Meet our partners: Phil Angelico

Our TAL group insurance partner community brings together leaders from across the superannuation sector. We’re fortunate to be able to draw from the vast experience and diverse perspectives of our partners. In the first of our series of partner interviews, we caught up with Phil Angelico, Cbus Super Group Head of Insurance. With a career spanning administration, insurance and now a major super fund, Phil is well-placed to provide perspective across the group insurance ecosystem.

Cbus is celebrating its 40th anniversary this year. What does the legacy built by the founders mean for members today?

The creation of Cbus 40 years ago through a campaign by building and construction workers was a key impetus for the super system we have today which provides improved and dignified living in retirement for all Australian workers. Prior to this, super was largely restricted to white collar staff of larger corporates and the public sector.

Cbus is moving close to $100 billion in FUM and has over 900,000 members. We are one of the largest industry super funds in Australia’s $3.9 trillion superannuation sector – one of the largest pools of pension capital in the world. Considering that 40 years ago there was almost no superannuation, this is a remarkable Australian story and an extraordinary legacy of Cbus’ founders.

Since we started, Cbus has delivered an average annual return for members of 8.89% p.a. and heavily invests through Cbus Property in the sectors that our members are employed in.

Insurance was provided as protection for members and their families in the event of death or disability that prevented members working through to retirement.

The determination and vision of Cbus’ founders continues to guide everything that we do for our members, which is why we have been awarded best specialist fund 5 years running by Chant West.  

What have you enjoyed most in your time at Cbus and what are your key focus areas for the year ahead?

It’s now been over 8 months and it has been an amazing experience so far. Having previously spent time at TAL and MUFG, that experience has been really advantageous in making the transition into Cbus. From established relationships across Cbus’ key partners, to being reacquainted with people I’ve worked with before, it has felt really comfortable and so very welcoming.

To be able to join Cbus shortly after the introduction of a new executive leadership team and a reset of its corporate strategy has been timely. My focus will continue to be driving continued improvement for our members in the product and services we provide across the end-to-end Insurance proposition, supporting Cbus on delivering its Corporate Strategy and leading the Insurance business through an exciting transformation program.

Cbus has a unique insurance proposition – how important do you feel this is for members?

Insurance is a major component of the Cbus value proposition for its members and the dangerous occupations exemption we’ve secured for our members is life changing.

Workers in the building and construction industry are exposed to higher risks of work-related accidents and injuries than most industries and therefore need purpose-built protection. There is a material component of occupations in the building and construction industry that, if insurance were not provided by Cbus for its members, they would struggle to get insurance cover at all, or where they can, it would be with restrictions or exclusions.

In the four years since it was introduced this has meant more than 220,000 members have either retained or obtained automatic insurance cover, and 689 claims have been accepted providing insurance benefits to members or their families of more than $86 million. Without the DOE this would have been $0. While some funds have seen a decline in insured members in recent years, thanks to this campaign, Cbus’ number of insured members has increased. This is how a specialist industry fund like Cbus makes all the difference to their members.

You’ve worked at an administrator, insurers and now a fund – what are your reflections on the group insurance ecosystem?

At the heart of it, all parties are focused on delivering strong service and support to our members, whether this be through initial underwriting or in the event of a claim. Cbus members should feel they are being supported by Cbus throughout every interaction they have, whether this be with the Fund directly or its administration or insurance partner.

I see opportunity for further connection and collaboration at all levels throughout the eco system, with a shared objective of delivering continued improvement in the member and claimant experience we collectively provide.

Have there been particular highlights of your partnership with TAL?

Over more than eight years there have been a number of highlights partnering with TAL, including industry leading claim acceptance rates. This is an important proof point for members. Cbus values TAL’s support and provision of quality and purpose built policy terms and conditions, support of the Fund’s plans in product and service development, and the strong working relationship between Cbus and TAL. Whilst not exclusively due to insurance, it has been a major contributor of the fund being awarded the Specialist Fund of the Year 5 years in a row from Chant West. Cbus is particularly proud of this award as it does see itself as a specialist fund working hard for its members.

What are the benefits of being part of the broader TAL group insurance partner community?

Our experience is that the group insurance partnership through TAL enables the development of valuable relationships, and the ability to share experiences. Being able to canvas options and possible solutions and approaches to common issues is hugely beneficial, as is the attendance at forums on topics of interest that the partnership enables.

Finally, we hear you’re a keen Richmond supporter – what are your hopes for the Tigers this year?

The glory years of 2017 through to 2020 remained etched in the memory with three premierships after decades of pain. This year has not been great, but with plenty of experience for young players, and the ability to draft the best young talent due to a low finish, I have hopes that we can quickly rebuild and get back into premiership contention.