MLC Group Insurance has won a contract to be the group insurer for the Sisters of Mercy Staff Superannuation Scheme.
The new deal means the fund's 10,000 members will receive a number of benefits, including greater levels of total and permanent disability cover for younger members, default income protection for all new members and an opt-in window for existing members to gain income protection cover without underwriting.
"We are delighted to be appointed insurer for the Sisters of Mercy Staff Superannuation Scheme as we place a heavy emphasis on working with trustees to optimise insurance offerings for members," MLC head of group insurance Andrew Howard said.
"For too long group insurance has been a one-size-fits-all approach and we've flipped that on its head, focusing on MLC's customer-first philosophy."
Sisters of Mercy Staff Superannuation Scheme chief executive Chris Engelhardt said: "When we put our insurance business out to the market we were very clear about what we wanted to achieve for our members. "Improved benefits were one element of the mandate and we knew our members also wanted quality cover that provided flexibility and security."
CommInsure was the scheme's previous insurer.
The loss of this contract for the Commonwealth Bank of Australia-backed insurer comes after it recently lost the group contract with the $28 billion AustralianSuper fund to Tower Australia.
