New Default Insurance Provider for AMP Super Fund Members

TAL has been appointed as the new default and retail insurance provider for AMP Superannuation Fund members, including its flagship SignatureSuper offer.

AMP says that its members’ best financial interests “…were at the centre of AMP’s move to appoint TAL, with the decision following an extensive tender process.”

It says TAL was selected from a group of Australia’s leading life insurers and “…will deliver members with greater retirement benefit protection, security and insurance cover of the highest quality and value for their retirement.”

AMP notes that its members will receive more personalised insurance services, including access to TAL’s health and wellbeing program promoting preventative education, rewards, return to work rehab services, early intervention, and mental health support.

“Importantly, members will also have access to TAL’s digital solutions and claims support services, which are designed to simplify and speed up the claims experience. The member-first and digitally-enabled experience through TAL will ensure leading claims decision times and a holistic protection proposition that is designed to give members more confidence with their claims,” AMP says.

…in TAL’s last financial year, a total of $3.5 billion in claims was paid out…

The statement from AMP says that in TAL’s last financial year, a total of $3.5 billion in claims was paid out to more than 45,000 customers and their families.

AMP’s superannuation members will be transitioned to TAL in Q2 2024.

TAL Chief Executive – Group Life & Retirement, Jenny Oliver, says TAL is delighted to extend its  partnership with AMP to now provide group life insurance for AMP Superannuation Fund members.

Noting that life insurance plays a special role in the community, she says TAL is committed to “…enhancing the experience of super fund members and helping them understand the value insurance provides at every stage of life.”

AMP General Manager – Master Trust, David Clark, says insurance “…is vitally important to our members and working with our Trustee we’ve conducted a comprehensive tender process to find the best insurance offer…”

He adds that members will benefit from the new partnership by way of “…insurance pricing reductions along with the introduction of digital capability that will empower them with access to online quote calculators, underwriting, and claims lodgement and tracking.”