Skip to Content

Better premiums leading reason for policy switching

5 August 2011 - 2:01pm

The pursuit of a better deal is cited as the number one reason why customers switch health insurance.

According to figures reported in Telstra's Mobile Innovation Report (July 2011), 51.4 per cent of customers said they would switch policies if they could find a better premium.

Cost was the number one reason across all age groups, highlighting the growing financially-cautious consumer behaviour of Australians.

Being offered a better policy was the second highest reason for switching health insurance providers.

The clear message is that consumers are more cost-conscious than ever before.

A number of factors have led to Australians tightening their household budgets, including inflation of food prices, the carbon tax scheme and global economic uncertainty.

The effect has been seen in recent drops in retail sales as Australians move away from spending and focus on saving.

However, unlike the retail sector, health insurance is a necessary item and something that many don't want to risk going without.

A simple health insurance comparison may be all that is needed to find a much needed monthly saving that doesn't sacrifice coverage.

An insurance broker can help inform families, couple and singles about the insurance options available to them.