An industry super fund has ended its 28-year long relationship with CommInsure, announcing that it will not be renewing its insurance partnership.
NGS Super says it appointed TAL following a limited tender for its insurance offering. The move comes as the fund’s longtime partnership with CommInsure reaches an end.
“We have enjoyed a strong relationship with CommInsure over a long period of time, and acknowledge the enormous contribution they have made to the fund and its members,” NGS Super chief executive Anthony Rodwell-Ball said in a statement issued late last week.
This is second fund in recent times to move on from CommInsure. In August, ifa reported that CareSuper will partner with MetLife once its existing contract with CommInsure expires at the end of this year.
NGS Super was one of nine CommInsure group insurance clients contacted by InvestorDaily in March in the wake of allegations of unethical claims handling by Fairfax Media and the ABC’s Four Corners.
NGS Super executive manager of customer Dascia Bennett told InvestorDaily at the time it was a “massive concern ... where you see behaviour that doesn’t meet the ethical standards and the philosophy of putting the member first”.
Last week, Ms Bennett confirmed to InvestorDaily that no NGS Super members were involved in the claims handling incidents raised by the ABC and Fairfax.
She said there was “no connection” between the allegations against CommInsure and NGS Super’s decision to switch to TAL.
NGS Super said its criteria for selecting an insurance partner included affordability for members, end to end services across underwriting and claims, innovation and technology strength, and cultural alignment and governance practices.
Mr Rodwell-Ball said the move to appoint TAL was part of a “wider strategic plan” to strengthen its insurance offering.
“Our goal is always to help members secure their financial futures. Insurance solutions play a significant role in achieving this,” he said.
“We believe that TAL, as one of Australia’s largest life insurers, has the expertise and capabilities to help us achieve this goal.
“We see a natural alignment with TAL to support our focus on digital and access channels for our members that ensures that we are delivering the best member experience possible.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Oct 2018ASIC reveals findings of CBA enforceable undertakingBy Adrian Flores
- 22 Oct 2018ARCO fund added to BT Panorama platformBy Adrian Flores
- 22 Oct 2018NAB well-placed to sell MLC wealth businessBy James Mitchell
- 22 Oct 2018CBA announces appointment of CFOBy Reporter
- 22 Oct 2018‘We’ve taken too long’ to fix advice problems: NABBy Adrian Flores
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- view all