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Member risk profiling delivers for NESS
Industry fund NESS Super has announced a 15 per cent reduction in its death and total and permanent disablement (TPD) premiums effective from 1 July thanks to a membership risk-profiling exercise.
The fund said it had been able to deliver on the premium reduction following consultations with its insurance provider, Hannover Re.
Commenting on the move, NESS chief executive, Angie Mastrippolito, said it reflected the ability of smaller funds to deliver important benefits to members.
"As a true industry fund with a clearly defined membership base, we were able to sit down with our insurers, Hannover Re, and provide a clear and consistent risk-profile of our membership," she said.
"This process proved that our members work in a highly skilled industry that is defined by high safety standards, and are therefore a lower insurance risk."
"Our premium reduction highlights that fund size is not always a determining factor when it comes to delivering important benefits to members. Niche, industry-specific funds like NESS Super can provide significant advantages relative to funds with a more diverse membership base — especially when it comes to insurance and personalised service." Mastrippolito said.
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I'm wondering if any thought has gone into the concessional contribution cap being net of insurance premiums; i.e. $25,000 plus insurance premiums (for insurance inside super).