Flip is a new insurtech business that was built in 2021 as a corporate venture by the not for profit insurance giant HCF.
We set out to build an injury insurance business for the 50%+ of Australians that do not have private health insurance and who are disengaged, confused and tired with the traditional insurance players.
Young Aussies are underinsured and face large unexpected out of pocket expenses if and when they have accidents that require medical support or which have knock on cost impacts to their lives.
But the new generation of consumers want the products they buy to be relevant, easy and consistent with their values.
Relevance: Why should consumers pay for insurance when they don't feel they need it or at times when they feel at low risk?
Easy: Why should consumers have to read through pages of dull PDS documents and exclusion lists to figure out what they can and can not claim for?
Value driven: Why should consumers feel like insurance is a grudge purchase and feel a distrust towards insurance companies?
Flip is changing all of this!
At Flip, we have created one of the worlds first episodic injury insurance products that consumers can 'switch on and switch off'. Going on a mountain bike ride? Switch Flip on for the day and unlock up to $20,000 paid in cash if you get injured (and depending on the injury of course!)
Flip launched in October 2021 with a 'Day Pass' product, an 'Always On' subscription product and a 'boost' function that allows subscribers to double their cover for selected days.
This changes the relationship between insurance and consumers. Instead of the traditional 'set and forget' relationship, Flip is engaging consumers through their activities and adventures.
Flip is about more than just selling insurance. We want our members to do more of the things they love! So we are partnering with racing events, triathlons, climbing gyms. We build content to help people learn about new skills and activities and we sponsor ambassadors who compete at the top of their adventure fuelled fields.
Consumers can sign up to a free flip membership which allows them to access exclusive content, competitions and of course, the ability to activate cover whenever required. Note that when someone switches off cover, they have not churned as they might turn on cover again the next day. This fundamentally changes the acquisition funnel of insurance and the definitions of traditional metrics such as churn and retention.
As if that is not enough, don't forget we are backed by a not for profit. So we are proud to be purpose driven. Our members are adventure enthusiasts who appreciate the outdoors, and we are too. So much so that we have made a commitment to tying our business model, specifically our loss ratio, to a charitable giveback scheme focussed on driving positive environmental impact.
Flip hit the news in November 2021 for entering the market as a completely unique and innovative new player in the insurance landscape.