Colonial First State (CFS) has announced the reappointment of AIA Australia as its insurance provider.
In a statement, the superannuation provider said that AIA’s reappointment follows “a thorough and strongly contested process.”
“Proposals were independently assessed by an external consultant, who evaluated the insurers on their strength and stability, terms and conditions, services and technology, claims management, and premiums proposal,” the firm said.
Kelly Power, chief executive officer of CFS Superannuation, said her firm was “delighted to reappoint AIA as our provider of insurance following a highly competitive tender process.”
“AIA demonstrated significant uplifts in proposed service, technology, underwriting, and claims management capabilities when compared with the other proposals we received,” said Power.
CFS also announced an insurance premium reduction for customers of its FirstChoice Employer Super, Essential Super, FirstChoice Personal and FirstChoice Wholesale Personal products.
According to the firm, customers will benefit from an average 18% reduction in insurance premiums.
“The reduction in insurance premium for almost 220,000 customers is another example of how CFS continues to share the benefits of our scale with customers,” said Power. “We will continue to review our products and services to ensure our customers receive the best possible benefits at the lowest possible price.”