Industry fund Maritime Super has appointed MLC Life Insurance as its new group insurer following an extensive tender process.
Effective from 1 July 2019, MLC Life Insurance will provide Maritime Super’s members with cover for death, total and permanent disablement, as well as income protection.
Maritime Super is the largest industry fund for maritime workers and is one of Australia’s longest-running super funds. The fund has more than 27,000 members, mainly from the seafaring and stevedoring industries, and has almost $6 billion in funds under management.
“We are excited to partner with MLC Life Insurance to provide insurance cover to our members,” Maritime Super CEO Peter Robinson said. “Their ability to provide tailored service propositions that meet the specific needs of our members, combined with their commitment to innovation and technology, was a key reason for making this decision.”
Sean McCormack, chief of group and retail partners, MLC Life Insurance, said MLC’s strong passion for supporting members aligns well with the fund’s values.
“We feel privileged to be given the honour of looking after Maritime Super members. It another important step towards our ambition to become Australia’s leading and most trusted life insurer,” he said. “The deal is also an important sign of our growing strength in the group insurance market,” he said.
“As a member of the Nippon Life Group of companies, we’re investing significantly in our people, processes and technology, deploying over $500 million investment to better serve our funds, their employers and members, as well as advisers and customers. LifeView, for example, provides us with a digital capability that gives trustees a genuine point of difference for fund members’ insurance needs. We are excited that Maritime Super’s members will benefit from this."
MLC Life Insurance currently provides group insurance for MLC Super, Energy Super, Vision Super and Qantas Super.
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