Zurich Financial Services Australia has seen an almost immediate benefit from its recent acquisition of ANZ’s OnePath Life – securing a group insurance mandate from Qantas Super.
Qantas Super announced this week it had chosen to go with OnePath Life, ending an eight year relationship with MLC Life.
Importantly, OnePath had begun its bid to win the Qantas Super mandate before ANZ’s sale of the insurance business to Zurich had been completed.
Confirming the change in mandate, Qantas Super chief executive, Michael Clancy thanked MLC Life for its involvement with the superannuation fund but said the partnership with OnePath would enable to Qantas Super to provide a range of flexible life insurance options through their superannuation.
“Members will have access to default insurance cover insuring them for death, total and permanent disablement, and income protection,” he said. “OnePath Life will also provide members with voluntary insurance cover.”
The shift to OnePath followed a competitive tender process started early this year.
The new arrangements will take effect from 1 July, next year.