MetLife has secured the insurance mandate of Tasmania’s largest and only industry super fund, Tasplan, following an extensive tender process which will see the insurer deliver group life offerings to the fund’s 145,000 members.
The two companies would work together over the transition period to work out the best product design for members, with both identifying in a joint announcement of the mandate that expected budget changes would need to be considered.
Both Tasplan and MetLife identified a shared belief in the value of insurance inside superannuation and well-aligned cultural values as drivers of the partnership.
“We know the proposed federal budget changes to insurance inside super adds another level of complexity and uncertainty and we identified the need to partner with an organisation that can respond to these changes and evolve with us and our members,” Tasplan chief operations officer, Nick Connor, said.
“We understand the value of insurance in superannuation and the importance of default insurance which offers our members value for money protection.”
MetLife acting chief executive, Vince Watt, said: “Obviously, we’re delighted to be chosen as their insurance partner and we believe that strong cultural fit and customer focus will give Tasplan’s members a great insurance inside super offering.”