RFIGlobal-logo

New findings show an estimated 220,000 Australians intend to switch Private Health Insurance funds in the next 12 months.

Results from DBM Consultants Consumer Atlas, a survey of 62,400 Australians will be disconcerting for many Private Health insurance providers as they chase membership growth in a declining market.

Most at risk are the largest players; Medibank and Bupa, with Australian Unity, People Care, NIB, HIF and AHM also likely to see significant churn ahead.

Meanwhile, many of the smaller brands are less likely to see customers leave them, including; Health Partners, CBHS, HCF, HBF and GMHBA.

It’s no coincidence that switching intentions and low customer advocacy are linked with the largest players having the weakest Net Promoter Score (NPS)* while the smaller, more agile niche brands maintain a much stronger NPS.

As more Australians begin to question the value of Private Health Insurance, optimising retention strategies will play a critical role for providers. Private Health Insurance funds investing in value propositions and customer experiences that deepen and broaden relationships will be best placed to ride the storm and achieve their long-term financial goals.

*A score above 1 means that the health fund is receiving a higher level of members intending to switch than what it should be receiving based on its market share.

A score below 1 means that the health fund is receiving a lower level of members intending to switch than what it should be receiving based on its market share.

*Net Promoter Score (NPS) is a service mark of Bain and Company, Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. Advocacy is measured on a scale of 0 to 10, with 0 being ‘not at all likely’ to recommend and 10 being ‘extremely likely’ to recommend. NPS is calculated by subtracting the percentage of ‘Detractors’ (score 0-6) from the percentage of Promoters’ (score 9-10).

For comments or more information please contact:
Simon Pomfret Senior Director

0467467302

spomfret@dbmcons.com.au

About DBM

DBM Consultants is an Australian market research company established in 1992.  It is a leading provider of research-based advice and engaged by many of Australia’s largest blue-chip corporations, some government departments and several global organisations.

About Consumer Atlas

Consumer Atlas is Australia’s largest on-going research program on how the nation does its banking and what customers think about the providers of financial services and the products they offer.  It is based on a nationwide representative sample of about 60,000 Australians.

April 4, 2023
Diversis-backed RFI Global acquires DBM’s Atlas division, to create Australia’s most comprehensive financial services customer data set.

Sydney 5th April 2023 – Embargoed until 00:01 AM AEST on […]

Read More
April 21, 2022
SMEs and emissions reductions

A recent study of DBM Connect panelists reveals SME attitudes towards emissions, how their business is responding to the emissions challenge, and their expectations of suppliers and business partners.

Read More
February 4, 2022
Q&A: Celebrating 30 years of DBM Consultants

This year marks 30 years of DBM Consultants.

Read More
December 3, 2021
Financial uncertainty amid the pandemic fuels a rise in Buy Now, Pay Later services in Australia

By Tony Williams, Executive Director, DBM Consultants & Lucas Carreras, […]

Read More
November 17, 2021
DBM Star Profile: Logan Walsh

Media Products Manager Logan Walsh

Read More
July 16, 2021
How to boost marketing ROI for financial services - FAST

DBM Managing Director Dhruba Gupta shares 2 fundamental things financial services marketers should know to boost marketing ROI.

Read More
May 17, 2021
Switching providers or sticking it out? Consumer trends since COVID19

With more people working from home since lockdown, expectations and attitudes relating to bill increases in utilities, telco and insurance have changed.

Read More
March 7, 2021
5 ways DBM is leading the charge for workplace gender equality

DBM Connect 2021 IWD Poll February-March 2021, sample size 1046.

Read More
February 21, 2021
When to DIY (your market research survey) and not

When to DIY (your Market research survey) or not

Read More
November 24, 2020
More transparency around member satisfaction of super funds required to empower consumer choice

While super funds will next year be held to a […]

Read More
September 28, 2020
DBM partners with Nielsen to launch DBM Atlas + Media Profiler

Unlocks deeper consumer profiling, specifically for the financial services sector […]

Read More
August 28, 2020
Download this DBM COVID-19 Insights Report

DBM tracks financial services usage and behaviour monthly (for both […]

Read More
August 18, 2020
DBM researchers reveal links between advocacy and the predictability of future customer behaviour

Dhruba Gupta, Founder and Managing Director of DBM presented the […]

