Hannover Life has won the tender for the provision of insurance to Media Super members.
Hannover was chosen after a tender process conducted by Rice Warner, which found it to be the most competitive offer available, Media Super general manager of operations and compliance Michael Rooney said.
The industry fund was prompted by incumbent insurance provider OnePath's assertion that it would soon increase premiums, he said.
The decision had been driven by across-the-board price increases for insurance premiums and a desire to find the best value for members, according to Rooney.
"We decided to test the market, given the pricing and Hannover were the most competitive and offered the best value for money for members," he said.
The established relationship between Media Super and the insurance provider was another factor in the appointment, as the fund was aware of its systems, processes and governance, according to Rooney.
Media Super's insurance provider will switch to Hannover on 1 December.