AIA

Investment Strategy

The impact of reinsurance on product design

Over the past few years several direct insurers and reinsurers have exited the superannuation market in Australia over high claims and concerns over poor data, which has done little to help the reduced but still persistent life underinsurance gap. This exit has caused a lack of capacity, particularly reinsurance capacity, and is the biggest problem […]
Investment Strategy

Bernie Ripoll and AIA call for innovation on group insurance

The shadow minister for financial services and superannuation, Bernie Ripoll, and chief executive of AIA one of Australia’s largest insurance providers, Damien Mu, called on the group insurance industry to continue its path of innovation in finding solutions to the challenges in the industry. In his opening remarks at the Conexus Financial/AIA Group Insurance Summit, […]
Investment Strategy

Michael Dwyer calls for industry unity to save group cover

The survival of group insurance depends on funds, trustees, regulators and insurers working as a team, says Michael Dwyer, chief executive of First State Super, as none individually has the answer. The risk is that the youngest and healthiest members will exit insurance cover in response to large hikes in premiums, impacting further on the […]
Investment Strategy

Innovation the key to insurance sustanability

The group insurance market in Australia is under the spotlight. We are seeing a period of rising claims and premiums, increased regulatory requirements and heightened solicitor involvement. Recent media reports have questioned the sustainability of the current group insurance market in Australia. The word sustainability is something that gets talked about a lot. In fact, […]

2014 – a year for going back to basics on insurance

Super funds are taking a step back to review the original purpose of insurance within super, in a bid to recreate a sustainable and relevant offerings for members, says AIA Australia’s newly appointed chief executive Damien Mu. Funds are responding after seeing insurance premiums rise from the third or fourth biggest cost to members, to […]
Insurance

More mental health advice required

Six insurers have re-signed deals with a charity that aims to improve the wellbeing of Australian employees, as the cost of mental health insurance claims soars. Insurers AIA, TAL, Hanover Life RE, CommInsure, MLC and Beazley Group have signed three-year deals with SuperFriend, while MetLife has signed up for the first time. The deals come […]
Insurance

AIA researches rehab, restructures claims team

AIA has undergone two years of extensive trials to gain insights on rehabilitation in life insurance. “We believe helping to get claimants back to work is a great outcome for the claimant and a win for everyone involved. It improves the morale of the employer and their workplace, and crucially, the claimant themselves,” said Damien […]
Investment Strategy

Product important at Sunsuper

Sunsuper has boosted its product division, appointing three senior managers in newly created roles. The division, created last year to centralise the super fund’s product design and management, now consists of 11 staff, with Andrew Nicholson, general manager of product, at the helm. At the head of the fund’s superannuation and retirement products team will […]
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