QSuper launches industry-first insurance company

Monday, 23 May 2016

Queensland’s largest superannuation fund will soon offer more tailored and flexible insurance cover for its members following a major review and the establishment of a wholly-owned insurance company, QInsure.

CEO Michael Pennisi said the enhanced insurance offering would enable members to personalise their cover to suit their individual circumstances.

“We’re committed to being our members’ financial wellbeing partner for life, and our new insurance options will give our members sensible default cover and the flexibility to change their insurance as their life progresses and circumstances change,” Mr Pennisi said.

From 1 July, QInsure will meet the death, total and permanent disability and income protection needs of QSuper’s 550,000+ members.

QInsure will operate as a separate company within the QSuper Group.

Mr Pennisi said while QSuper currently managed the bulk of its members’ insurance requirements, changes to federal legislation required all superannuation funds to have their insurance placed with registered life companies from 1 July.

“QSuper members come from a broad range of industries and occupations. When we approached the insurance market, we became concerned that some of our members, for example police and emergency services workers, wouldn’t be able to access appropriate insurance cover,” Mr Pennisi said.

“These people perform some of the toughest jobs in the community, and we want to be able to help them create insurance cover that works for them, that they can also change as their life changes.”

Mr Pennisi said the establishment of a wholly-owned insurance company would enable QSuper to focus on delivering the best possible solutions for members in the future.

“We want to be able to look after our members through the whole claims experience,” Mr Pennisi said.

“We also want to go the extra mile in helping people return to work where possible, because we know people who have the best physical and mental health outcomes, are those who retain some connection with the workplace.

“Based on our analysis, creating QInsure was the best solution for our members and is an example of QSuper leveraging its scale to enhance the benefits it provides.”

About QSuper
QSuper is Queensland’s largest superannuation fund and manages in excess of $60 billion in funds for more than 540,000 members and was awarded SuperRatings Fund of the Year 2016.1

Media enquiries
Geraldine Mitchell / QSuper / 3029 9355 / geraldine.mitchell@qsuper.qld.gov.au

1. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details for its ratings criteria. Past performance is not a reliable indicator of future performance.