Skiers hot for Flip's single-day injury cover

Insurtech Flip, a wholly owned subsidiary of HCF Life, has extended partnerships with Thredbo Resort and Mt Buller as demand grows for its single-day injury cover.

Snowsports make up 54% of Flip customers, with gym-goers and cyclists the next most popular customer activity segments. The insurtech has now arranged summer season partnerships as the snow season draws to a close, including a $2 Day Pass offer at Amy’s Great Ocean Road Gran Fondo last month.

“As our focus turns to the summer mountain biking season, we’re really excited to continue this partnership with Flip to help more people enjoy biking activities with added peace of mind,” Thredbo Marketing Manager Richie Carroll said.

HCF launched Flip last year in partnership with BCG Digital Ventures (BCGDV), part of The Boston Consulting Group. The on-demand injury insurance is available for as little as $6 a day.

CEO Kathleen Weaver says Flip is filling a market gap.

“Our switch on and switch off insurance allows our customers true peace of mind when pursuing sports and activities, from extreme adventure to going on your regular Saturday morning cycle,” she said.

There are two main cover options – a day pass for a single day of cover, or an “always on” subscription for ongoing protection costing $9 a week. It can be cancelled any time and has a “Boost” option to double the payout rates for $6 extra on any chosen day. There is no waiting period and no cancellation fee.

“Whether you break a leg skiing or tear a ligament getting out of the bath, we’ve got you covered,” Flip’s website says. “You might want cover for a day this week, and cover for the whole of next month, but no cover for the next 6 months. It’s all good – with Flip, the choice is all yours.”

Unlike health insurance, Flip says it just covers specific injuries caused by accidents and policyholders receive cash payouts directly to spend however they like.

“We’re the first Australian insurer offering insurance by the day and as a weekly subscription that you can turn on and off as needed, and you can double your cover amounts when you feel most likely to get an injury.”

The cover offers a payout of $20,000 for injuries where the loss is total and irreversible, such as permanent loss of arms and legs, and hearing and sight which can’t be corrected.

A payout of $2000 for surgery requiring admission to hospital and major dental treatment is covered while a payout of $200 covers sprains and strains, wounds requiring stitches or ongoing care, minor dental injuries, broken bones and dislocated joints that don’t require surgery. Policyholders must see a health professional to confirm the injury within 14 days of the accident.

Premiums for Flip cover are paid to HCF Life, which receives commission of 80% of HCF Life’s underwriting profit each year calculated as premiums less claims and expenses.

Motorcycling, dental injuries while eating or drinking and accidents outside Australia are not covered.

The offer has been expanded to include Australians visiting New Zealand and non-residents living in Australia, and Flip says its website has received 160,000 visits, and 4000 users have signed up for an account, around half aged under 30.

Flip was a finalist in the Finder Innovation Awards for Best Insurtech Innovation.