Category Healthcare
SUB CATEGORIES General  |  HIV |  Medical Schemes | 

Bonitas Embraces High Growth in Member Numbers

15 April 2009 Bonitas Medical Fund
Bafana Nkosi

Bafana Nkosi

Bonitas Medical Fund, the second largest open Medical Fund in South Africa has grown its market share to include 8,4% of the 7.5-m people that are currently covered by medical aid. This effectively encompasses a year on year growth figure of 28 500 new members from March 2008 to March 2009.

This follows the recently announced deployments of Bonitas Medical Aid options at several blue chip companies.

Bafana Nkosi (pictured), principal member says that this vote of public confidence effectively places Bonitas as a trusted medical insurance provider; one that people recognise as a reliable provider of quality products at affordable rates.

Bonitas has been in operation since 1982 and was initially deployed as a medical insurance service aimed specifically at black civil servants. The company has solidified its current position - one where it is able to service a broader customer base and can officially state that less than 25 percent of its members are government employees.

“Our mandate over the last 27 years has remained steadfast – to be recognised for the quality of our service offering, the reliability of our commitment to patient care and longevity and, as a result, our ability to retain members on a long term basis.”

Nkosi says that having blue chip clients in the telecoms, mining and financial services sectors on board only serves to reinforce the notion that Bonitas’ growth strategy is working.

“Bonitas has managed to develop a range of products that remain competitive while offering value to its clients despite a highly inflationary environment and economic uncertainty,” he says.

“Affordability and accessibility have always been the main barriers to growing a fund and so these are our main driving factors when considering benefit design and strategy. The more accessible and affordable our solutions, the more members we'll be able to attract and retain.”

By law, medical aid schemes should hold reserves equivalent to 25 percent of total gross annual contributions – as one of the only large medical open schemes to retain a stable 48 percent solvency level, Bonitas holds over R2-billion in reserve.

This effectively means members can feel assured that there are more than enough funds in reserve to ensure long term financial stability, even in trying financial times.

“I feel we've experienced our recent success for a variety of reasons, not least of which is the targeted comprehensive range of options we offer every type of medical aid user in South Africa - from the executive to the factory worker,” concludes Nkosi. “At Bonitas, it's simply good business, from start to finish, without the fluff.”

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