GMHBA Limited Industry Overview and Company Profile

GMHBA Limited is a not-for-profit health insurer that has been serving the community for over 60 years. It was established in 1959 and has since grown to become one of the largest health insurers in Australia.

GMHBA Limited is headquartered in Geelong, Victoria, and has a strong presence in regional Australia. It offers a range of health insurance products to individuals, families, and businesses.

GMHBA Limited has a history of innovation and has introduced several first-to-market health insurance products, including its popular Overseas Visitors Health Cover. This product was designed specifically for international students and migrant workers who require health insurance while living in Australia.

GMHBA Limited's performance on complaints is impressive, with only 1.9% of all complaints compared to its 2.2% market share.

The insurer's member retention rate for hospital cover is 78.9%, slightly lower than the industry average of 86.5%.

GMHBA Limited's management expenses as a percentage of contribution income are 11.9%, slightly higher than the industry average of 10.8%.

Here's a breakdown of the insurer's performance on various factors:

The insurer's performance on covering hospital-related charges varies across states, with the highest coverage in Victoria at 90.6% and the lowest in the Northern Territory at 74.6%.

Gmhba limited has 201 - 500 employees. This is a relatively small to medium-sized company.

A company of this size is well-positioned to be agile and responsive to changing market conditions.

Many small to medium-sized companies, like Gmhba limited, have a flat organizational structure which can facilitate quick decision-making.

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The performance of health insurers can vary significantly, and it's essential to understand their strengths and weaknesses.

According to the data, this health insurer has a relatively low number of complaints compared to its market share, with only 1.9% of complaints out of 2.2% market share.

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Their member retention rate for hospital cover is 78.9%, which is lower than the industry average of 86.5%. This suggests that some members may be switching to other insurers.

The benefits paid by this insurer as a percentage of contributions are also lower than the industry average, at 78.9% compared to 81.1%. This means that members may not be getting the full value of their premiums.

Management expenses as a percentage of contribution income are relatively high, at 11.9%, compared to the industry average of 10.8%. This could indicate that the insurer is not being as efficient as it could be.

Here's a summary of the key performance metrics:

GMHBA Limited operates in the Insurance industry. This classification gives us a clear understanding of the company's primary focus.

The NAICS codes for GMHBA Limited are 524, 52, 52411, 524114, and 5241. These codes provide a more detailed classification of the company's industry.

The SIC codes for GMHBA Limited are 632 and 63. These codes offer another way to categorize the company's industry, highlighting its specific classification within the insurance sector.

Some health funds have agreements with private hospitals or day surgeries to provide services at low or no out-of-pocket costs.

These agreements can be a great option for people who need medical treatment but want to minimize their expenses.

You can check if your health fund has an agreement with a particular hospital by looking for it on your fund's website or by contacting them directly.

Some health funds have a list of Agreement Hospitals that you can access online or through their customer service.

In Victoria, Australia, you'll find the headquarters of GMHBA Limited.

The headquarters of GMHBA Limited is in Victoria, Australia.

GMHBA Limited has a presence in Australia, with its headquarters located there.

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The SIC code is a system used to classify businesses and industries. It's a way to organize and categorize different types of companies based on their activities and operations.

GMHBA Limited, for example, has a SIC code of 632 and 63. This code helps identify the company's primary and secondary activities.

Businesses use SIC codes to communicate with government agencies, regulatory bodies, and other organizations. It's a standard way to classify industries and businesses.

In some cases, a business may have multiple SIC codes depending on its activities and operations.

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The NAICS code is a crucial identifier for businesses, and understanding what it is can help you navigate industry classifications.

The NAICS code is a six-digit code assigned to businesses by the US Census Bureau.

It's used to categorize businesses by their type of activity, such as health insurance, insurance carriers, or insurance agencies.

GMHBA Limited has a NAICS code of 524, 52, 52411, 524114, and 5241.

These codes provide a framework for businesses to be classified and compared across different industries.

The NAICS code is essential for businesses, as it helps them comply with regulations, secure funding, and make informed decisions.

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Insurance is a vital part of many industries, providing financial protection against unexpected events or losses. It's a contract between two parties, the insurer and the insured, where the insurer agrees to pay for damages or losses in exchange for a premium.

The insurance industry is classified into two main categories: property and casualty, and life insurance. Property and casualty insurance covers damages to physical assets, such as buildings and vehicles, while life insurance provides financial support to beneficiaries in the event of the policyholder's death.

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Insurance policies can be tailored to specific industries, such as aviation, which requires specialized coverage for aircraft and pilot liability. In the event of an accident, the insurance policy would cover the costs of damages and medical expenses.

Insurance policies typically include a deductible, which is the amount the policyholder must pay out-of-pocket before the insurance kicks in. This can range from a few hundred to several thousand dollars, depending on the policy and the industry.

Insurance companies use actuarial tables to determine the likelihood of a claim being made and the associated costs. This helps them set premiums that are fair and competitive, while also ensuring they can cover the costs of claims.

Insurance policies can be purchased individually or as part of a group, such as a business or organization. Group policies often offer lower premiums due to the larger pool of policyholders.

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GMHBA Limited is a not-for-profit health fund that has been operating for over 60 years. With a membership of over 900,000 people, it's one of the largest health funds in Australia.

