Life Insurance in Super
/Insurance in Super report provides superannuation fund trustees and administrators with a detailed set of information on all important aspects of Group life insurance in Australia, and with a comprehensive reference guide to explore further.
Group Insurance in Australia is predominately through superannuation and is a $6.4bn annual premium market that provides insurance for most working Australians. Insurance is a key part of superannuation and as such both insurers and super fund trustees are both heavily regulated and subscribe to industry codes to ensure they act in the best interest of members. In the case of trustees, they are required to act in members’ best interests under SIS. Being the point where adjacent markets meet (insurance and superannuation), there is a considerable amount of detail for people involved in Group life insurance to understand.
This research aims to equip trustees, administrators and insurers with the latest industry knowledge.
Key Report Features
Industry Participants – Insurance company profiles and major clients.
Market Share Statistics, Trends and Growth Forecasts 2020 to 2029.
Types of Funds and Insurance cover described in detail.
Group Policy Benefit Design - basis of cover, cover levels, tax treatment, beneficiaries.
Regulatory Frameworks - how it all fits together: Acts, Frameworks. Standards, recent legislative changes, Codes of Practice, future regulatory risk and known future regulatory changes.
Superannuation Fund Profiles - leading funds by industry funds, corporate, public sector and retail.
Advice within Super - types of advice, regulatory guidance and examples in practice.
Claims within Superannuation - claim outcomes most relevant to trustees by insurance provider (duration before payment and outcomes).
Group tender process and key considerations - tender history and expected tender pipeline by super fund.
Methodology for Reviewing and Benchmarking Group Life Policies when considering the replacement of an existing policy or setting up a new one.
Appendix - Glossary of all key terms, SIS Act versions and RSE Licensees [and funds].
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