Read More
June 24, 2020
Signs of Opportunism Amongst First Home Buyers

The latest DBM Atlas data has revealed that renters are […]

Read More
April 9, 2020
Business Owners Urged To Start Positioning Themselves For The Recovery

While the implications of COVID-19 have only become apparent to […]

Read More
March 9, 2020
Australia's banking customers to crown their 'Best Neobank'

In a first for the Australian market, a survey of […]

Read More
March 5, 2020
Excellence in Financial Services on show at DBM Australian Financial Awards 2020

5th March 2020 The 2020 DBM Australian Financial Awards were presented in […]

Read More
February 10, 2020
DBM and Eyeota create peerless Digital Audiences for Financial Services Marketers

Eyeota, the leading audience technology platform enabling the intelligent use […]

Read More
February 3, 2020
DBM appoints Kipling Zubevich as new CEO

DBM has today appointed Kipling Zubevich as CEO, tasked with […]

Read More
January 21, 2020
A new year. A new decade. A new look.

It’s 2020, and we’re celebrating with a brand new logo. […]

Read More
December 17, 2019
DBM wins Australia/New Zealand Consultancy of the Year award

DBM are thrilled to announce being honoured at the Campaign […]

Read More
October 21, 2019
Sick of spiralling into more debt with Afterpay? Why not try 'beforepay'

There's a new kid on the block targeting millennials living […]

Read More
October 4, 2019
We signed up to 4 Aussie neobanks. Here's what happened

For all the media coverage, chatter and Twitter emojis, do […]

Read More
August 13, 2019
Australian business confidence slides to record lows

The Winter 2019 DBM In Full Focus report – an […]

Read More
April 17, 2019
DBM Financial Wellbeing Index reveals caution among Australians

The financial confidence of both the general public and businesses […]

Read More
April 8, 2019
Australian businesses rapidly losing confidence

The latest DBM In Full Focus report - an insight […]

Read More
March 20, 2019
Neobanks vs the Big banks - how real is the threat?

It’s no secret that 2018 was a tumultuous year for […]

Read More
February 28, 2019
DBM Australian Financial Awards 2019

The 2019 DBM Australian Financial Awards were presented in Sydney […]

Read More
February 7, 2019
Financial Inequality Declining in Australia

Findings from ME Bank's 15th bi-annual Household Financial Comfort report (HFCR), […]

Read More
December 11, 2018
Looking Beyond the Banking Royal Commission

Trust in Australia’s big banks is at an all-time low […]

Read More
November 16, 2018
Top Three Tips From a Woman in Research

I can easily cite the statistics on women in the […]

Read More
November 7, 2018
Alarming number of Australians intend to switch their Private Health Insurance

New findings show an estimated 220,000 Australians intend to switch […]

Read More
September 3, 2018
AMP Customer Crisis Deepens

Increasing numbers of superannuation customers are expressing their dissatisfaction with […]

Read More
August 10, 2018
AMP Suffering Significant Reputational Damage

AMP’s Net Promoter Score (NPS*) has plummeted 10 points since […]

Read More
August 1, 2018
Gen Z - Banking's Newest Battleground

According to the latest Consumer Atlas results, financial institutions separate […]

Read More
July 26, 2018
One In Two Australians Missing Out On Multi Policy Discounts

Research by DBM Consultants using Consumer ATLAS data reveals that […]

Read More
July 20, 2018
Overseas born Australian residents turning away from Big 4 banks

New results from DBM Consultants show that market share and […]

Read More
July 13, 2018
Fewer Australians Have Home Insurance

New findings from DBM Consultants’ Consumer Atlas reveal that fewer […]

Read More
July 5, 2018
Big 4 Reputation at "lowest level recorded"

Latest survey confirms damage done to Big 4 banks in […]

Read More
November 21, 2017
Up to $100 billion of owner occupied mortgages up for grabs as customers look for alternatives.

With the owner occupier mortgage market worth about $1 trillion, […]

Read More
November 20, 2017
Close to 350,000 Australians have Pet Insurance before Private Health Insurance

You might find this hard to believe, but a sizeable […]

Read More
October 3, 2017
Investor Property lender ratings vary widely across the nation

Investor property mortgages undergo high levels of scrutiny from the […]

Read More

Find Out More

Chat To Our Team
DBM logo_white
menu