VicSuper has appointed MetLife as its new group insurer, ending a 24-year relationship with AMP.
The $19 billion industry fund VicSuper has selected MetLife as its new group insurer, displacing AMP.
The appointment follows a tender process that involved Metlife, AMP and four other insurance companies.
VicSuper chief executive Michael Dundon said MetLife stood out as the best insurer to meet the super funds "current needs".
"Their customer-centric focus will allow us to continue to service our members with a great deal of care, transparency and efficiency, while further increasing the value we deliver," Mr Dundon said.
"We have had a very successful relationship with our current insurer AMP for many years and maintaining that high quality of service is very important to us.
"Our key focus is continuing to deliver a high quality of service and keeping members informed as we transition to MetLife. I would like to thank AMP, who are one of our longest serving providers."
The appointment is subject to final completion of due diligence.
Wealth management relationships are under threat as clients look to switch providers driven by the impact of the royal commission. ...
S&P Dow Jones has announced a new addition to its global ESG index using enhanced ESG scores and granular data. ...
Investor confidence is on the rebound and the ASX hit a 12-year high on Monday. But it’s not all good news for the Australian economy. ...