GMHBA Limited has a strong financial position, with a net surplus of $34.7 million in 2020. This surplus is a testament to the fund's efficient management and commitment to providing quality healthcare services.

As a not-for-profit health fund, GMHBA Limited is required to report its financial performance to the Australian Prudential Regulation Authority (APRA). The fund's annual report provides a detailed breakdown of its financial activities, including its income, expenses, and surplus.

NIB made a $140 million takeover offer to GMHBA members in October 2010.

This offer was initially rejected by the GMHBA board, who refused to enter into discussions.

NIB's offer would have given members an average of $1500 tax free, with some receiving as much as $6500.

The company had listed on the stock exchange in 2007, becoming Australia's first health fund to demutualise.

NIB's chief Mark Fitzgibbon admitted that the company's sponsorship of the Geelong Football Club was part of a long-term strategy to win support of Geelong locals.

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NIB's offer was later increased to $161 million, and then to $180 million, before it was withdrawn in December 2010.

The GMHBA board still refused to consider the offer, prompting NIB to withdraw their bid.

Here are some key figures involved in the takeover bid:

Revenue is a key financial metric that shows how much money a company is making. Gmhba limited's revenue is a significant figure, ranging from 501m to 1b.

Having a clear understanding of revenue is essential for investors, business owners, and anyone interested in a company's financial health.

A revenue of 501m to 1b indicates a substantial business operation.

At GMHBA Limited, leadership is about empowering employees to make a difference. The company's leadership team is dedicated to fostering a culture of innovation and collaboration.

GMHBA Limited has a strong commitment to diversity and inclusion, with a focus on creating a workplace where everyone feels valued and respected. This approach has helped the company attract and retain top talent.

By investing in its employees, GMHBA Limited has seen significant growth and success, with a strong reputation in the industry.

Employee Count at GMHBA Limited is around 251 to 500 people, which is a relatively large team.

GMHBA Limited has a more specific employee count, with 254 people employed at the company.

Having a clear understanding of the employee count can help with planning and decision-making, especially when it comes to resource allocation and staffing needs.

The employee count at GMHBA Limited falls within the 251-500 range, which suggests a moderate to large-sized organization.

In this case, the employee count is a specific number, 254, which can be useful for more detailed planning and analysis.

Wes Self is the COO of GMHBA Limited, showing that even in leadership roles, there are clear lines of authority and defined job titles.

Understanding who holds these roles is crucial for effective team management and communication.

Wes Self's position as COO highlights the importance of having a well-structured organizational hierarchy.

Clear job titles and roles help prevent confusion and overlapping responsibilities, allowing teams to work more efficiently.

GMHBA Limited operates in the Investment Management industry, alongside other companies that share similar characteristics.

Companies like GMHBA Limited offer various products, making them a good match for those looking for similar services.

All of these companies can be researched further, providing an Overview with employee email addresses.

If you're looking for companies similar to GMHBA Limited, you'll find them in the Investment Management industry.

Companies like GMHBA Limited operate in various products, making it easy to pick one and get an overview of their business.

All of these companies have employees with email addresses, which can be a valuable resource for learning more about their operations.

You can explore companies similar to GMHBA Limited, such as those listed, and gain insight into their employee base.

I'm glad you asked about my specialties. I'm a jack-of-all-trades, but I'd say my areas of expertise are private health insurance, hospital cover, and extras cover. I'm also well-versed in hospital & extras cover, eye care, dental care, and primary care. These are just a few of the many services I can provide, but they're some of my favorites.

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One thing I've noticed is that many people need help with hospital cover, which is why I'm happy to provide information and guidance on this topic. Hospital cover is a crucial part of staying healthy, and I'm here to help you navigate the process.

I've also worked with clients who need help with extras cover, which is a great way to get additional health benefits beyond what's covered by your hospital cover. Extras cover can include things like dental care, eye care, and more. It's a great way to take care of your overall health and wellbeing.

In my experience, people often get confused about the difference between hospital cover and extras cover. But the truth is, they're both important and can work together to give you the best possible health outcomes.

GMHBA Limited operates in the Insurance industry. This is a significant area where many people rely on insurance policies for financial protection and peace of mind.

The company's primary focus is on providing insurance services to its clients. GMHBA Limited's involvement in the Insurance industry is a testament to its commitment to helping people navigate life's uncertainties.

GMHBA Limited's Industry type is actually Investment Management, which might seem contradictory to its primary focus on insurance. However, this dual nature is likely a strategic move to diversify its services and stay competitive in the market.

GMHBA has been serving the community since 1934, and today it's Australia's leading regionally based private health insurer.

With almost 90 years of experience, GMHBA has developed a personalized approach to health insurance, focusing on the health and wellbeing of its members and communities.

GMHBA covers over 328,000 Australians through two distinct brands: GMHBA Health Insurance and Frank Health Insurance.

The company's philosophy, Healthier Together, guides its approach, prioritizing the needs of its members in every decision.

GMHBA Limited operates in the Insurance industry, which is a significant sector in the global economy.

The industry type of GMHBA Limited is Investment Management, a specialized field within the broader financial services industry.

Gmhba limited operates in the Insurance industry, which is a critical component of the global financial system.

Investment Management is a key aspect of GMHBA Limited's operations, requiring a deep understanding of financial markets and instruments.