AIA Australia retains CFS group insurance mandate

AIA Australia has retained a key group insurance mandate, that of Colonial First State.

The two companies have confirmed that AIA Australia will remain the group insurer for CFS’s First Choice Employer Super, Essential Super and FirstChoice Personal products for another three years.

Announcement of retention of the group insurance mandate comes just a day after it was announced that MLC Life would be merging with Resolution Life in a transaction which will significantly alter the scale dynamics in the Australian life insurance sector.

The CFS decision to retain AIA Australia followed a thorough review process.

Commenting on the mandate, CFS Superannuation chief executive, Kelly Power said that after a thorough review of the company’s group insurance arrangements it was pleased to continue its partnership with AIA Australia.

“Our members will benefit from lower insurance premiums and will have access to a full range of health and wellness programs along with digital servicing tools that will make it easy to customise cover and claim,” Power said.

Under the renewed mandate, CFS members will be able to access AIA Embrace which the company describes as a “holistic wellbeing ecosystem of programs and partnerships”.