Innovation of the month: Accessible injury insurance



Innovation of the month is a chance for innovators to receive recognition for his or her innovations early on within the awards program. This month’s winning innovation goes to Flip, a recent insurtech business built specifically to supply injury insurance to roughly 50% of young Australians without medical health insurance.  

The market need was clear. Australians pay a few of the highest out-of-pocket medical costs on the planet, but despite this, over 50% of Australians do not need private medical health insurance, the vast majority of these being under the age of 35.  

Chris Borrett, Chief Officer at Flip says, “We began with a challenge to create an insurance proposition that might engage and be relevant for a younger demographic. Young consumers don’t take into consideration illness and typical chronic conditions, but they’re risk-takers, they do get injured, they’re underrepresented in having medical health insurance they usually typically have less disposable income to give you the chance to pay for unexpected treatments and follow-on expenses.  

We were naturally operating throughout the health and life insurance verticals as this offers the perfect strategy to leverage our corporate backer’s (HCF) privileged assets.”  

Flip has turned the insurance customer experience on its head, transforming it from a grudge purchase to a genuinely helpful, customer-centred product. The result: one among the world’s first episodic injury insurance products that customers can ‘activate and switch off’. For instance, a customer occurring a mountain bike ride or hike can switch Flip on for the day and unlock as much as $20,000 paid in money in the event that they get injured (and depending on the injury).  

Flip launched in October 2021 with a ‘Day Pass’ product, an ‘All the time On’ subscription product and a ‘boost’ function that permits subscribers to double their cover for chosen days. In spreading the word in regards to the product, they’ve actively tried to reset the insurance-consumer relationship.  

Borrett says, “The character of Flip cover is episodic, so we wish to have a relationship with customers whether or not they’re currently paying for canopy. We expect our customers to show their cover on and off repeatedly in a 12 months. So when the quilt is off, we proceed to interact. We’re running exclusive adventure-based competitions and inspiring customers to do more activities through deals and partner offers.” 

Along with direct customer engagement, Flip can also be exploring more embedded insurance models by partnering with mountain bike races, adventure races and other venues and events. Flip is backed by a not-for-profit that has made a commitment to tying the business model (specifically their loss ratio) to a charitable giveback scheme focussed on driving positive environmental impact. 

The sign-up experience is digital-enabled and quick. Members are capable of enroll and have cover start inside two minutes. The claims experience is not any less impressive, with 90%+ of claims approved inside 24 hours. Flip has also incorporated a free membership structure which is exclusive throughout the insurance space and fundamentally changes the standard acquisition and retention of shoppers. Chris Borrett adds, “One in every of the main pieces of feedback now we have received from customers up to now is the convenience of joining.” 

Flip remains to be recent available in the market, but is making waves for being the primary of its kind, a recent breed of insurtech firms seeking to offer young consumers a purpose-driven, relevant and reasonably priced product. 

The outcomes of this innovation are breaking through across a lot of topics: 

  • Perception: Helping to reposition insurance within the minds of young consumers, turning insurance into something relevant, connected and even cool. 
  • Non-traditional distribution channels: Influencers, sports events, charities, Instagram, etc.
  • Digital experience: >90% of claims have been approved inside 24 hrs and members can enroll in under 2 minutes. 
  • Insurance product innovation: A primary of its kind episodic insurance product from scratch and dropped at market in lower than 6-months. 

Looking forward, Flip plans to attach with consumers even further, and leverage on the helpful assets throughout the HCF group that permits rapid innovation and speed-to-market.  

Borrett says, “The common thread to our future strategy is a concentrate on young lively consumers and on continuing to construct insurance products that individuals love. Now we have a lot of recent improvements to our existing injury product that we will likely be launching in the subsequent few months, all of which can add additional value to our members. Along with injury product extension, we’re also starting to scope out recent products in adjoining spaces. We’re working with partners throughout the activity, adventure and sporting industries in order that we will educate younger consumers in regards to the value of insurance and offer cover when and where consumers most need it.”  

Innovation is as much about enabling technologies because it is about connecting to underserved markets. Flip is an inspiring example of each. Congratulations to Flip for his or her exciting innovation!  

Boris Plantier, Efma, Content Manager says, “We actually appreciated Flip Insurance’s offering and their modern way of approaching a distinct segment market with a distinct mindset from what we traditionally see in insurance. Their willingness to center the corporate around a selected community is the form of fresh idea we like to have fun within the Efma-Accenture Innovation in Insurance Awards and use to encourage others.” 


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