REST Super’s switch of insurance providers from AIA to TAL was driven by a desire to develop a new insurance design, CEO Vicki Doyle says.

The new design addresses unintended account balance erosion by reducing premiums for the fund’s default insurance offering and streamlines the claims process, she told a monthly Parliamentary Economics Committee hearing.

The new online claims platform has reduced the claims-lodging process from seven weeks to seven days.

Half of REST’s members are younger than 30, and 40% are aged between 30 and 54, with 60% being women. The account balance for an average member is just $31,000. A large proportion of its members work part-time and casual, and many would be unable to access insurance without group insurance, she says.

REST has received more than 5000 insurance claims over the past financial year.

The redesign is one of the most important initiatives they’ve undertaken since the royal commission, Ms Doyle says.

The redesign is part of a comprehensive suite of reforms since the royal commission targeting complaints handling, accountability and governance, she adds.

The new offering will be available for new members from April 1 2020. REST had an insurance agreement with AIA for the past 15 years.