CommInsure has been named as the insurance partner of industry superannuation fund Prime Super, with the arrangement set to take effect on 1 May 2016.
Following a “competitive tender process”, Prime Super appointed CommInsure as provider for its 125,000 members.
Speaking to Risk Adviser, chief executive of Prime Super, Lachlan Baird, said the deal with CommInsure will replace that with the fund’s former insurance providers, MetLife and MLC.
Mr Baird added that the new arrangement with CommInsure has seen a “small increase” in premiums to fund members but not “out of bounds” when compared with current increases across the industry.
Overall, said Mr Baird, the new partnership is a “good result” for the fund and its members.
“Our goals in undertaking this tender process were to simplify and streamline our offering, to improve the sustainability of premium pricing for our members and to ensure we were offering an appropriate level of cover," he said in a joint announcement by Prime Super and CommInsure.
“Prime Super has recently undertaken a significant re-branding process to modernise the look and feel of the fund as well as emphasise the core value of the fund, where the best interests of members are at the heart of everything we do.”
Also commenting on the appointment, CommInsure general manager of life product and distribution Craig Harrison said this was a “significant achievement” for the insurance provider.
“We look forward to working with Prime Super to deliver long term value to their members,” he said.
“We are committed to providing a tailored product, claims and service model to meet the insurance needs of Prime Super’s members.”
Prime Super, established in 1996, services employees throughout rural and regional Australia and the healthcare, aged care and community industry sectors.