Christian Super enriches its insurance offer


Christian Super is reducing insurance premiums for most of its members, saying the offer now aligns better with what is available in other super funds.

Premiums will change from Nov. 1 for all occupational categories to better reflect the level of risk taken or the likelihood of making a claim, the fund told members.

“As a result, most members will pay less for their insurance,” the fund said.

An updated insurance guide with new tables will be made available to members on the fund’s website from November, he said.

Commenting on the changes, Christian Super Managing Director Ross Piper said the fund has always had a competitive insurance product and was able to work with its insurer, Hannover Life Re, to refine several elements of the product.

“From a belief system perspective, and you can’t generalize, but you’re less likely to have members who engage in riskier behaviors. The risk profile of our members has allowed us to generate a number of ‘Pretty significant efficiencies and savings,’ said Piper.

Acknowledging that this probably always has been the case, Piper said there had been no underlying change in the membership cohort, but the ability to restructure the offering in a more personalized way came down to a plus. high data availability.

“We have worked hard on analyzing member data and the more we are able to get more sophisticated analyzes, it gives us strength and a proposition to be able to engage with insurers,” he said. .

This is just one of the many changes that Christian Super is making, another being the re-categorization of professional groups.

Starting in November, the “light blue collar” and “heavy blue collar” categories will be merged into a single “blue collar” group, similar to the number of other super funds now members of the group.

Light blue collar workers are typically those in skilled or professional roles or who are supervisors in a non-hazardous industry, including salespeople and bus drivers. Heavy blue-collar workers are skilled or semi-skilled manual workers who are not exposed to accidents or high-risk hazards, such as cleaners and gardeners.

The change will see those who are currently considered “light blue collar” paying more for their insurance, while “heavy blue collar” members will pay less and their claims capacity will increase.

“Overall, we have been able to evolve in a way that is more favorable for the entire membership base,” Piper said.

Also from November, the way in which Christian Super defines total and permanent disability will be simplified. Currently, a member must meet one of five distinct categories, the fund said.

In the future, the fund will introduce two main categories that an insured member can claim, namely that he can claim if he is unable to work due to illness or injury and that he can claim s ‘he is unable to work due to mental illness or disability. to accomplish two daily running activities without assistance or adaptation.

Members under 30 will also now receive the same amount of default PDT coverage as death coverage. Currently, they are receiving more PDT coverage because this age cohort has generally needed more PDT coverage than death coverage in the past, said Christian Super.

The fund said it was decided that this level of TPD coverage was no longer beneficial as it increased the cost of insurance over the member’s lifetime and some of the risks that previously warranted higher TPD coverage are now covered by government plans, such as National Disability. Insurance scheme which was introduced in 2013 and started to fully function in 2020.

Finally, Christian Super allows any member to take out unlimited death cover, subject to the approval of the insurers. Currently, this amount is capped at $ 20 million.

Overall, Christian Super said his insurance coverage aligns better with what is available from other super funds; remains competitive; and remains responsive to the needs of its members.

The changes follow Christian Super’s failure in APRA’s inaugural test in August.

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