Superannuation Funds – Insurance

Insurance in Super

Rice Warner is at the forefront of the constantly evolving life and superannuation insurance industries, such as the development of the Insurance in Super Voluntary Code of Practice. Our tailored advice draws from our deep industry knowledge and extensive range of tools and databases.  Our experience and resources enable us to provide a clear understanding for insurers, reinsurers and superannuation funds, of how regulatory change will impact insurance affordability, adequacy, and competitiveness.

As an independent consultancy, Rice Warner has proven ability to help superannuation funds conduct insurance tenders and achieve their objectives, relying on an inclusive style that informs, educates and includes our client in the decision-making process.

We assist superannuation funds to select the most appropriate insurer with our service tailored to suit the superannuation fund’s needs and capabilities. We also assist with implementation of new insurance arrangements.

Rice Warner has built a reputation for providing fact-based guidance to superannuation industry participants backed by informed opinion and thought leadership. Our unique insights, supported by our rich databases and research, help clients develop effective commercial and operational strategies.

Rice Warner regularly carries out benchmarking of insurance product features and pricing utilising Rice Warner’s Group and Retail insurance database containing over 200 products.  Our tailored reports and workshops allow unique insight to the insurer’s products’ market competitiveness.

Rice Warner works with superannuation funds to assist with benefit design reviews.

Rice Warner’s unique insights, tools and analysis enable us to help superannuation funds understand their membership, member insurance needs and product affordability. This insight equips superannuation funds to create insurance benefit designs that improve member outcomes.

Having consulted to many superannuation funds on a wide range of group insurance matters and carried out previous IMF reviews, Rice Warner assists superannuation funds review all aspects of their Insurance Management Framework (IMF).

Rice Warner also assists with the ongoing operation and monitoring of key elements of the IMF.

Superannuation funds must regularly review insurance arrangements to ensure they are appropriate for the fund’s membership.

Rice Warner provides superannuation funds the confidence that the insurer’s pricing is reasonable and appropriate, taking the form of either:

  • An independent review of the insurer’s pricing which involves us working closely with the insurer’s pricing actuary to understand and query the methodology and assumptions used, or
  • A full independent pricing exercise.

Rice Warner’s independence combined with deep actuarial and insurance expertise, tools and research means we are uniquely placed to assist your superannuation fund in working through the pricing exercise.

Our experts

Contact our team today to learn more about how Rice Warner can help.