The four companies which led the list for highest brand recall in a recent study into the marketing effectiveness of health insurance providers were still in the top four by the time consumers reached the stage of shortlisting for further consideration, albeit the ranking changed.
Consumers were asked if they could identify (unprompted) companies that provided health insurance services. Out of over 45 named, Medibank Private was the top provider in terms of brand recall having been included in 88% of responses, followed by Bupa (67%), NIB (46%) and HCF (34%).
After going through their online research process, consumers would include Bupa, NIB, Medibank Private and HCF in that order to place on their shortlist.
Looking at the customer ‘discovery’ process, what emerged was that high brand awareness in terms of health insurance was directly correlated to being shortlisted and finally preferred.
There were some examples of companies showing a high awareness rate, but in the shortlisting and final preference phases these providers were quite ineffective. Latrobe Health and Frank Health Insurance were just the opposite with a disappointing result in brand awareness but ending up achieving solid results in the subsequent stages.
In addition to researching the companies that consumers prefer, the study was aimed at gathering a better understanding on how consumers use the internet to conduct their research for health insurance providers. Comparison websites were the most popular type of websites used by participants when looking for health insurance, followed by provider websites and search engines.
More than nine participants out of ten confirmed that they would do at least half of their research exclusively online. More than two thirds of participants said that they would spend up to 4 hours researching before applying for health insurance, while a total of 68% would spread their research for a suitable provider throughout a period of 7 days.
The next run of this data will occur in September 2013 .
For more information on purchasing this report, please contact:
T: +61 3 9982 3412
M: +61 409 054 641