MLC Life picks up industry fund mandate

MLC Life has picked up a key industry fund mandate from Vision Super, as it rolls out its growth strategy.

The superannuation fund announced that MLC Life would be providing insurance cover to its members from 1 January, next year, following completion of a tender process to select a new insurance provider.

Confirming the mandate, Vision Super chief executive, Stephen Rowe said key elements in making the decision had been value for members and a seamless online experience.

“Over the past five years, most funds have taken one of two paths: either they have kept their level of cover the same, and their premiums have risen substantially – in some cases jumping as much as 300 per cent – or they’ve slashed the level of cover and left members with less protection,” he said.

“Vision Super is in a unique position – we have kept our premiums steady over the last three years, and we now have guaranteed rates locked in for the next three that mean no premium increases for the vast bulk of our members. But we haven’t kept rates low by slashing and burning the cover our members need.”

Commenting on winning the mandate, MLC Life chief executive, David Hackett said the firm was delighted to be partnering with Vision Super.

“Our ambition is to become Australia’s leading and most trusted life insurer,” he said. “To do that we are committed to transforming the way funds and members engage with life insurance, and in a transparent way.”