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Group insurance in superannuation

Delivering appropriate and sustainable insurance is critical for superannuation funds to provide the insurance outcomes that trustees set for members.

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We provide a full range of insurance consulting services to trustees. Here are examples of some of the services we offer:

  1. 01

    Independent premium pricing reviews

    Gain clarity and assurance around the assumptions, method and pricing provided by your insurer through an independent review. From this reference point you can evaluate and, where relevant, challenge the reasonableness of premiums to ensure they are fair and reasonable for members.

  2. 02

    Identifying the right insurer for your fund

    To ensure you are appointing the right insurer for your members, WTW can conduct a benchmarking exercise and, if required, run a competitive tender – including everything from data compilation and preparing the Request for Tender (RFT) document, through to detailed due diligence and subsequent negotiations with your preferred insurer.

  3. 03

    Group insurance design and product review

    Balance the competing objectives of providing sufficient insured benefits and maximising members’ superannuation benefits. WTW helps funds to design and review their group insurance offering to be appropriate for different member cohorts.

  4. 04

    Operations and servicing review

    Get an independent review of all aspects of your fund’s insurance operations and servicing to gain insights into areas for improvement and assist fund management to demonstrate that current practices are in members’ best financial interests. Our expertise involves consideration of in-house insurance functions, trustee reporting frameworks, service level agreements, insurance administration fee reviews and the overarching claims management processes.

  5. 05

    Insurance management framework (IMF) advice

    Our review of IMFs extends beyond pure compliance and risk management. WTW’s forward-looking assessment can help ensure that the IMF is effective at providing timely information to decision-makers, is consistent with best practice observed in the market and allows for holistic insurance management.

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