Health insurer Medibank has reported its analytics investments saw its customer interactions rise significantly over the half, as customers increasingly switch to digital channels.
Medibank CEO David Koczkar said in the company’s 2022 half year result technology investments have proven rewarding as “more customers are choosing to use our digital channels”.
“Our recent platform investments are paying off, with our leading analytics capability driving a 50 percent increase in the number of AI enabled customer interactions in the last six months,” Koczkar said.
“As a result that customer advocacy milestone is in great shape and is well above our benchmark for the half.”
Koczkar said Medibank “will pursue opportunities in targeted high growth markets” to build integrated care solutions across virtual health, primary and community care and short stay settings.
Koczkar added the company is “clear” on how and “who we will partner with and we will continue to remain disciplined in our expansion in health.”
“Our customers are increasingly choosing to engage with our products and services through digital channels and we're enhancing their experience to be more intuitive, seamless and personalised to meet their needs.
“Our My Medibank app is playing a greater role in supporting our customer’s health and our recent platform investments are paying off with our leading analytics capability.
Koczkar added the company’s Better Minds hub and app, aimed at assisting with mental wellbeing, launched in August and has “seen more than 60,000 downloads and visits so far”.
“In addition, we will soon pilot a new virtual psychology clinic, working with MyHealth as well as Medinet a leading digital platform.
“The virtual psychology clinic aims to give people a convenient way to access mental health support and this virtual clinic could also have future applications more broadly in allied health.”
Over the half Medibank in partnership with not-for-profit Calvary Health also expanded its SA-based home health service, My Home Hospital, to launch a virtual care call centre platform.
My Home Hospital was announced in January 2021, to enable home-based healthcare as a response to Covid-19.
Moving forward Medibank plans part of the company’s key prioritises is investing in technology, digitisation and analytics.
Medibank’s management expenses were down 0.7 percent to $249.1 million as a result of its ongoing budget control and productivity agenda.
Within operating expenses, Medibank reported $7 million savings as a result of its productivity agenda through enhanced processes, increased use of digital channels plus flexible working, and it expects to deliver $15 million by the 2022 financial year.
Medibank reported its group net profit after tax came in at $220.2 million, down 2.7 percent while group operating profit rose 12.3 percent to $286.5 million.
Medibank also paid a total of $2.9 billion in claims.
Forrester Technology & Innovation APAC 2023
