Effective 1 January 2018, the $8.75 billion industry fund Vision Super will end its relationship with CommInsure and enter into a three-year group insurance contract with MLC Life.
Vision Super was one of nine CommInsure clients to put the CBA-owned (soon to be AIA) insurer ‘on notice’ following allegations of unethical claims handling by Fairfax and the ABC in March 2016.
At the time, Vision Super issued a statement inviting any of its members who believed they had been treated unfairly by CommInsure to apply for review of their claim.
CareSuper switched providers to MetLife in August 2016; NGS Super left CommInsure for TAL in September 2016; and Hesta moved to AIA in May 2017 (only to see AIA acquire CommInsure in September 2017).
MLC Life is 80 per cent owned by Japanese insurer Nippon Life, with NAB deciding to lower its exposure to domestic life insurance in October 2015.
