There is a new ‘head of AustralianSuper’, but Ian Silk need not be alarmed – the role has been created by the big industry fund’s group insurer, Tower Australia, and filled by a salesman who will be well known to many at the fund.
Michael Back will join Tower early next month after an 18 month stay at Suncorp Life, where he was unsuccessful in preventing SunSuper’s $160 million in premiums per year being won away by AIA Australia.
He will be the main liaison between Tower and its largest group insurance client, AustralianSuper, which in 2009 was won away from Comminsure – where Back was head of wholesale risk sales at the time. The contract, worth over $600 million over three years in premiums and covering over 1.4 million members, is due for renewal in late 2012.
It’s understood that Suncorp Life wants to remain in the group insurance business, and will seek to replace Back.