$51 billion super fund switches group insurer

$51 billion super fund switches group insurer | Insurance Business

$51 billion super fund switches group insurer

Superannuation fund Rest has awarded its group insurance mandate to TAL, ending a 15-year partnership with AIA Australia.

The $51 billion super fund inked a memorandum of understanding with TAL to provide life insurance to Rest members, starting Dec. 01. The deal is subject to final negotiations, with the two companies working on a new insurance offering.

Vicki Doyle, Rest chief executive, said the company’s scale allows it “to negotiate and provide insurance cover at the best-possible value,” with TAL's insurance offer representing real value for its about 1.5 million members, Financial Standard reported.

Rest will be working closely with TAL, AIA Australia, and the Australian Administration Services to ensure a smooth transition of its insurance arrangements, Doyle said.

The fund also confirmed that eligible Rest members will continue to have access to the AIA's Vitality program at this stage, Financial Standard reported.