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Australia : NGS ends partnership with CommInsure; joins hands with TAL

Publish Date : 27-Sep-2016

Bringing to an end a 28-year partnership with CommInsure, and after a three yearly insurance review, NGS has joined hands with TAL.

The $6 billion super fund has undertaken a limited tender for its insurance offering and engaged independent consultants Sequential and Rice Warner to manage the process.

The adopted approach went beyond the conventional product and pricing tender management to take into account more holistic elements, including customer service and insurer capabilities, According to the fund.

Towards this end, the tender criteria included features like affordability for members; end-to-end services across underwriting and claims; innovation and technology strength, cultural alignment and governance practices.

Of major importance were digital capabilities to make sure that the provider's competencies would be in line with NGS's strategic focus on an omni-channel service approach, particularly in the area of digital fulfilment.

CEO of NGS Super, Anthony Rodwell-Ball, said the hiring of TAL will support the fund's future strategy for growth and is part of a wider strategic plan to align its customer-oriented vision with sustainable long-term results, including overall member experience and bolstering its insurance offering.

He said, "Our goal is always to help members secure their financial futures. Insurance solutions play a significant role in achieving this. We believe that TAL, as one of Australias largest life insurers, has the expertise and capabilities to help us achieve this goal. We see a natural alignment with TAL to support our focus on digital and access channels for our members, that ensures that we are delivering the best member experience possible."

Brett Clark, group chief executive officer at TAL, added, "Insurance provided through the superannuation system delivers enormous social benefit to the community. NGS Super and TAL share a common vision on the importance of insurance in superannuation to help Australians when they are going through difficult times and need us most. Delivering an exceptional insurance experience for superannuation fund members requires focus and investment in communication and digital capabilities. TAL's investment in digital presence and capabilities is a core part of our strategy to enable fund members to engage anywhere and anytime with TAL, right through the insurance experience."

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