AMP appoints TAL as new default insurance provider for superannuation members

AMP is pleased to announce it has appointed TAL as its new default and retail insurance provider for AMP Superannuation Fund members, including its flagship SignatureSuper offer. Members’ best financial interests were at the centre of AMP’s move to appoint TAL, with the decision following an extensive tender process.

TAL was selected from a group of Australia’s leading life insurers and will deliver members with greater retirement benefit protection, security and insurance cover of the highest quality and value for their retirement. Members will receive more personalised insurance services, including access to TAL’s health and wellbeing program promoting preventative education, rewards, return to work rehab services, early intervention, and mental health support.

Importantly, members will also have access to TAL’s digital solutions and claims support services, which are designed to simplify and speed up the claims experience. The member-first and digitally-enabled experience through TAL will ensure leading claims decision times and a holistic protection proposition that is designed to give members more confidence with their claims. In TAL’s last financial year, a total of $3.5 billion in claims was paid out to more than 45,000 customers and their families.

TAL’s appointment further enhances AMP’s superannuation offer, with members already benefiting from significant fee reductions and competitive investment returns as the business has simplified and strengthened investment management capability.

These improvements were recognised in November, with AMP’s superannuation fund winning the Momentum Award at the 10th annual Super Fund of the Year Awards, chosen by independent research house SuperRatings.

AMP’s superannuation members will be transitioned to TAL in Q2 2024.

AMP General Manager – Master Trust, David Clark, said:

"Insurance is vitally important to our members and working with our Trustee we’ve conducted a comprehensive tender process to find the best insurance offer in the market."

"We’re now delighted to announce this new partnership with TAL, which we believe for our members is the leading insurance offer available."

"Our members will benefit by way of insurance pricing reductions along with the introduction of digital capability that will empower them with access to online quote calculators, underwriting, and claims lodgement and tracking."

"We also expect to improve member engagement through TAL’s health and wellbeing program promoting preventative education, rewards, return to work rehab services, early intervention, and mental health support."

"We’ll continue to update you on this exciting change as we work through the transition."

TAL Chief Executive – Group Life & Retirement, Jenny Oliver, said:

"TAL is delighted to extend our partnership with AMP to now provide group life insurance for AMP Superannuation Fund members."

"Life insurance plays a special role in our community, providing financial security for super fund members and their families—protecting them when they need it most."

"At TAL we are committed to enhancing the experience of super fund members and helping them understand the value insurance provides at every stage of life."

"Our focus continues to place members’ needs at the centre of our thinking so we can deliver leading products and experiences—from simple and seamless digital end-to-end experiences that make it easier and faster for members to engage with their life insurance or make a claim, to providing comprehensive health, rehabilitation and wellbeing services."

"Together with AMP, we are excited by the opportunity to uplift the life insurance experience for more than 270,000 Australians."

This announcement was issued by AMP on 22 January 2024.