers Health best in class for customer satisfaction
Teachers Health is leading the way in customer satisfaction, following the release of Morgan Stanley’s annual health insurance survey, AlphaWise.(1)
With 54% of respondents identified as ‘promoters’ of the Fund, those who are very likely to recommend their fund to a friend or colleague, Teachers Health has topped the list in customer satisfaction.
Teachers Health also achieved the highest Net Promoter Score with a total of 38, significantly ahead of the big for-profit health funds.
Medibank, NIB and BUPA all received negative Net Promoter Scores, each scoring -24, -22 and -14 respectively.
Teachers Health CEO, Mr Brad Joyce, says the Fund is leading the way when it comes to customer satisfaction and is only looking to improve on these results.
“We are very proud that Teachers Health as once again been recognised as a leader in customer satisfaction. In June, Teachers Health topped the list in Roy Morgan’s Private Health Insurance Customer Satisfaction survey, (2) and we’re pleased to see the trend continuing,” Mr Joyce said.
“These results reaffirm our position as a fund that focuses on people and not profits. Our members’ experience sits at the core of our organisation’s values, and we’re committed to providing the best possible services, benefits and experiences for our members.”
“We see the links between our levels of customer satisfaction and our industry leading retention rates.(3) Over 96% of members who join the fund, stay with the fund.(4)”
While the news is positive for Teachers Health, there are worrying signs for the wider private health insurance industry relating to affordability.
The research indicates that health insurance is vulnerable to household budget cuts, with some choosing to reduce their level of cover or remove cover altogether. The private health insurance reforms announced by the government recently aim to shift this trend.
“Private health insurance is a vital component of Australia’s highly successful mixed health care system, so it’s important that participation rates increase,” Mr Joyce said.
“We know that one of the key issues that our members are facing is affordability, so we welcome the recently announced reforms and their aim of further improving affordability, participation and the value of private health insurance.”
1 Source: AlphaWise, Morgan Stanley Research.
2 Source: Roy Morgan Research, Private Health Insurance Customer Satisfaction June 2017
3 Privatehealth.gov.au, member retention % of health funds registered under the Private Health Insurance Act 2007
4 Teachers Health figures are calculated based on a 1 year retention figure for hospital policies from internal data.