Zurich announced as new life insurance partner for corporate super fund

Mercy Super has appointed Zurich Australia as its new life insurance partner.

From 1 August 2022, Zuruch will provide a “comprehensive” insurance offering and benefits for the corporate super fund’s 13,000 members.

Mercy Super, which boasts $1.7 billion in funds under management, cited Zurich’s “strong global brand and innovation” as a factor in its decision to partner with the company following a competitive tender process.

Mercy Super members will also be granted access to Zurich’s health and wellness solutions, including the LiveWell app.

“We’re delighted to be given the opportunity to provide the members of Mercy Super with peace of mind via great value insurance,” Zurich’s head of group insurance, Darren Wickham, said.

“We are passionate about members understanding and engaging with the fund about the cover they have, and we look forward to helping Mercy Super do this.”

Mercy Super CEO Wendy Tancred added: “Mercy Super has a long-standing tradition of providing its members with quality insurance cover that is fit-for-purpose for our membership community - supporting them in their time of need. We’re proud to be able to continue this tradition in our new insurance partnership with Zurich.”

The move comes just weeks after it was revealed that fellow insurer, OnePath Life, announced that it intends to transfer its life insurance business to Zurich.

Should the scheme be confirmed, OnePath’s life policies will be treated as if they had been issued and administered by Zurich. However, OnePath will still retain assets to meet regulatory capital requirements.

A confirmation hearing is scheduled to go ahead on 6 July 2022, while it is hoped the proposed transfer takes effect from 1 August 2022.

Meanwhile in February, as first revealed by ifa, Zurich revealed plans to launch a new advice business which will service ANZ customers.

The life insurance company confirmed that it will take on some employees from ANZ as it gears up to launch new life insurance advice business, Zurich Assure.

Customers with existing retail life insurance policies will begin to be serviced from 29 July 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.