MetLife wins CareSuper mandate

Metlife has won a key group insurance mandate from CommInsure — that of industry fund, CareSuper.

CareSuper announced today that it had appointed MetLife as its insurer effective from 1 January, 2017, when its existing contract with CommInsure expires.

Confirming the mandate, CareSuper chief executive, Julie Lander said that selection of MetLife had followed an extensive tender process.

She said her fund had chosen MetLife based on a broad range of criteria, including: the ability to enhance member experience aided by technology, underwriting, and claims philosophy and processes.

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Lander said sustainable pricing had also been a factor in the equation.

She said that, initially, MetLife would be taking on the existing benefit design and terms but that CareSuper wished to work with the insurer on future design options to ensure that it continued to provide meaningful and relevant cover for the fund's 250,000 members who are largely engaged in professional, service and administrative occupations.

MetLife chief executive, Deanne Stewart said the insurer was thrilled to have been chosen to partner with CareSuper.

"We share a common belief in the positive role default insurance has inside superannuation, ensuring those who can't work to save for their retirements are still protected," she said.