Sealcorp has dumped Colonial First State and taken on Lumley Life as life insurance provider for the massive Asgard master trust.
The move follows an extensive tendering process for the deal which gives Lumley access to Asgard’s 20,000 strong customer base. Lumley will provide both individual and group risk insurance cover to Asgard members.
Under the terms of the deal, Lumley will provide improved premium rates compared to Colonial, as well as improved administration systems and enable direct communication between Lumley and advisers with clients in the master trust.
Sealcorp director of investment and insurance, Caroline Saunders, says Lumley won the tender due to its single focus on risk products which have “innovative design”.
