MetLife appointed as new insurance partner
14 December, 2021 - Equip appoint MetLife as their new insurance partner
Equip has today announced that MetLife Australia has been appointed as the new insurance partner for the fund starting from 1 July 2022.
Delivering long-term value and an optimal member experience were the top priorities for Equip when choosing a new insurer. By partnering with MetLife, Equip members will have access to enhanced online functionality including an integrated application process for both insurance applications, changes, claims lodgement and tracking. Further to these benefits members will also be able to access MetLife’s 360Health, which includes comprehensive early intervention and rehabilitation programs, as well as preventative health and wellbeing initiatives.
Speaking about the appointment of MetLife, Scott Cameron, Equip CEO said, ‘We were focused on appointing an experienced, committed, and sustainable insurance partner to support the fund’s long-term growth strategy and to elevate the experience of both our members and our employers. Through our extensive and thorough tender process, we have found that partner in MetLife.’
Equip and Catholic Super have had long standing relationships with their current insurers, Hannover Life Re of Australasia Ltd (Hannover) since 2005 and TAL since 2008 respectively. Cameron continued, ‘I’d personally like to thank both TAL and Hannover for their support of our members over their tenure as our insurers, both companies have been strong business partners across periods of growth and increased regulatory change.’
Further to the enhanced member benefits, other contributing factors to MetLife winning the tender was their demonstrated ability to deliver tailored solutions across a highly customised membership base, as well as being able to support any future inorganic growth opportunities which is a strategic priority for the fund.
MetLife has recently won several awards, including Super Review’s Best Insurer award for 2021, ANZIIF’s Life Insurer of the Year award for 2021, and awards for underwriting and customer service from ALUCA. Metlife is currently the group insurer for leading superannuation funds Hostplus, CareSuper, Statewide, Spirit and Qantas Super.
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Head of Experience – Equip
Equip managers $32 billion for over 140,000 members across both Equip and Catholic Super. Equip is a leader in the superannuation industry in bringing funds together through successful SFTs and continues to look for new opportunities to grow the fund. Equip’s strategic objective is to be manage $50B for 300,000 members by 2025.
Across Equip and Catholic Super we service employers and members from the energy, resources, water, infrastructure, manufacturing, education, health, legal and services sectors. Equip is a hybrid fund, operating both defined benefit and accumulation plans. Our key objective is to deliver the best retirement outcome possible for our members, while operating as a trusted partner for our participating employers.
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit www.metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Issued by: Togethr Trustees Pty Ltd (ABN 64 006 964 049) the trustee of the Equip Superannuation Fund (“the Fund”)