The fund’s insurance contract was awarded to TAL after a competitive tender process, with TWUSuper saying TAL’s offering was “the most competitive against the key criteria” for selection.
“A priority for TWUSuper in reviewing its group insurance provider was to identify and partner with an insurer that has an aligned culture and demonstrates a long-term commitment to the market,” the fund said.
“Possession of a technical skill set in managing industry funds, leading claims management, strong support in other key services and affordable, yet sustainable, premiums for the fund’s membership were also key criteria.”
TWUSuper chief executive Frank Sandy said the fund had “enjoyed a positive relationship” with CommInsure, and appreciated the company’s support during that time.
“Changing service providers is never an easy decision to make, however the services TAL offered in supporting the TWUSuper members and assisting the fund to achieve its objectives were appealing and compelling. The change will deliver premium savings to members,” Mr Sandy said.
TWUSuper is the second superannuation fund that has not renewed its contract with CommInsure in recent months, with NGS Super switching to TAL in September.
Is Comminsure or TAL the winner here? I doubt group insurance has been profitable in recent years.