Colonial First State has announced an insurance premium reduction for its superannuation members following the reappointment of AIA as its insurer, saving members $40 million per year.
The premium reduction would take effect from the first quarter of 2022 and covered members in FirstChoice Employer Super, Essential Super, FirstChoice Personal and FirstChoice Wholesale Personal products.
CFS superannuation chief executive, Kelly Power, said: “We’re delighted to reappoint AIA as our provider of insurance following a highly competitive tender process.
“AIA demonstrated significant uplifts in proposed service, technology, underwriting and claims management capabilities when compared with the other proposals we received.
“The reduction in insurance premium for almost 220,000 customers is another example of how CFS continues to share the benefits of our scale with customers. We will continue to review our products and services to ensure our customers receive the best possible benefits at the lowest possible price.”