POWERED BY MOMENTUM MEDIA
TAL wins NGS Super mandate at expense of CommInsure
Major insurer TAL appears to have solidified its dominance of the group insurance space, picking up the key NGS Super mandate.
The mandate was confirmed this week by NGS Super chief executive, Anthony Rodwell-Ball and followed a limited tender process assisted by independent consultants Sequential and Rice Warner.
The TAL mandate ends NGS Super's 28-year relationship with Comminsure.
The fund said the tender approach had gone beyond the traditional product and pricing tender management to take into consideration more holistic elements including customer service and insurer capabilities.
Confirming the mandate, Rodwell-Ball said the appointment of TAL would support the fund's future roadmap for growth and was 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.
The mandate win has been welcomed by TAL chief executive, Brett Clark, who said the insurer shared a common vision with NGS Super on the importance of insurance in superannuation.
NGS expects to fully implement TAL's offering by 1 July, next year.
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment