Re/insurance major Zurich has secured a group insurance contract from Energy Super, an industry superannuation fund based in Queensland, Australia.
On behalf of 47,000 members, Energy Super manages approximately $8bn in assets.
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The Swiss insurer said that it is the first mandate since it purchased OnePath Life in June from Australia and New Zealand Banking Group (ANZ) for AU$2.85bn ($2.14bn).
Commenting on the contract, OnePath Proposition and Group Insurance head Gerard Kerr said it emphasises the commitment of Zurich to the group market, and the strength of its proposition as a local specialist global insurance group.
“Our strength in partnerships was recognised by Energy Super, in particular our approach to working alongside them to drive greater sustainability, efficiency and member engagement,” Kerr added.
“Our award winning claims service was also singled out as a factor in winning the mandate, in particular our innovative rehabilitation and wellness offering and our ability to develop deep insights from claims trends using Artificial Intelligence (AI) based models.”
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By GlobalDataEnergy Super Chief Executive Officer Robyn Petrou said: “We always put our Members first, adapting and growing our products and services to meet their changing financial needs.
“We are the fund of choice for the energy industry, so our insurance offering has to be affordable, comprehensive and responsive to meet the needs of people who work in higher-risk occupations.
“While we are Energy sector specialists, our consistently low fees and high returns attract members from all industries, from right across Australia. This means our insurance products need to be flexible enough to cater to workers in lower-risk occupations.”
Zurich started at risk for income protection policies from 5 September this year. It will assume responsibility for the group life policies before 30 June next year.
Zurich Insurance has a team of around 54,000 staff. Established in 1872, the company offers life, property, and casualty insurance products and services in over 210 countries.
