Media Super to tender for new insurance contract

In the first major service provider review since its July 1 inception, the $3 billion Media Super is preparing to tender its member insurance contract.


Now that the merger of JUST SUPER and Print Super, which created Media Super, was “done and dusted”, the fund would aim to streamline the different insurance offerings provided by its preceding funds, Ross Martin, the chief executive of Media Super, said. “By putting it out to tender we want to rationalise the design of death, TPD and salary continuance products,” Martin said. The new fund’s larger size would enable it to bargain more aggressively for an advantageous deal from providers than its predecessors, he added. The incumbent provider to JUST is ING, while Hannover Life offers cover to Print members. IUS Group provides salary continuance cover for both funds. Martin expected the new offering to allow members to buy cover on a per-unit, option formula or fixed-dollar basis. Two types of salary continuance cover would probably be made available: an opt-out product allowing for a benefit payout of 80 per cent of the applicant’s salary, and an opt-in arrangement subjecting claims to medical assessments. Historically, Print offered the opt-out product, while the opt-in arrangement suited the member base of JUST, which holds many freelance media, arts and entertainment workers. The fund aimed to send the tender out before the end of the year and was assessing submissions from consulting firms, Martin said. Until the new offering is available, fund members will continue to be covered by the existing products from the JUST and Print funds. The new product is scheduled to be operational by July 1, 2009.