On-demand insurance that pays $ 2,000 for a broken arm

Insurtech Flip is shaking up Australia’s insurance industry with the country’s first on-demand injury coverage.

HCF-backed start-up doesn’t work like a traditional health or life insurance policy – people only need to pay for coverage when they feel they are at risk of injury .

Another type of injury coverage

There are two main coverage options – one Day pass at $ 6 for a single day of protection, or a current “Always On” subscription for $ 9 per week. There is no waiting period or cancellation fee, and there are only ever three payment amounts.

“[W]e tried to keep the payment structure as simple as possible, ”said Co-Managing Director Kathleen Weaver. “There are three levels: $ 200, $ 2,000, $ 20,000.

Both options come with a “Boost” option that doubles the payout rate and costs an additional $ 6 per day.

“The $ 200 level is for minor injuries,” says Weaver. This can include soft tissue, muscle strains, sprains, and teeth. If you had to take out hospitalization insurance, you would generally not be able to claim this type of injury.

“The $ 2,000 is for when you need surgery and a hospital admission. So that and the big dental stuff.” This can include treatments such as crowns and bridges, implants, dentures, splints, or root canal treatment.

The $ 20,000 is for “when something really bad happens,” says Weaver – for example, permanent loss of hearing, sight or use of limbs.

Kathleen Weaver and Chris Borrett

“You can use the money to do whatever you want.”

“We’ve really tried to cover the most relevant injuries and activities that other insurers don’t necessarily cover right now,” Weaver added.

“There’s no complicated claims and refunds – show up to your physio with your membership card and a HICAPS machine and just guess what you might have to pay or claim,” Weaver explained. “You can use the money to do whatever you want.”

It is important to note that Flip clients also do not need to be treated in a private hospital to be covered.

So maybe it’s physiotherapy as part of your rehabilitation or maybe you need a new bike because of your injury, ”says Weaver.

However, it can also be used for a private stay in a hospital; for example, it can be used to pay for a private surgeon.

Who is Flip for?

Most Australians can purchase a policy from Flip; it can cover paragliding, hang gliding, BMX, boxing and horse riding as well as gym and other sports fans like soccer.

However, Weaver says there are some situations where the $ 6 pass can be particularly useful – such as if you “are climbing a new site or diving for the first time.”

“Otherwise, there’s the ‘Always On’ weekly subscription, which costs $ 9.” said Weaver. “And maybe that’s for people who are generally more active – cycle to work, surf, run.”

“The motorbike is the big deal right now, we don’t cover it.”

However, not all activities are covered. “The motorcycle is the big deal right now that we don’t cover. It freaked actuaries a little too much at this early stage, but we’re still looking to reduce exclusions because it’s something people hate. . “

In addition, “We do not cover accidents if they happen in the course of your paid employment. So people like Uber drivers, delivery people, are not covered at this time.”

“If anything looks a bit vague they will follow”

To prevent customers from purchasing coverage after being injured, Weaver says, “We have pretty good claims investigation processes.

Our complaints team is excellent at investigating when complaints arise and following up on all evidence.

But there are people who follow in the background to make sure that if something looks a little vague, they will follow, ”says Weaver.

“Injuries are no fun.”

That doesn’t mean you won’t be covered if you do something unsafe.

“If you are rock climbing at night in the rain, yes we will cover you. If you are paragliding during a thunderstorm, yes. We will cover you as well,” Weaver said, adding, “Please be be careful though.Injuries aren’t fun.Do things legally.

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