MLC Life Insurance has been appointed as Vision Super's new group insurer, following an extensive tender process.

Coming into effect from 1 January 2018, the deal will see MLC Life Insurance provide default life insurance cover for death, total and permanent disablement and income protection for the superannuation fund’s 100,000 strong member base.

Importantly, premium rates have also been locked in for the next three years, which means no premium increases for almost all of Vision Super’s members.

Suzanne Smith, Chief Customer Officer of Group Insurance at MLC Life Insurance, believes the deal is another important milestone in becoming a serious contender in the group insurance market.

“We’re delighted to be partnering with Vision Super to provide insurance cover for their members. Their passion for putting members at the centre of everything they do, backed by the latest technology, matches well with both our values and insurance offer to superannuation funds.

“We have been steadily increasing our presence against the more established group insurers in the market, and today’s announcement shows we are making real progress. Our recent launch of LifeView, for example, provides us with a digital capability that gives trustees a genuine point of difference for their members’ insurance needs. We are excited that Vision Super’s members will benefit from this,” said Ms Smith.

Accessible via any device, LifeView enables members to apply for and increase their cover online, lodge and track the progress of claims, while trustees can access real time data and analysis of their funds’ claims experience.

Stephen Rowe, Chief Executive Officer, Vision Super, said, “Over the past five years, most funds have taken one of two paths: either they have kept their level of cover the same, and their premiums have risen substantially – in some cases jumping as much as 300 per cent - or they’ve slashed the level of cover and left members with less protection.

“Vision Super is in a unique position – we have kept our premiums steady over the last three years, and we now have guaranteed rates locked in for the next three which means no premium increases for the vast bulk of our members. But we haven’t kept rates low by slashing and burning the cover our members need.

“We’re a values-based fund,” Stephen Rowe said. “We wanted great value insurance premiums for our members, and we got that.

“We also wanted a seamless online experience for our members – so they can increase their insurance, lodge a claim, and check on the progress of their claim online. That’s what LifeView and MLC Life Insurance can provide us.”

Suzanne Smith concluded, “Our goal is to become Australia’s leading and most trusted life insurer, and we want to play a bigger role in the group insurance market. To do that we need to focus on how we can transform the way funds and members engage with life insurance, and to do so in a transparent way. This partnership with Vision Super enables us to do that.”