Good benefit coverage, pricing and flexibility
A strong balance between the adequacy of benefits and affordability of premiums has helped Kinetic Super — Personal product score the top spot for the second year in a row, as Group Super Term and TPD (total and permanent disability) Rider Product of 2016. It was followed by UniSuper, which managed to maintain its second place, and Russell Investment, which took the bronze medal this year.
According to Kinetic, the main benefit its product offered to clients was its simplicity, which was described as "good benefit coverage, good pricing and flexibility".
The company's executive officer, corporate services, Kay Clancy said: "Kinetic Super has worked hard to create a comprehensive insurance product with our insurance partner, CommInsure. Our death and TPD insurance offering delivers a strong balance between adequacy of benefits and affordability of premiums and we believe the default cover we offer for death and TPD strikes a good balance".
She also explained that one of the reasons its product stood out of the crowd was because it offered a clear understanding of the features and benefits of the fund and the insurance offering.
"Our plan is to continue to evolve and tailor our insurance offering to meet the needs of our members," she added.
Taking out the silver this year, UniSuper's head of product, Ian Lorimer, said of the Accumulation 1 — Personal product: "The fund's overall insurance strategy for Accumulation 1 looks at striking a balance between member adequate protection and member retirement savings, ensuring terms and conditions were specific to the higher education and research sector and not trading off terms and conditions in order to reduce the cost of cover".
He also stressed that other key elements that resulted in the win included offering competitive premium rates compared to other funds and leveraging technology to deliver services with its insurers as strategic partners.
Group Super Term & TPD Rider Product 2016
Gold — Kinetic: Kinetic Super — Personal (CommInsure)
Silver — UniSuper: UniSuper Accumulation 1 — Personal (TAL)
Bronze — Russell Investment: Russell Super Solution — Personal (TAL)
AUTHOR
Oksana Patron
Recommended for you
After a successful inaugural event last year, the Women in Finance Summit is returning in 2024 with more business insights and networking opportunities.
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards, to be held in Sydney on 13 June.
A director at the Financial Advice Association Australia and a former superannuation chief executive are among recipients of this year’s Australia Day honours.
The software provider has signed on as a partner of the 10th annual Super Fund of the Year Awards, taking place in Melbourne on 25 October.
