The Insurance in Superannuation Working Group (ISWG) says it is identifying current weaknesses within the group insurance system in working to lift it to a higher standard.
The ISWG said in a statement its key priorities include improving cost impacts on account balances for consumers, including the right cover for young people, as well as addressing multiple default insurance policies.
Other priorities include providing better assistance to consumers during claims and improving superannuation fund member communications on insurance.
“Through the ISWG, industry bodies, in consultation with consumer groups, are building a reform framework and implementation plan to ensure that group insurance in superannuation remains accessible to all Australians,” the statement said.
As part of the reforms, the ISWG said a code of practice will lift super fund and registrable superannuation entity (RSE) licensee obligations to meet consumer needs and expectations.
Discussion papers on how to improve consumer outcomes in group insurance in super will be released in early 2017, the ISWG said.
The ISWG consists of Australia’s super bodies: the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), Industry Funds Forum (IFF) and Industry Super Australia (ISA).
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