AMP has chosen TAL as its new default and retail insurance provider for AMP Superannuation Fund members, including the flagship SignatureSuper offer.
TAL emerged as the selected provider from a pool of Australia's leading life insurers, promising AMP Superannuation Fund members enhanced retirement benefit protection, security, and insurance cover.
The shift is part of AMP's commitment to delivering a member-first approach and fostering a digitally-enabled experience through TAL, ensuring efficient claims processing and a comprehensive protection proposition.
As part of the deal, members can anticipate personalised insurance services, including access to TAL's health and wellbeing program, which focuses on preventative education, rewards, return-to-work rehab services, early intervention, and mental health support.
David Clark, general manager – master trust at AMP, emphasised the importance of insurance to members.
“Insurance is vitally important to our members and working with our trustee, we've conducted a comprehensive tender process to find the best insurance offer in the market,” he said. “We're now delighted to announce this new partnership with TAL, which we believe for our members is the leading insurance offer available.”
In the last financial year, TAL paid out a total of $3.5 billion in claims to over 45,000 customers and their families. The transition of AMP's superannuation members to TAL is scheduled for Q2 2024.
Jenny Oliver, chief executive of group life and retirement at TAL, emphasised the special role of life insurance in providing financial security for super fund members and their families.
“At TAL, we are committed to enhancing the experience of super fund members and helping them understand the value insurance provides at every stage of life,” she said. “Our focus continues to place members' needs at the centre of our thinking so we can deliver leading products and experiences – from simple and seamless digital end-to-end experiences that make it easier and faster for members to engage with their life insurance or make a claim, to providing comprehensive health, rehabilitation, and wellbeing services.
“Together with AMP, we are excited by the opportunity to uplift the life insurance experience for more than 270,000 Australians.”
