LGIASuper ended its seven-year partnership with OnePath following a competitive bid process. Its new life insurance contract with TAL will take effect from 1 July.
LGIAsuper chief executive Kate Farrar said members will continue to benefit from sustainable products and competitive insurance premiums.
“We expect the transition will have very little impact on members’ accounts in the short term, but there are excellent opportunities to improve our insurance offering once the new insurer is in place,” Ms Farrar said.
“Our members are our key driver and we firmly believe the new contract with TAL will help us to deliver better coverage, more convenient services and an enhanced member experience.
“For instance, LGIAsuper members will have access to new digital tools, including an insurance needs calculator, to help them understand how much cover they might need across life stages.”
TAL group chief executive and managing director Brett Clark said it looks forward to working with LGIAsuper to provide life insurance solutions to members.
“Life insurance through superannuation is in the spotlight, however the superannuation model provides outstanding value for members,” Mr Clark said.
“We look forward to working with LGIAsuper to provide tailored, value for money insurance solutions and supporting their members when they need us most.”
OnePath will continue to service LGIAsuper members until the end of this financial year.
HMMM So Zurich, as new owner of One Path, wants to restrict exposure to Group Cover and underbid. TAL has just signed REST. Could be interesting times when Shorten cancels super tax deductions for “supported employees” and the industry funds nobble partial rollovers to pay risk premiums. Stand by to repel boarders !