In September 2017 the Commonwealth Bank (CBA), announced the sale of its CommInsure life insurance business in Australia to the AIA Group.

The sale completion occurred on 1 April 2021, when CBA transferred the CommInsure life insurance business to AIA Australia.

As part of the sale, CBA and AIA Australia Limited (AIA Australia) entered into a long-term strategic partnership to work together to provide quality products, support and service to you. CBA partnered with AIA Australia Limited (AIA Australia) because they are a market leading specialist in life insurance, protecting more than 2 million Australians. 

Who is AIA?

AIA has very similar values to CommInsure, with a purpose to make a difference in people’s lives – that’s why we’re a great fit together. AIA Group Limited and its subsidiaries (collectively “AIA”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Australia, Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.1

AIA Australia awards2

  • ANZIIF – 2017, 2015, 2013, 2012 Life Insurer of the Year
  • Super Review – 2019, 2018, 2017, 2016, 2014, 2012, 2011 Best Insurer of the Year
  • iSelect Partner Awards – 2019 Insurer of the Year, 2018 Innovation Award, 2017 Life Insurance Partner of the Year
  • Women in Finance Awards – 2019, 2018 Employer of the Year

You can find out more about AIA at www.aia.com.au

Who is ETSL?

On 30 September 2019, Colonial Mutual Superannuation Pty Limited (CMS), retired as Trustee and was replaced by Equity Trustees Superannuation Limited (ETSL) (ABN 50 055 641 757 AFSL No. 229757 RSE Licence L0001458) effective from 1 October 2019.

ETSL has taken over as Trustee for the following superannuation funds (Funds) and all products within them:

  • Colonial Super Retirement Fund
  • Commonwealth Bank Approved Deposit Fund
  • State Bank SuperSafe Approved Deposit Fund
  • SuperTrace Eligible Rollover Fund

ETSL is a specialist independent superannuation trustee that provides trustee services to superannuation funds. This change of trustee does not impact the operation of your account or policy. The terms and conditions of your account or policy will operate as they do today and are unchanged.

It is important to highlight that your privacy remains a priority, with the Funds now covered by ETSL’s Privacy Policy which you can find at www.eqt.com.au/global/privacystatement

FAQs

Do I have to update my details?

No - you don’t have to do anything nor update your details. 

Has the change of ownership affected who I call to manage my CommInsure life insurance, super and investments, or to make a claim or ask a question?

No, you can still call the same numbers to get help as normal.

What does this mean for my insurance policy?

At the completion of the sale of CommInsure life insurance to AIA Australia, your policy will be issued by AIA Australia, however all the existing terms and conditions will remain the same at the time of completion.

What personal information will you be sharing?

The personal information the above businesses hold about you includes your name, contact details, date of birth, product details, employment status and foreign tax compliance. Exactly what personal information will be shared will vary depending on the particular circumstances and the products involved.

Following are further examples of particular products and of the information which may be shared.

  • Direct Life insurance products:

o    Your Loan Protection policy provides cover that could help you pay off your CBA home loan or personal loan if the unexpected happens. As the insurance policy is linked to your CBA loan, AIA Australia needs to work closely with us to ensure you are provided with an integrated and seamless level of service. This includes, for example, sharing product details such as loan balance. Sharing information allows us and AIA Australia to use the information required without each business needing to ask for the information separately.

o    Your CreditCard Plus policy provides cover that could help you pay off your CBA credit card if the unexpected happens. As the insurance policy is linked to your CBA credit card account, AIA Australia needs to work closely with us to ensure we continue to provide you with an integrated and seamless level of service. This includes, for example, sharing product details such as card balance. Sharing information allows us and AIA Australia to use the information required without each business needing to ask for the information separately.

o    Simple Life:  We and AIA Australia may exchange the personal information of customers who hold Simple Life insurance with each other for the purposes outlined above, including identity verification and foreign tax compliance reporting where we and AIA Australia have agreed to act on each other’s behalf.

  • Life Insurance products with Commonwealth Financial Planning (CFP): Your financial planner will be an employee of CBA. AIA Australia will continue to share information with your financial planner, through CBA’s systems.
  • The CBA’s Superannuation Savings Account is a product issued by CBA and administered by AIA Australia and will require personal information to be exchanged by the parties.
  • The Commonwealth Investment Funds are issued by Colonial First State Investments Limited, which is a subsidiary of CBA and administered by AIA Australia and will require personal information to be exchanged by the parties. 

For what purposes will my personal information be shared?

Your personal information will be shared between these businesses for purposes which may include: providing you with customer service, administering your product, managing claims, handling a complaint, updating your details, reporting, aggregated research and analysis, product development and updating you on products and offers. The sharing helps the above businesses to understand you better and continue servicing your needs following the sale of CommInsure’s life insurance business to AIA Australia.

Sharing information also allows the above businesses (in some cases each acting as agent for the other) to collect, share and use your personal information to meet regulatory requirements such as Anti-Money Laundering requirements so you don’t have to go through the same checks twice.

How will you share my personal information?

Your personal information will be shared between CBA, AIA Australia and ETSL confidentially and securely in accordance with our privacy policies (review the privacy policies by following the links available under the Privacy tab of this website). 

How will the security of my personal information be protected?

We have put arrangements in place to help manage data security in the transition of our life insurance business including system access controls, data restriction, training, testing and contractual protections.

What can I do if I have any concerns regarding the sharing of my personal information?

If information is not allowed to be shared, then CBA, AIA Australia and ETSL cannot continue to service your product/s as they will not have the essential information needed to do so. If you have any questions or do not want your personal information shared please contact us.

Your privacy is important to us

Privacy policies that explain how CBA, AIA Australia and ETSL handle personal and customer information are available at the following links:

We're here to help

For specific questions on your product(s) with AIA Australia, please call AIA on 13 20 14 between 8:30am – 6pm AEST, Monday to Friday.

Things you should know

https://www.aia.com.au/content/dam/au/en/docs/press-releases/2021/aia-takes-next-step-in-process-to-acquire-comminsure-life.pdf

2 http://www.aia.com.au/en/individual/about-aia/our-awards.html

This website contains important information or updates about your service.

If you have a complaint about AIA products, AIA’s dispute resolution team can be accessed on 131 056.

If you have a complaint about something else, the Bank’s dispute resolution process can be accessed on 13 2221. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.

AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIA Australia) is not part of the CBA Group and CBA does not guarantee and is not responsible for the performance of products issued by AIA Group or AIA Australia.

Equity Trustees Superannuation Limited ABN 50 055 641 757 AFSL 229757 (ETSL) is a professional trustee and is not part of the CBA Group of companies.