HCF Market Research Report
Company Overview
Name
The Hospitals Contribution Fund of Australia Limited (HCF)
Mission of the Company
As Australia's largest not-for-profit health fund, the mission of HCF is to provide great value health insurance, focusing on supporting members' health rather than generating profit for shareholders.
Founding Details
HCF was founded in 1932.
Key People
Medical Advisory Panel:
- Dr Katherine Benson
- Professor Luke Bereznicki
- Dr Andrew Booker
- Professor Rachelle Buchbinder AO
- Professor Anand Ganesan
- Professor John Grigg
- Professor Ken Hillman AO
- Professor Tom Hugh
- Dr Auriel Jameson
- Associate Professor Larry Kalish
- Dr Phillip Katelaris
- Associate Professor Winston Liauw
- Professor Kei Lui
- Dr Mike Millard
- Associate Professor Jill Newby
- Professor Richard Page
Headquarters
Sydney, Australia
Number of Employees
No information is available
Revenue
No information is available
What is the Company Known For
HCF is known for being Australia's largest not-for-profit health fund, providing various insurance covers including health, life, travel, pet, home & contents, and car insurance. They are also noted for their unique member-focused approach, offering products and services that put members' health and wellbeing first.
Products
Health Insurance
HCF offers a range of health insurance cover options:
- Hospital Cover: Protection for in-hospital medical services.
- Extras Cover: Benefits that cover services like dental, optical, physiotherapy, and more.
- Ambulance Cover: Emergency and non-emergency ambulance fees.
- Overseas Visitor Cover: Health cover tailored for international visitors.
Life & Recover Cover
- Life Protect Insurance: Offers a lump sum benefit if the insured passes away or is diagnosed with a terminal illness.
- Income Protect Insurance: Helps cover the bills while the insured is unable to work due to sickness or injury.
- Critical Illness Cover: Financial support to deal with the impact of serious illness.
- Personal Accident Insurance: Flexible financial help during recovery from an injury.
- Kids’ Accident Cover: Helps cover unexpected costs associated with childhood injuries.
- Cash Back Cover: Cash payments during recovery from illness or injury.
Travel Insurance
Comprehensive travel insurance options are available, including overseas and domestic trip covers.
Pet Insurance
Provides protection for pets, covering veterinary expenses and other related costs. HCF members can save up to 15% on pet insurance.
Home & Contents Insurance
Protection for home and belongings, in partnership with Allianz.
Car Insurance
Motor insurance products in partnership with Allianz.
Recent Developments
New Products Launched
- Home and Motor Insurance: HCF expanded its insurance offerings to include comprehensive home and motor insurance products in partnership with Allianz.
New Features Added
- Flip: Launched Australia's first on-demand injury cover, providing flexible and quick financial help without waiting periods or lock-in contracts.
- Enhanced Heart and Skin Checks: Free preventive health checks for heart and skin, as well as mental health services for eligible members.
- Telehealth Services: Expansion to include telehealth services for extras like physio, dietetics, birthing classes, occupational therapy, and speech pathology from HCF recognized providers.
New Partnerships
- Royal Flying Doctor Service: Partnered to support healthcare access and outcomes in rural and remote communities.
- The Smith Family: Committed to improving education and long-term health outcomes by sponsoring 1,500 young students.
- Netball Australia: National partnership to promote health and wellbeing through sport.
Other Notable Initiatives
- COVID-19 Response: Provided over $536 million in total COVID-19 member benefits, including premium relief, premium freezes, and cash givebacks.
- HCF Research Foundation: Continues to fund innovative healthcare research projects, such as trials for preventing chronic back pain and enhancing treatment for heart failure in regional areas.
- Value Ads Campaign: New advertising campaign showcasing real HCF member stories.
Conclusion
HCF remains committed to its core value of putting members' health first by providing comprehensive and flexible insurance products, investing in healthcare innovation, and forging strategic partnerships to enhance health access and outcomes.
