CFS reduces insurance premiums

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.

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“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.”

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Wow CFS you increase premiums 100% in 3 years and now think how wonderful you are with a tiny % decrease.
Such a tiny % decrease you won’t even state how little it is ????
Come on Jassmyn you need to report better than this.
What is the % saved ???

Got nothing to do with the fact AIA owns comminsure now? Yes they are pumping up the old comminsure clients premiums to give CFS cheap default cover through AIA, which is also guilty of pumping up premiums big time. What a wicked web they weave, this is where the real crooks operate.

Oh but Hang was a 'competitive tender process' don't you know! Let me guess AIA/CommInsure, TAL, MetLife et al submitted pricing of the entire beauty parade needed as the usual suspects are still at the helm. Rinse and repeat for 2024, absolute farce really.

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