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Medibank Private increase profits while premiums remain low

Medibank Private has recorded a handy profit for the half year, up $245 million at a 5.9% increase.

The company has committed to introducing a loyalty bonus for their customers.

CEO of Medibank Private, Craig Drummond, joins Ross Greenwood.

“Two pieces of feedback we get from our customers consistently… one is affordability issues and cost of living issues and second [is] that historically health insurers haven’t fully recognised we’ve got a lot of loyal members.

“We are introducing a loyalty scheme and that will include a $20 million payment in kind…providing additional services for our tenured customers.”

Mr Drummond also tells Ross customers should have regular discussions with their insurers to determine what they’re covered for.

“Don’t wait until you need a procedure, have a regular conversation with us about exactly what you’re covered for.”

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