Hot on the heels of TAL acquiring major industry fund Rest’s insurance mandate two weeks ago, LGIAsuper has announced the company will take over its insurance contract from 1 July, this year, bringing a seven-year partnership with OnePath to an end.
The new mandate saw TAL reassert its market dominance within the group insurance sector, with multiple funds to offer contracts to the company citing its product offering and costs to super fund members as key to their decisions.
LGIAsuper’s decision to swap insurers came after an eight-month tender process managed by SuperRatings, which chief executive Kate Farrar said was sparked by a desire to find the best possible cover for members.
“Our members are our key driver and we firmly believe the new contract with TAL will help us to deliver better coverage, more convenient services and an enhanced member experience,” Farrer said.
“For instance, LGIAsuper members will have access to new digital tools, including an insurance needs calculator, to help them understand how much cover they might need across life stages.”
Farrer didn’t think the change from OnePath to TAL would have much impact on members’ accounts in the short-term, but said that there would be “excellent opportunities” to improve its insurance offering once TAL took over the contract.
TAL Group chief executive and managing director, Brett Clark, echoed this sentiment, saying: “Life insurance through superannuation is in the spotlight, however the superannuation model provides outstanding value for members. We look forward to working with LGIAsuper to provide tailored, value for money insurance solutions and supporting their members when they need us most.”