Following an extensive review and competitive tender process, Mercer is pleased to welcome AIA Australia as its new insurance partner from 1 July 2017.
AIA Australia is Australia’s largest group life insurer by market share 1, with group insurance premiums in excess of $1.4 billion and currently holds a A+ credit rating2.
The new agreement for Mercer Super Trust members will replace the current agreement which comes to a close on 30 June 2017. Under the terms, Mercer and AIA Australia have agreed to a five-year contract with a three-year price guarantee. This decision will provide peace of mind and protect premiums from price volatility.
We are confident the new terms offer the best available outcome for members in a general environment of rising insurance premiums and dilution of terms that most Mercer Super Trust members have been protected from for the last five years.
AIA Australia has been chosen as our preferred insurance partner due to their customer first philosophy – both in terms of paying valid claims in a timely manner but also due to their investment in cutting-edge online tools that make life easier for members.
The new agreement includes a genuine focus on providing high quality rehabilitation services and support to help members recover from illness or injury and get back to work quickly.
We are currently working through the detail of how this new agreement impacts every client’s plan and reaching out over the coming weeks to take stakeholders through the changes.
For more information, please read our media release and, should you have any immediate questions, please don’t hesitate to get in touch.
1 Plan for Life – September 2015
2 S&P financial strength rating