Trialling new healthcare initiatives are key for Southern Cross Health Society this year, says its CEO Nick Astwick. Speaking at the organisation’s AGM, Astwick said there is no question the society must continue to innovate.
“We want to challenge the way health services are provided to deliver better value and healthcare to members,” he said.
“This is the direction in which we need to go to ensure sustainability of the private health sector and to deliver the best value outcomes for our members.”
A spokesperson for the society, part of the Southern Cross group, says the new initiatives for 2021 include the previously announced CareHQ and Cancer Cover Plus.
The impact of Covid-19 saw the society receive more in premiums for the financial year than anticipated and pay out less in claims than expected. It returned $50 million to members in the form of premium credits.
The Health Society group reported a surplus of $32.4 million, and for every dollar received in premiums, it paid out an average of 85 cents in claims. Membership has grown for the fourth consecutive year to more than 879,000 (up 8,000 on 2019).
2020 Key Figures
- The Society comprised 62 per cent of New Zealand’s health insurance market and paid 72 per cent of all claims
- $443.1 million in net tangible assets
- Standard and Poor’s A+ credit rating retained for 18th consecutive year
- For every dollar paid in premiums, the Society returned 85 cents in claims to members
- Surplus: $32.4 million
- $50 million returned to members in premium rebates
See our story: New Cancer Cover from Southern Cross