MetLife has won the CareSuper group life insurance contract, taking over from CommInsure from January 1.

The Commonwealth Bank-owned insurer has covered CareSuper members for the past 10 years and paid more than $326 million in claims to 2471 members and their dependants.

This represents a settlement rate above 90%.

CareSuper CEO Julie Lander says trustees have chosen MetLife based on its promise to enhance member experiences through technology, and its underwriting and claims philosophy and processes.

MetLife’s financial strength and sustainable pricing are other factors, she says.

Under the contract, MetLife will take on the current benefit design and terms. But Ms Lander says CareSuper wants to work with the insurer on future design options, to deliver better cover for its 250,000 members.

“We understand insurance through superannuation is often the only cover people have,” she said. “So default arrangements need to meet the majority of members’ needs and have the flexibility to be tailored to meet specific requirements.”