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