Group insurance in superannuation

We partner with trustees to achieve sustainable insurance outcomes throughout their insurance contract by providing a full range of insurance consulting services.

1. 01

   Providing premium pricing review

   Gain clarity and assurance around the assumptions, method and pricing provided by your insurer through a review by an unrelated third party. You can then evaluate and, where relevant, challenge the reasonableness of premiums to ensure they are fair and reasonable for members.

2. 02

   Identifying the right insurer for your fund

   To ensure you are appointing the right insurer for your members, we can conduct a benchmarking exercise and, if required, run a competitive tender – including everything from data compilation and preparing the Request for Tender (RFT) document, through to detailed due diligence and subsequent negotiations with your preferred insurer.

3. 03

   Designing the optimal insurance offering

   We can assist you in balancing the competing objectives of providing sufficient insured benefits and maximising members’ superannuation benefits. We can help design and review your group insurance offering taking into account different member cohorts and latest market trends and practice.

4. 04

   Reviewing the operation of the insurance offering

   Getting a review by an unrelated third party of all aspects of your fund’s insurance operations and servicing will provide valuable insight into areas for improvement and assist fund management to demonstrate that current practices are in members’ best financial interests. We have built deep experience working with in-house insurance functions, trustee reporting frameworks, service level agreements, insurance administration fee reviews and claims management processes.

5. 05

   Ensuring compliance with insurance management framework (IMF)

   The comprehensive review of IMFs extends beyond pure compliance and risk management. Our forward-looking assessment can help ensure that the IMF is effective at providing timely information to decision-makers, is consistent with best practice observed in the market and allows for holistic insurance management.

6. 06

   Ongoing governance and oversight framework

   We can help structure and support a strong governance and oversight framework throughout the insurance policy term. This will ensure that there are no surprises and that you are fully appraised of how the contract and claims are progressing. In addition we will ensure that members understand the level and value of the insured benefits being provided.