The mandate was awarded by Energy Super, an industry super fund that manages $8 billion in assets on behalf of 47,000 members, according to a statement.
Commenting on the announcement, Gerard Kerr, head of OnePath proposition and group insurance, said it underlined the commitment of Zurich to the group market and the strength of its proposition as a local expert within a specialist global insurance group.
“Our strength in partnerships was recognised by Energy Super, in particular our approach to working alongside them to drive greater sustainability, efficiency and member engagement,” Mr Kerr said.
Energy Super chief executive Robyn Petrou said the profit-to-member fund continues to focus on innovation and partnerships of shared value as the fund expands its member base.
“We always put our members first, adapting and growing our products and services to meet their changing financial needs,” Ms Petrou said.
“We are the fund of choice for the energy industry, so our insurance offering has to be affordable, comprehensive and responsive to meet the needs of people who work in higher-risk occupations.
“While we are energy sector specialists, our consistently low fees and high returns attract members from all industries, from right across Australia. This means our insurance products need to be flexible enough to cater to workers in lower-risk occupations.”
Zurich Life and Investments CEO Tim Bailey said now that it is a large, multi-channel insurer, he believed it had the opportunity to become a leader in the group sector.
“Zurich is a major player in group cover at a global level, and we are investing extensively in this channel in Australia,” Mr Bailey said.
“So far the market response has been very positive, and we believe the strength of our local team and offering represents a strong platform from which to grow significantly and sustainably.”
Zurich went on risk for income protection policies from 5 September this year, with the group life policies to follow some time before 30 June 2020.
Why all of a sudden is Zurich launching themselves at Industry Funds and group Cover? Maybe they understand what is coming courtesy of FASEA and ASIC? Just a thought…
Does ASIC know this fund is solely Risk and premiums average $170,212 per annum….or is that just the average amount of life cover per member?
There is a difference between FUA and premium. This is an $8b super fund. It is not an “$8b group insurance mandate”