Offering high levels of total and permanent disability and death cover, as well as competitive insurance premium rates for members has seen Kinetic Super get the gong for its Kinetic Super – Personal product.
The superannuation fund believes transforming itself into a member-centric organisation, where a lot of business decisions were driven by real member insights, helped it win the top prize.
Customer experience executive officer, Chris Green, said the fund negotiated a strong deal with its insurance provider a couple of years ago, which has helped it remain in good stead.
“When you look at the value equation from a member point of view in terms of the level of cover they get versus what they have to pay for it, it’s a really competitive offer in the market,” he said.
A focus on its insurance arrangements, particularly around flexibility, choice, service and technology paid off for UniSuper, which won silver for its UniSuper Accumulation 1 — Personal product.
Head of product, Ian Lorimer, said the super fund tailored default insurance arrangements to different demographic categories of members.
“These default insurance arrangements better suit the needs of members with different salaries and employment arrangements, namely whether members are permanent or are contractors/casuals,” he said.
Lorimer also said the fund was proud of its strategy of providing personalised service with one case manager assigned to a claim from start to finish.
“Additionally, the fund has increased flexibility to tailor insurance to members’ needs, by allowing total and permanent disability to be separate from death cover and offering income protection for 30, 60, 90-day wait periods over a range of two-year, five-year, and age 65 benefit periods.
He also said the fund provided seamless services enabled by web services, where phone was always used as the preferred source of communication.
Looking ahead, the fund planned to provide members with more claiming options and self-serve capabilities to obtain status updates on the progress of insurance claims.
Australian Ethical Super was awarded the bronze for its Australian Ethical Retail Super Fund — Personal product.
