After a longstanding, 28 year relationship with its current insurer, CommInsure, the NGS Super Board of Directors has decided to appoint TAL as its new insurer effective 1 June 2017.
This decision was taken after a rigorous tender process in consultation with independent insurance and actuarial firms, Rice Warner and Sequential. Areas considered during this process included price, cultural alignment and philosophy, service standards for claims processing and underwriting and importantly, technological/digital strength. In short the Board looked for the best possible member services and products at the most affordable price in the best interest of all NGS Super members.
In line with recent requirements in the superannuation industry (SPS 250) funds are required to review their insurance offering regularly, to test the market to ensure insurance premiums are competitive and to design their insurance products in line with the fund’s member demographics and profile.
TAL is one of Australia’s largest insurers and is noted for its digital capability and multi channel service. Like NGS Super, TAL has a strong member focus and Brett Clark, Group CEO from TAL, said: “TAL is delighted to be partnering with NGS Super. Insurance provided through the superannuation system delivers enormous social benefit to the community. NGS Super and TAL share a common vision on the importance of insurance in superannuation to help Australians when they are going through difficult times and need us most”.
All NGS Super members will be receiving a Significant Event Notice in relation to the change of insurers with a personalised insurance statement which shows how individual cover and premiums will change. A brochure will also be provided which sets out details of the new terms, conditions and definitions. All claims relating to the period prior to 1 June 2017 will be assessed by the current insurer, CommInsure; claims relating to injury or accident post 1 June 2017 will be assessed by TAL.
NGS Super CEO, Anthony Rodwell-Ball, noted that the appointment of TAL will support the Fund’s plan for future growth and will coincide with the customer centric philosophy of NGS Super to provide a better member experience and enhance the insurance products offered. “Our goal is always to help members secure their financial futures. Insurance solutions play a significant role in achieving this. We believe that TAL, as one of Australia’s largest life insurers, has the expertise and capabilities to help us achieve this goal,” Rodwell-Ball said.
Insurance provided through super funds is a genuine member benefit as the Trustee is able to negotiate wholesale rates for fund members. NGS Super provides automatic cover for eligible members for income protection (five year payment period), death cover, terminal illness cover and total and permanent disability cover. Universal coverage through superannuation has contributed significantly to reducing Australia’s under insurance problem. Thousands of individuals and families have benefited from the provision of insurance in times of accident, illness and death.
NGS Super looks forward to working with TAL to provide world-class insurance to fund members and their loved ones.