AMP Limited has lost a key group insurance mandate, with VicSuper having appointed MetLife as its insurance provider effective from 1 July, next year.
The decision to move to MetLife followed a comprehensive tender process involving six insurers including AMP.
AMP Limited had picked up the VicSuper mandate as a result of its acquisition of AXA Asia Pacific, which was appointed by the fund in 2011.
Commenting on the decision, VicSuper chief executive, Michael Dundon said the fund had evolved and grown in recent years and MetLife stood out as the best insurer to meet its future needs.
“Their customer centric focus will allow us to continue to service our members with a great deal of care, transparency and efficiency, while further increasing the value we deliver,” he said. “We have had a very successful relationship with our current insurer AMP for many years and maintaining that high quality of service is very important to us.”
VicSuper currently has default cover for death, total and permanent disablement and income protection available for the majority of its 238,000 strong member base.
The appointment is subject to final completion of due diligence with the fund stating a dedicated transition project would commence soon.