Investment Strategy

AustralianSuper spends to save on premiums

Sustainable group insurance is a scale game that needs significant resources, Richard Weatherhead, head of group insurance at AustralianSuper, told delegates at the Group Insurance Summit. He revealed how in the fund’s bid to weather a storm of rising claims, lawyer intervention in such claims and higher premiums it had raised the numbers employed in […]

How will you negotiate a good insurance deal for your members?

In the first of a series of how to guides for super funds Alastair Adamson, consultant at Rice Warner, walks through the steps they need to take to ensure the lowest possible premiums when renegotiating their group insurance package. Over the last couple of years wholesale premiums have sky rocketed, and will continue to do […]
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

Funds and insurers unite in battle against poor data

Data management is becoming a “battleground” for the group insurance industry as funds and insurers seek to create new, more personalised and sustainable products, according to Robert Nunez, head of industry funds at CommInsure. The changes are a response to the soaring insurance premiums and the corresponding pressure from APRA on insurers and trustees to […]
Industry View

Too ill to be disabled?

Whenever definitions in a total and permanent disability (TPD) insurance policy are amended to reduce premiums it’s certain the change will cost someone something. The question for trustees is whether the cost will be paid fairly and by the correct parties. One approach currently in favour with insurers is to insert a clause into policies […]
Investment Strategy

Energy Super tailors insurance for members

Energy Super has fashioned tailored insurance products for energy industry workers. The fund has experienced an increase of income protection insurance claims, as well as TPD, prompting the creation of a range of policies to better meet member requirements. Mark Williamson, Energy Super chair, explained the one-size-fits-all approach is poor practice. “Insurance is very important […]