NGS has partnered with TAL following a three yearly insurance review, marking the end of a 28-year partnership with CommInsure.
The $6 billion super fund recently undertook a limited tender for its insurance offering, engaging independent consultants Sequential and Rice Warner to manage the process. According to the fund, the approach adopted went beyond the traditional product and pricing tender management to take into consideration more holistic elements, including customer service and insurer capabilities.
To this end, the tender criteria included features such as affordability for members; end-to-end services across underwriting and claims; innovation and technology strength, cultural alignment and governance practices.
Of significant importance were digital capabilities to ensure that the provider’s competencies would align to NGS’s strategic focus on an omni-channel service approach, particularly in the area of digital fulfilment.
Anthony Rodwell-Ball, chief executive officer at NGS Super, said the appointment of TAL will support the fund’s future roadmap for growth and is part of a wider strategic plan to align its customer centric vision with sustainable long-term outcomes, including overall member experience and strengthening its insurance offering.
“Our goal is always to help members secure their financial futures. Insurance solutions play a significant role in achieving this. We believe that TAL, as one of Australia’s largest life insurers, has the expertise and capabilities to help us achieve this goal.
“We see a natural alignment with TAL to support our focus on digital and access channels for our members, that ensures that we are delivering the best member experience possible.”
Brett Clark, group chief executive officer at TAL, added they were delighted to be partnering with NGS Super.
“Insurance provided through the superannuation system delivers enormous social benefit to the community. NGS Super and TAL share a common vision on the importance of insurance in superannuation to help Australians when they are going through difficult times and need us most,” Clark said.
“Delivering an exceptional insurance experience for superannuation fund members requires focus and investment in communication and digital capabilities. TAL’s investment in digital presence and capabilities is a core part of our strategy to enable fund members to engage anywhere and anytime with TAL, right through the insurance experience.”
TAL’s appointment comes after a 28-year relationship between NGS and CommInsure.
Rodwell-Ball said, “We have enjoyed a strong relationship with CommInsure over a long period of time, and acknowledge the enormous contribution they have made to the fund and its members.”
NGS expects to fully implement TAL’s offering by July 1, 2017.