Zurich awarded group insurance mandate by $8b Industry Super Fund
12 Dec, 2019
Zurich has secured a group insurance mandate for a Queensland based industry superannuation fund.
The mandate, Zurich’s first since it acquired OnePath Life in June this year, was awarded by Energy Super, an industry super fund which manages $8b in assets on behalf of 47,000 members.
Commenting on the announcement, Gerard Kerr, Head of OnePath Proposition and Group Insurance, said it underlined the commitment of Zurich to the Group market, and the strength of its proposition as a local expert within a specialist global insurance group.
“Our strength in partnerships was recognised by Energy Super, in particular our approach to working alongside them to drive greater sustainability, efficiency and member engagement,” said Kerr.
“Our award winning claims service was also singled out as a factor in winning the mandate, in particular our innovative rehabilitation and wellness offering and our ability to develop deep insights from claims trends using Artificial Intelligence (AI) based models”.
Energy Super Chief Executive Officer Robyn Petrou said the profit-to-member fund continues to focus on innovation and partnerships of shared value as the fund expands its member base.
“We always put our Members first, adapting and growing our products and services to meet their changing financial needs,” Ms Petrou said.
“We are the fund of choice for the energy industry, so our insurance offering has to be affordable, comprehensive and responsive to meet the needs of people who work in higher-risk occupations.”
“While we are Energy sector specialists, our consistently low fees and high returns attract members from all industries, from right across Australia. This means our insurance products need to be flexible enough to cater to workers in lower-risk occupations.”
Tim Bailey, CEO Zurich Life and Investments said Zurich was now a large, multi-channel insurer and believed it had the opportunity to become a leader in the group sector.
“Zurich is a major player in group cover at a global level, and we are investing extensively in this channel in Australia.
“So far the market response has been very positive, and we believe the strength of our local team and offering represents a strong platform from which to grow significantly and sustainably,” said Bailey.
Zurich went on risk for Income Protection policies from 5th September this year, with the Group Life policies to follow some time before 30 June 2020.