Superannuation fund QSuper will open up its own insurance company, aimed at offering more tailored and flexible insurance cover for its members.
According to a statement, QInsure will operate as a separate company within the QSuper group from 1 July, and will meet the death, total and permanent disability, and income protection needs of its members.
The move is in response to changes to federal legislation, requiring all super funds to have their insurance placed with registered life companies from 1 July.
QSuper chief executive Michael Pennisi said the enhanced insurance offering would enable members to personalise their cover to suit their individual circumstances.
"We became concerned that some of our members, for example, police and emergency services workers, wouldn't be able to access appropriate insurance cover," Mr Pennisi said.
"These people perform some of the toughest jobs in the community, and we want to be able to help them create insurance cover that works for them, that they can also change as their life changes."
Mr Pennisi said the establishment of QInsure would enable QSuper to focus on delivering the best possible solutions for members in the future.
"We want to be able to look after our members through the whole claims experience," he said.
"Based on our analysis, creating QInsure was the best solution for our members and is an example of QSuper leveraging its scale to enhance the benefits it provides."
FASEA has come under scrutiny from a parliamentary committee for its treatment o...
ASIC must overhaul the way it engages with advisers to focus on proactive educat...
ASIC needs to work harder and more efficiently if it wants to reduce fees and im...