The fund’s insurance contract has been awarded to TAL after a competitive tender process, with TWUSuper saying TAL’s offering was “the most competitive against the key criteria” for selection.
“A priority for TWUSuper in reviewing its group insurance provider was to identify and partner with an insurer that has an aligned culture, and demonstrates a long-term commitment to the market,” the fund said.
“Possession of a technical skillset in managing industry funds, leading claims management, strong support in other key services, and affordable yet sustainable premiums for the fund’s membership were also key criteria.”
TWUSuper chief executive Frank Sandy said the fund had “enjoyed a positive relationship” with CommInsure, and appreciated the company’s support during that time.
“Changing service providers is never an easy decision to make, however the services TAL offered in supporting the TWUSuper members and assisting the fund to achieve its objectives were appealing and compelling. The change will deliver premium savings to members,” he said.
TWUSuper is the second superannuation fund declining to renew its contract with CommInsure in recent months, with NGS Super also switching to TAL in September 2016.
UniSuper recruits Merill Lynch analysts
ACSA hires former director as CEO
AMP Capital appoints director in Dubai
Getting on board the ‘grey nomad’ caravan
What’s next after Xi consolidates power?
How the NPP will transform investing