Rapid advances in neuroscience and artificial intelligence are converging to present clear opportunities to reimagine how life insurance is designed and delivered to fund members. As well as offering the prospect of better treatment and management of illnesses, insurers are entering an era of more personalised cover and communications.
Insurance and superannuation executives have warned the industry to not be so quick to dismiss group insurance criticism such as that from Coalition Senator Andrew Bragg, despite the often provocative language, but to treat it as a chance for a reality check.
Spirit Super will forgo its brand name but retain elements of its fund logo under its marriage to CareSuper in what was described as a “true merger of equals”. As the two funds look to officially merge from 1 November, the unified entity will retain CareSuper’s name due to “strong brand recognition”, notwithstanding Spirit Super’s larger assets under management.
Housing Australia, the government agency that administers the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF), has named the successor to the outgoing chief executive, Nathan Dal Bon.
Australian Retirement Trust and UniSuper said “qualified advisers” – a second-tier of financial advice proposed in the QAR – have much to offer on the group insurance front by helping trustees deal with insurance claims quicker and with more personal member care.
Superannuation and life insurance industry executives have hit back at Coalition Senator Andrew Bragg’s characterisation of group insurance as “junk insurance” that provides a “false safety net” for members.
Industry fund NGS Super has made a series of promotions in the investment team.
Super funds will be required to submit audited financial reports within three months of the end of the fund’s financial year with fees incurred for late lodgement under new rules governed by ASIC.
Explosive allegations about misconduct by militant trade union the CFMEU and its historic and interpersonal links to Cbus are fuelling political opposition to the growing profit-to-member super sector. Longtime critic Senator Andrew Bragg used the Investment Magazine Insurance in Super Summit to call for Cbus chair and federal Labor Party president Wayne Swan to resign from one or both of the roles.
After flagging it in the recent restructuring announcement, Insignia Financial has revealed that Dave Woodall will become the new superannuation CEO from 1 November.
When AFCA releases its official statistics for the past financial year, it will show the rate of increase in superannuation complaints has slowed. However, despite the Minister for Financial Services Stephen Jones urging the industry to do better 12 months ago, complaints about delays in handling insurance claims remain the number one source of member disgruntlement.
The nation’s second-largest super fund, Australian Retirement Trust, has reshuffled its executive team in one of the first major moves under new CEO, David Anderson.
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Investment Magazine provides in-depth, monthly analysis of trends and developments for all the businesses in which superannuation funds engage‚ including asset allocation, investment manager selection, custody and fund accounting, member administration, group insurance and compliance.
We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
