Cbus secures new insurance provider, maintains the cost of insurance
06 August 2015
Cbus Super has concluded a competitive tender process for its Group Life Insurance offering to its 720,000 members with the Board approving a move to TAL Life Limited.
The competitive process has successfully delivered no premium increase for members.
It will also preserve key terms and conditions ensuring insurance cover is accessible for the core membership and claims are assessed against fair and reasonable terms, while introducing a “professional” scale of cover and access to TPD cover to age 70 for all members.
Cbus CEO David Atkin described the competitive tender process result as a good outcome for Fund members.
“We are very pleased that the competitive process has resulted in no increase in premiums in a continuing tight insurance market, while maintaining our commitment to members of providing accessibility, and fair and reasonable claim assessment terms.
“Beyond that, the process has seen us deliver on our strategy of expanding the Fund’s offerings for all employees in the construction and building industry through the introduction of a professional scale of cover.
“But the distinguishing piece for us in TAL’s tender was their capacity to partner with us to achieve our strategic goals of providing a member-centric experience across the Fund’s services.
“TAL’s systems and services are already primed for innovation, service and technological agility and we are excited about the enabling operational platform they will provide,” said Mr. Atkin
TAL CEO and MD, Brett Clark said TAL was looking forward to working in partnership with Cbus.
"We are delighted to be partnering with Cbus. Working together with Cbus for the benefit of their members is fundamental to how we deliver a sustainable and valued member centric life insurance offer", Mr Clark said.
The move to TAL will be effective 1 November 2015.