- HESTA Appoints CommInsure
- Sunsuper Upgrades Insurance Offer
- Part-Time Role for PIS Founder
- ClearView Brand Update
HESTA Appoints CommInsure
Industry super fund HESTA has appointed CommInsure as its new group insurer.
As part of the deal, CommInsure will provide HESTA members with default income protection insurance to age 67, and improved death benefits.
Anne-Marie Corboy, HESTA CEO, said: “When negotiating our new insurance offer we focused on changes that would benefit the largest concentration of our members. Our typical member is a female in her forties with a median balance of $9,000. Our research tells us given her low super balance she intends to keep working as long as possible and our new default income protection benefit will help protect her income right up to the new pension age.”
CommInsure will take over from existing insurance provider OnePath next year.
Sunsuper Upgrades Insurance Offer
Members of industry super fund Sunsuper now have access to improved insurance benefits, following the fund’s transition to its new insurer, AIA.
The upgraded insurance offer, which is effective from 1 July 2011, includes changes to default levels of cover and the introduction of gender-based premiums.
Speaking about the upgrade, Sunsuper CEO, Tony Lally, said: “Our new premium structure acknowledges that women are generally at lower risk in relation to these kinds of insurances and, as such, our new premium rates are structured accordingly.
“In fact, women will now receive significant premium discounts, up to 50 per cent,” he said.
“And this makes our insurance arrangements for women among the most competitive of any super fund in the country.”
AIA took over from Suncorp as group insurer for Sunsuper following a tender process conducted last year.
Part-time Role for PIS Founder
Professional Investment Services (PIS) founder, Robbie Bennetts, will move to a part-time consultancy role with the group, following its merger with Centrepoint Alliance Limited (CAF).
Mr Bennetts’ new role will be as an advisor to the PIS Board. He will also take on responsibility for coordinating and managing the group’s conferences.
Tony Robinson, Managing Director at CAF, said that the decision to reduce Mr Bennetts’ involvement was due to the changing environment and future direction of the group. He acknowledged Mr Bennetts’ vision and entrepreneurial spirit during his 15 years of leadership.
“Robbie is a true pioneer in the spirit of creating footprints rather than following existing ones,” Mr Robinson said.
The merger with CAF was finalised on 14 December 2010.
ClearView Brand Update
ClearView Wealth Limited’s financial advice businesses – ComCorp and ClearView Retirement Solutions – will now be known collectively as ClearView Financial Advice.
Managing Director at ClearView, and former Comminsure MD, Simon Swanson, said the change to its brand was part of ClearView’s strategy to increase sales through its strategic partners.
“A unified brand puts us in a much stronger position when dealing with our partners as we will be able to work with them using one name and one license. We will also be able to offer our partners and their customers access to broader financial planning options through our combined planner network,” Mr Swanson said.
