POWERED BY MOMENTUM MEDIA
CommInsure picks up HESTA insurance mandate
CommInsure has picked up a significant new insurance mandate from industry fund HESTA, with coverage from previous insurer OnePath to continue until the end of the year.
The new agreement includes a first for the industry, in that members will now be offered default income protection up to age 67. The new offering will also include improved death benefits for members.
HESTA chief executive Anne-Marie Corboy said that while negotiating the new insurance offer, the fund focused on changes that would benefit the largest concentration of members.
“Our typical member is a female in her 40s with a median balance of $9,000,” Corboy said.
“Our research tells us given her low super balance she intends to keep working as long as possible, and our new default income protection benefit will help protect her income right up to the new pension age.”
The deal closed last week and will commence in the new year, according to head of industry funds segment for CommInsure, Frank Crapis.
"This is a major win for the CommInsure team and is welcome recognition of the quality of our product and service offering,” Crapis said.
“We are particularly excited to be launching a range of new services to HESTA members when this business commences."
AUTHOR
Ashleigh McIntyre
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
