CommInsure has won two key mandates for the provision of risk insurance services to industry superannuation funds Care Super and Vision Super.
The insurer will provide death and total and permanent disablement (TPD) insurance for Vision Super's self-insured policies.
The mandate is an extension of CommInsure's existing partnership with Vision Super.
It also provides income protection to Vision Super's members and life events cover, which allows members to make changes to their TPD or income policies in the event of a marriage, mortgage or birth of a child.
Vision Super provided self-insurance for fund members for more than 40 years, but two years ago it started outsourcing its insurance services because the fund decided it needed to offer higher levels of cover and greater flexibility than the internal model could provide.
CommInsure was also recently reappointed by industry fund Care Super to insure its members for the next three years.
The group increased the levels of TPD cover for younger members of Care Super and reduced their death cover to address the issue of underinsurance and overinsurance in this age group.
The insurer also provided an automatic acceptance level for members linked to salary at the time of joining the fund.
This helps members obtain adequate insurance levels when entering the fund without having to take medical tests.
