Thanks largely to the loyalty of clients such as AustralianSuper, CommInsure – Australia’s largest life insurer – is now the top ranked insurer in the group risk category, in terms of market share, according to the latest data by researcher Plan for Life*.
Ten of CommInsure’s top 30 clients went to tender in 2006, and the insurer retained all ten. The most significant tender was for AustralianSuper’s new group life policy, the largest in Australia.
CommInsure worked with its existing client AustralianSuper to produce an innovative offering that covers Death, Total and Permanent Disablement (TPD) and Income Protection, and includes enhanced features such as increased default levels of cover. AustralianSuper’s members now enjoy benefit increases of between 10% and 100%.
CommInsure’s Managing Director Simon Swanson said, "I’m very grateful for the loyalty that our customers have demonstrated. I’m especially pleased that we were able to work with AustralianSuper to address a pertinent issue in the industry, improving default cover levels."
Ian Silk, Chief Executive of AustralianSuper, said, "Our new insurance offering is an enhanced product with extra flexibility and additional value for members. We’re delighted to be able to provide our members such a tangible and significant benefit."
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* source: Media Release Life Insurance Risk Products Industry Results - September 2006, Plan For Life Pty Ltd
Media contacts:
Amber Saggers
Executive Manager
Commonwealth Bank
Marketing and Communications
P: (02) 9303 6059
M: 0417 220 853
Caroline Regidor
Communications Manager
Commonwealth Bank
Marketing and Communications
P: (02) 9303 7008
M: 0419 989 800
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