AMP has appointed TAL as its new default and retail insurance provider for AMP Superannuation Fund members, who will be transitioned over to TAL in the second quarter of 2024.
According to AMP, the move was central to members’ “best financial interests”, with the decision following an extensive selection process.
“Insurance is vitally important to our members and working with our trustee, we’ve conducted a comprehensive tender process to find the best insurance offer in the market,” commented AMP general manager, master trust, David Clark.
“We’re now delighted to announce this new partnership with TAL, which we believe for our members is the leading insurance offer available,” Mr Clark said.
Namely, members will receive access to TAL’s health and wellbeing program, rewards, return to work rehab services, early intervention, and mental health support.
Member benefits will also encompass TAL’s digital solutions and claims support services.
“Our members will benefit by way of insurance pricing reductions along with the introduction of digital capability that will empower them with access to online quote calculators, underwriting, and claims lodgement and tracking,” Mr Clark added.
Commenting on the appointment, TAL’s group life and retirement chief executive, Jenny Oliver, said the insurer is “delighted to extend our partnership with AMP”.
“Life insurance plays a special role in our community, providing financial security for super fund members and their families – protecting them when they need it most,” Ms Oliver explained.
As such, she said that TAL hopes to enlighten super fund members to the value that insurance provides at every stage of life.
“Our focus continues to place members’ needs at the centre of our thinking so we can deliver leading products and experiences – from simple and seamless digital end-to-end experiences that make it easier and faster for members to engage with their life insurance or make a claim, to providing comprehensive health, rehabilitation, and wellbeing services.”
“Together with AMP, we are excited by the opportunity to uplift the life insurance experience for more than 270,000 Australians,” Ms Oliver concluded.
In TAL’s last financial year, the firm reported a total of $3.5 billion paid-out claims to more than 45,000 customers.
Gotta feel a little sorry for Resolution Life. Raised in the gentlemanly world of UK finance. Not aware that in Australia, financial services companies are bushrangers and will try anything until they are caught out.
Sold a pup by AMP and to be truthful, probably didn’t do due diligence on how “sticky” was the risk business with the NMLA and AMP super trustees. It’s all gone to TAL, who are definitely now the monster in the group super business
But the pain is now being shared by all those advisers who purchased AMP super books in which there was a lot of risk cover attached. TAL have announced today that all that renewal commission has just ceased. GONSKI !
Payed big prices for something now worthless in ongoing revenue terms. Standby to watch that risk business being moved elsewhere where possible